Advantage: The Bankers Club — Helping to Write the Rules that Run the Market
A Secretive Banking Elite Rules Trade in Derivatives
In theory, clearinghouses exist to safeguard the integrity of the multitrillion-dollar derivatives market. In practice, they also defend big banks’ dominance.
December 12, 2010Advantage: Financial — Getting Paid on the Upside, but Not Losing on the Downside
Banks Shared Clients’ Profits, but Not Losses
Banks like JPMorgan Chase offer to help big investors like pension funds earn a little extra. When it works, both win. When it doesn’t, only the client loses.
October 18, 2010Advantage: Product Design — Designing Products Then Betting Against Them
Banks Bundled Bad Debt, Bet Against It and Won
Investigators are trying to determine whether banks like Goldman Sachs intentionally sold their clients especially risky mortgage-linked assets.
December 24, 2009Advantage: Price Setting — Controlling the Marks on Investments, With Self-Interest in Mind
Testy Conflict With Goldman Helped Push A.I.G. to Edge
The bank’s demands for billions of dollars from the insurer bled it of cash, which the government later provided.
February 7, 2010 Advantage: Friendly Regulators — Watching Out for the Banks
In U.S. Bailout of A.I.G., Forgiveness for Big Banks
Federal regulators ignored recommendations to force banks that did business with A.I.G. to accept losses.
June 30, 2010Advantage: Ratings Game — How Debt Watchdogs May Have Been Compromised
Rating Agencies Shared Data, and Wall St. Seized Advantage
Trying to be transparent, credit rating agencies made their computer models public, and banks used that knowledge to shape some of the investments involved in the financial crisis.
April 24, 2010 Advantage: Information — Inside Insights Help Protect Banks' Interests, but Leave Clients Behind
Clients Worried About Goldman’s Dueling Goals
The conflicts inherent in having a trading arm have created a wariness toward Goldman Sachs.
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