Warren Buffett defends Goldman Sachs
“I haven’t seen anything in Goldman’s behavior that makes it any more subject to criticism than Wall Street generally,” Buffett said at a news conference yesterday, the report said. He explicitly addressed Abacus, the deal at the center of the SEC’s lawsuit against Goldman: “I have no problem with that Abacus transaction. If there [...]
Fabrice Tourre reasons out: “I Did Not Mislead Investors”
The London-based Goldman Sachs banker Fabrice Tourre, who is at the centre of a $1bn (£650m) fraud prosecution, came out fighting today with a vigorous rebuttal of “unfounded attacks” on his character and motives.
“I deny–categorically–the SEC’s allegation,” Tourre said. “And I will defend myself in court against this false claim.”
For Tourre, 31, Tuesday’s appearance [...]
Caterpillar helps boost US Stocks
U.S. stocks opened modestly higher on Monday after heavy-equipment maker Caterpillar Inc. reported positive results and said the global economy is improving. Shares of Caterpillar were up 4.2%, helping lift the Dow Jones Industrial Average, which gained 34.31 points to 11,238.59. The S&P 500 Index rose 2.07 points to 1,219.35. The Nasdaq Composite climbed 4.94 [...]
$3.3 Billion Income for JPMorgan Chase in 1st Quarter
“The firm’s net income of $3.3 billion reflected another strong quarter for the investment bank, particularly in fixed income markets,” Jamie Dimon, JPMorgan’s chief executive, said in a statement. “Unfortunately, these good results were partially offset by high losses in the consumer credit portfolios.”
After almost two and a half years of sobering news, the head [...]
Research In Motion Cut by Goldman Sachs
Goldman Sachs downgraded Research In Motion Ltd. (Nasdaq: RIMM) today from Neutral to Sell, following fourth quarter results after the close. The firm cut their price target from $73 to $65.
The firm said structural issues begin to weigh on growth. The firm commented, “We think RIM’s products will increasingly lose differentiation as the focus [...]
