The recent Goldman scandal involving accusations of pushing aluminum costs higher is the latest in a string of scandals. Banking analyst Dick Bove says there's more to this than meets the eye.
Goldman Sachs has been called everything from one of “the most hated companies in America” to “a great vampire squid wrapped around the face of humanity”.
But just when you thought Goldman’s public image couldn’t get any worse, the New York Times released a story yesterday saying the company is costing consumers billions of dollars in extra aluminum costs. And, on top of that, there’s the public spectacle of Fabrice Tourre, a former mid-level Goldman trader on trial for his (small) part in the mortgage-backed securities collapse in the last decade.
But, according to noted bank analyst Dick Bove, Vice President of Equity Research at Rafferty Capital, it’s not just about Goldman. Instead, it’s a regulatory crackdown. Last week, JPMorgan Chase settled with the US government to the tune of $500Read More »from Bove on Goldman Sachs’ top 5 scandals