For the moment, Goldman will no longer be the safe choice or even the first choice for clients.

The ties that bind sovereign issuers and investors are intricate and complex. With sovereign defaults a real and present danger, they should be untangled before it is too late.

Builds out onshore presence in markets; Focuses on project finance, lending in banking

Fidesz party seeks to expand state spending limits; Analyst warns on dangers of political rhetoric

Volatile, opaque market makes for rollercoaster ride; Structural demand/supply levels give grounds for hope

Deutsche, Macquarie surprise winners on ABC; Goldman leads while UBS left with work to do

As mentioned in a previous column, I am often asked who the market’s rising stars are. So I have decided to feature, from time to time, certain financiers whose careers have momentum and about whom you will hear a lot more in the next few years.

The SEC fraud suit against Goldman Sachs has shone a spotlight on the exploitation of the useful idiots at the heart of the credit crisis. Goldman must now hope for similar suits against rival dealers so that it can try to deploy the Murder on the Orient Express defence – the argument that they all did it. But whether or not Goldman is joined in the dock by some of its peers, the industry now faces the most serious threat yet to its derivatives-based trading revenues and a business model of adopting multiple roles in the modern capital markets.

The revolving door between Wall Street and Washington is not working to the industry’s specifications. Robert Khuzami, former general counsel for the Americas at Deutsche Bank, has been leading the charge against Goldman Sachs over alleged CDO fraud in his new role as head of enforcement at the SEC. And Gary Gensler, a former Goldman Sachs partner, has taken an unexpectedly tough line with the industry over derivatives reform in his position as head of the Commodity Futures Trading Commission. Bank heads could be forgiven for feeling that with friends like these, who needs enemies?

Bond return shows just how much things have changed since Russia’s default in 1998.

Asian markets are probably the place to be for the next decade or so. But over-enthusiastic expectations cannot yet be fulfilled.

Technology and emerging markets will be key battlegrounds in FX but success lies in the size of the liquidity pool.

Doubts remain over whether the new US legislation properly addresses the structure of the financial system and its many non-bank participants.

Brian Moynihan is determined to build his big bank, whatever regulators might threaten.

The country is thinking big in technology and finance. But it needs to create a supportive culture first.

Emerging market banks should brace themselves for when the coming bubble bursts.

Bond exchange reopening should allow sovereign back on to international capital markets – at a price.

Oh the irony. As Euromoney left the executive offices of one of Goldman’s main hubs this week, the image projected on the plasma screen in the elevator could not have been starker. “The world against Goldman Sachs” was the screaming headline of one financial television news channel.

No matter how much noise the SEC makes about shutting the door, the horse has already bolted.

Asia investment bank head outlines strategy; Australia first in local build-out plan

In the past year Russian aluminium company Rusal has undertaken a big debt restructuring and a record-breaking IPO. Yet controversy stalks its every move. Sudip Roy talks to one of its senior officials about the firm’s future.

Out of adversity comes opportunity. So thinks Brian Moynihan, Bank of America’s new chief executive. He says that the much-derided Merrill Lynch takeover will seal the firm’s ambition to become the ultimate universal bank. No one doubts the size of the platform. But can Moynihan succeed where Citigroup failed and show that biggest really can be best? Helen Avery and Peter Lee report.

Welcome signs of continuing profit growth; fixed-income rebuilding fast.

Risks of European sovereign contagion are elevated; Restructuring Greece’s debt could make matters worse

TD Bank expands further into the US banking market; Change in FDIC loss-share means traditional bank M&A could return

Strong first-quarter results; Government ownership being sold down

Prices outstrip gold this year; China’s industrial demand underpins rises

Disclosure proposals “too onerous”; Market recovery under threat

Richard Leighton, global head of FX at Standard Chartered, has decided to retire, bringing to an end one of the most successful careers in the industry over the past couple of decades.

Some see finance minister as inexperienced; Reforms face tough path through congress