DOJ Probes Lloyd Bankfiend
Feds launch criminal probe of Goldman Sachs
By The Associated Press
April 30, 2010, 5:01AM
WASHINGTON -- Stepping up the pressure on Goldman Sachs two days after its executives were grilled and publicly rebuked by lawmakers, the Justice Department has opened a criminal investigation of the Wall Street powerhouse about mortgage securities deals it arranged.
The criminal inquiry follows civil fraud charges filed by the government against Goldman two weeks ago and as Congress pushes toward enacting sweeping legislation aimed at preventing another near-meltdown of the financial system.
The investigation by the U.S. attorney's office in Manhattan stems from a criminal referral by the Securities and Exchange Commission, a knowledgeable person said Thursday. The person spoke on condition of anonymity because the inquiry is in a preliminary phase.
In case some of you forgot your history . . .
. . . . cuz I sure didn't
Analyst predicts larger losses for Sirius, XM; shares tumble
June 19, 2008 10:21 AM | 33 Comments
Shares of Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. tumbled this morning on a downgrade from a Goldman Sachs analyst, citing larger losses for each company and threats from other technologies like the iPhone.
Analyst Mark Wienkes, slashed his 6-month price targets for XMSR from $11.50 to $6.50, and cut his prior target for SIRI shares from $2.25 to a mere $1.75. Wienkes maintained a "Sell" rating on XM and a "Conviction Sell" rating on Sirius, and forecast larger losses in 2009 and 2010 for both companies.
The Goldman Sachs analyst said the stock prices are too high because both companies are facing declining cash flows.
Wienkes said that young customers are buying fewer satellite radios and are instead turning to other technologies like the latest iPhone (this is news?!). Wienkes said these other options threaten the prospects of satellite radio - an amazing realization, since that's the argument Sirius-XM have been using to justify the merger all along.
Shares of SIRI tumbled 15% on the news, while XMSR fell nearly 20% in morning trading.