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Goldman unveils checks on conflicts in bid to fix image

After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc CEO Lloyd Blankfein claimed success in putting his bank and his legacy back on track.At Goldman's annual meeting on Thursday, Blankfein unveiled details of a three-year review and overhaul of the bank's practices in dealing with clients, following high-profile missteps that tarnished its reputation in the aftermath of the financial crisis. The overhaul imposes a system of checks to ensure that the bank is fair to clients and avoids conflicts, such as being on different sides of the same trade.Goldman faced public outrage in the aftermath of the 2008 financial crisis over accusations that it had treated clients improperly. The U.S. Securities and Exchange Commission sued the bank in April 2010, accusing it of misleading clients in a mortgage derivative deal. While the bank settled for $550 million without admitting anything more ...

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  1. Canada Fin Min: Too Much Capital 'Sloshing' Around, Worries About Asset Bubbles

    Canadian Finance Minister Jim Flaherty said Wednesday he's worried there's too much capital "sloshing" around the global economy because that might fuel asset bubble...

  2. Sony Board Weighs Loeb's Breakup Proposal

    Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13-17 percent for the year to end-March 2015, but said there were "encouraging" signs...

  3. Sony Denies Latest Spin-Off Report

    Sony Corp. (6758.TO) said on Wednesday that an article stating that the company is leaning toward accepting activist hedge-fund manager Daniel Loeb's proposal to tak...

  4. Asian Shares Higher, Nikkei Outperforms

    Japanese stocks led Asian markets higher on Wednesday, as the yen resumed its weakening trend.The U.S. dollar was mildly higher against the yen early Wednesday -- re...

  5. Japan Stocks Climb; Mitsubishi Motors, Sony Jump

    Japanese stocks extended gains early Wednesday, with exporters spurred after two Federal Reserve members suggested the central bank wasn't close to slowing monetary ...

  6. Scandal or not, one SAC investor can't get enough of Steve Cohen

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  7. U.S. prosecutors consider using racketeering law against SAC: source

    U.S. prosecutors are considering charging Steven A. Cohen's SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, acc...

  8. Is Sony un-Japanese enough to entertain change?

    Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, busine...

  9. Sony to assess spin-off proposal for entertainment business: Nikkei

    Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported....

  10. Report: Sony May Explore Loeb's Spinoff Plan

    After initially shooting down the proposal, Sony (NYSE:SNE) is reportedly considering evaluating at a board meeting a plan floated by hedge-fund giant Daniel Loeb to...

  11. U.S. court studies wiretaps in ex-Goldman director's insider case

    Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday, arguing that wiretap evidence used b...

  12. Ex-Goldman Executive Gupta to Have Appeal Heard

    Former Goldman Sachs Group Inc. (GS) director Rajat Gupta, in a bid to stay out of prison, is expected to ask a federal appeals court Tuesday to set aside his inside...

  1. U.S. prosecutors sought testimony from top SAC executives: WSJ

    U.S. prosecutors are seeking testimony from three senior executives of the $15 billion hedge fund SAC Capital Advisors, the Wall Street Journal reported on Thursday....

  2. Ally to pay $2.1 billion to settle claims tied to ResCap

    Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initi...

  3. Three SAC Capital Executives Received Subpoenas

    Three senior executives at SAC Capital Advisors LP, including the firm's president and chief compliance officer, received subpoenas as part of the government's insid...

  4. Three SAC Capital Executives Subpoenaed: WSJ

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  5. Good Idea to Bet the Farm When Buying on Margin?

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  6. Ally to pay $2.1 billion to settle ResCap litigation

    Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets.The deal...

  7. Royalty Pharma Lowers Acceptance Threshold For Elan Offer

    Royalty Pharma AG, the New York-based pharmaceutical investor bidding around $6.4 billion in cash for drugmaker Elan Corp. (ELN) Thursday said it was lowering the th...

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