This week, full of Goldman news, kicked off with FOX Business learning Goldman Sachs (GS) CEO Lloyd Blankfein would defend at the congressional hearing later in the week the Goldman trader who was charged with fraud.
The investment bank, as well as Fabrice Tourre, was charged with misleading investors by the SEC.
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Blankfein himself, however, took quite a beating at the congressional hearing investigating the SEC charges Tuesday. The Goldman CEO was asked over and over whether he felt it was moral to sell clients securities the firm was at the same time betting against.
Blankfein said it is not Goldman Sachs’ responsibility to tell its customers how to invest.
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VAT Dept.: Despite recently arguing a value-added tax might be an option worth looking into in the U.S., Obama advisor Paul Volker said a VAT was not something on the table in the near future. Volker said the nation needs to begin with the Social Security program in its attempts to reduce the deficit. One suggestion he had: raising the retirement age.
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The health-care reform law may push employer-provided health insurance out of financial reach for some people. As FOX Business’ Gerri Willis reported Thursday, one of the unintended consequences of the Patient Protection and Affordable Care Act recently pushed through Congress is that 38% of the nation’s employers may find that they have some employees unable to afford their health care.
"More than a third of the nation’s employers – 38% – have at least some employees for whom coverage would be considered ‘unaffordable,’” according to an annual employer health plan survey by consulting firm Mercer.
Small business will be hit the hardest, as 31% of companies with 500 or more employees will have some employees unable to afford coverage, while 20% of employers with over 20,000 employees will face this situation, according to the survey.
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Goldman Saga Continues Dept.: Federal prosecutors have reportedly begun investigations into Goldman. This is beyond the SEC’s civil charges of fraud, and indicates a possible criminal charge.
Meanwhile, shares of the bank hit nine-month lows as two firms, Standard & Poor’s and Bank of America (BAC), downgraded the company to a “sell” Friday.
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Many workers will see health insurance changesThis Week’s Top 10 Articles
