Goldman Sachs Group Inc

US Federal Reserve officials are stepping up scrutiny of the biggest US banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter. Supervisors are examining whether banks such as JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc. have enough capital for the risks they take, how much they know about the strength of their counterparties and whether risk managers have authority to influence bank practices and policies

The Fed staff has to be under a massive amount of pressure   -Vincent Reinhart

 

 

The Salvation Army plans to serve 10,000 free dinners across the city this Thanksgiving - meals planned by a star chef, cooked by one of New York's ritziest ...  

About 50 million Americans, including quarter of all children, struggle to get enough to eat. NEW YORK - We turn now to the latest on the economy. A pair of new government reports released this week paint a startling picture of where the country is, more than a year after the economic meltdown.  

In response to public backlash against them, Goldman Sachs has been going out of its way to apologize for how well they have performed post-crisis. They have canceled their holiday Christmas party , and it's said that the firm has discouraged others from holiday cheer (though a spokesperson tells us that's not true). They have set up an initiative to help small businesses .

Goldman wants their volunteers to sweat   -Marc Spooner

 

Stocks pared losses late but finished in the red Friday, after spending much of the day pressured by tech, energy and a strong dollar. The Dow Jones Industrial Average closed lower by 14 points, or 0.1%, to 10,318. The S&P 500 declined 3.5 points, or 0.3%, to 1091, as the Nasdaq fell 11 points, or 0.5%, to 2146.

This is probably the last day of decent trading volume ahead of next week, which will be really light   -Jeffrey Kleintop

 

Allstate Corp. is getting out of the stock-picking business. The Northbrook-based insurance giant confirmed that it has hired Goldman Sachs Asset Management to handle its $4.6-billion portfolio of public equities. About 15 jobs — 5% of Allstate Investments' workforce — were eliminated due to the Goldman Sachs outsourcing deal, which occurred last month, a spokesman said.  

Investors seemed to turn their backs on bank stocks, beginning midweek. It seems they're growing concerned about how serious the headwinds facing the sector may be. From the chart below you can see the sharp turn lower in sentiment after Wednesday.

I think you’re going to see the reconstitution of the US banking system   -Dick Bove

 

A look at who will be the winners during increased financial regulation, with Dick Bove, Rochdale Securities analyst.  

Investors are wondering just how far Congress will go toward breaking up big banks. The answer may depend on the outcome of the health care debate. If they fail to overhaul health care, Democrats will face the 2010 midterm elections with little to show for their time in power other than a high unemployment rate, unpopular stimulus spending and a flub of their biggest legislative priority.

Ending the era of 'too big to fail' does not mean that we must somehow cap the size of financial-services firms   -Jamie Dimon