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Best of the Blogs: Does Goldman Sachs "Rip Its Clients Off"?


Minyanville's daily roundup of some of the best financial commentary from around the Web.

This column highlights the most interesting and useful business and financial commentary from around the Web each day. Feel free to send along your own suggestions for blog content that you've read or written.

Zero Hedge
Link: Ex-Goldman Exec Comes Clean On How A "Toxic And Destructive" Goldman "Rips Its Clients Off"
"Stop us when this confession from Greg Smith, a now former executive director and head of the Goldman's United States equity derivatives business in Europe, the Middle East and Africa, sounds exactly like everything we have said about the firm over the past 3+ years (and why we just can't wait for the next trading 'recommendation' from Tom Stolper)." (Also Read Why I Am Applying for an Executive Director Position at Goldman Sachs.)
"On Friday, AOL notified more than 40 employees from its West Coast offices that they would be out of jobs by the end of the month. More cuts are scheduled in the coming weeks across AOL, according to a number of executives, who spoke anonymously because they were not authorized to speak on the matter, and former executives. The layoffs are expected to include more than 100 AOL employees."
Dr. Housing Bubble
"Buying a home is something embedded in the American economic DNA. Purchasing a home is the biggest financial decision most households will make in their entire lives. In the past the act of buying a home was more of a ritualistic rite of passage; you scrimp and save for the down payment, you purchase a home where your family will set roots, and eventually you will aim for that mortgage burning party. The entire process was accelerated in the last decade to create a perpetual churn." (For related content, see What the Big Banks' Mortgage Settlement Means for Homeowners.)
Total Return
"Three independent tax preparers filed a lawsuit Tuesday challenging the Internal Revenue Service's authority to license them. The suit is supported by the Institute for Justice, a libertarian public-interest law firm that opposes government regulation. The case, called Loving v. IRS, was filed in federal district court for the District of Columbia." (Also read 10 Bizarre Tax Deductions for the IRS Provacateur.)
Credit Writedowns
"The US dollar is broadly higher, continuing yesterday's rally that intensified after the FOMC meeting. In the euro zone,there were no new developments but the euro made a marginal new low of 1.3031, while sterling is currently flat. The dollar climbed to an 11-month high of 83.51 against the yen, with resistance expected to come in near 84. The antipodeans are among the weakest performers in the G10. Global stocks pushed higher following the strong US close."

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