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Goldman, Lehman outlooks cut to "negative" by S&P

 
 



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Old 03-22-2008, 03:28 AM   #1
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Default Goldman, Lehman outlooks cut to "negative" by S&P

Reuters - Goldman Sachs Group Inc's and Lehman Brothers Holdings Inc's credit rating outlooks were cut on Friday by Standard & Poor's, which said volatile markets could result in lower profit and revenue.



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Old 03-22-2008, 02:10 PM   #2
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This probably won't sit well with Wall Street on Monday. I expect it to start falling again this week. It's been quite a rollercoaster for the stock market, unfortunately the lift hills have been pretty shallow.
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Old 07-23-2009, 12:05 AM   #3
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Goldman 'warrants' raves from Congress
July 22, 2009: Legislators applaud news of the investment bank's 'full and fair' TARP warrant repayment, but pressure builds on Treasury to deliver more big payback checks.
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Goldman Sachs gave taxpayers their due Wednesday. Now, legislators are pressing Treasury to get other banks to do the same. Goldman Sachs said it paid the government $1.1 billion to redeem the stock-purchase warrants it issued Treasury last fall. The payment marks the first time taxpayers have recovered the full value of warrants issued to a major institution under the Troubled Asset Relief Program, one expert said. "The Goldman Sachs TARP warrant deal is the best deal that taxpayers have got to date," Linus Wilson, an assistant finance professor at the University of Louisiana at Lafayette, said in an email. "Since at least April 2009, representatives from Goldman Sachs have said that taxpayers deserve a fair return for their investments. They lived up to their word today."

The repurchase agreement comes on a day in which a congressional panel heard testimony on Treasury's handling of the TARP warrant-repayment process. The government took warrants, which give investors a right to buy a stock later at a specified price, in firms that borrowed from it last fall as a way to compensate taxpayers for the risks they took. Herb Allison, the assistant Treasury secretary for financial stability, told the House Financial Services subcommittee on oversight and investigations that the Goldman deal was "a very fair price" for taxpayers. "That sounds pretty good," said Rep. Dennis Moore, D-Kansas, said of the 23% annualized return taxpayers got on their $10 billion investment last fall in Goldman, "but is it good enough?"

The panel is due to hear testimony later Wednesday afternoon from the heads of three government watchdog organizations: Elizabeth Warren of the Congressional Oversight Panel, Thomas McCool of the Government Accountability Office and Neil Barofsky, the TARP's special inspector general. Some legislators wondered if Treasury has been aggressive enough in collecting taxpayers' full due from banks that have repaid their TARP loans. A July 10 report from Warren's panel estimated Treasury had recovered just 66% of the estimated value of warrants in repurchase transactions.

The problem, some legislators said, stems from Treasury's adherence to a lengthy and convoluted negotiating process with banks. Last week, Mary Jo Kilroy, D-Ohio, introduced a bill that would force TARP warrants to be sold in the open market rather than settled through private negotiations. The negotiations, Kilroy said, have resulted in subpar recoveries for taxpayers and a lack of transparency. "Now is the time to act to close this loophole," Kilroy said Wednesday.

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