Goldman Sachs Group - Revision history

Richard Bew: /* Revolving Door */

2016-07-21T15:21:06Z

Revolving Door

Richard Bew: /* Record and Controversies */

2016-04-13T15:46:20Z

Record and Controversies

Melissa Jones at 02:58, 4 September 2015

2015-09-04T02:58:10Z

Tamasin Cave: /* Political contributions */

2015-08-26T11:19:00Z

Political contributions

Josh Leeson at 10:01, 29 April 2015

2015-04-29T10:01:35Z

Josh Leeson at 09:28, 29 April 2015

2015-04-29T09:28:16Z

Josh Leeson at 09:08, 29 April 2015

2015-04-29T09:08:57Z

Melissa Jones: /* Resources */

2012-03-20T12:25:36Z

Resources

Melissa Jones: /* Resources */

2012-03-20T12:25:07Z

Resources

Melissa Jones: /* Resources */ NYT resignation letter by GS executive director

2012-03-14T11:24:05Z

Resources: NYT resignation letter by GS executive director

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 *:In March 2011, [[Ben Broadbent]], an economist from Goldman Sachs joined the Bank of England's [[Monetary Policy Committee]]. <ref> [http://www.ft.com/cms/s/0/a49ec076-48bf-11e0-9739-
 feab49a.html#axzz1G13ACFui ], ''Financial Times'', March 2011 </ref>
 ==Company Profile==

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 Over the decade 2001-2010 its PAC and employees made a total of US $22 million in campaign contributions, with $1.4 million of that targeted at members of the House and Senate tax-writing
 committees. According to the group [[Public Campaign]], Goldmans emerged from the banking collapse of 2008 "relatively unscathed, in part because it was fortunate enough to receive a $10 billion federal bailout and almost $800 billion in federal loans. It then proceeded to pay 953 employees bonuses of at least $1 million, a move that drew outrage nationwide and prompted six senior executives to decline the extra compensation. That same year, the company paid only 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion. <ref name="Billion"> Public Campaign, [http://www.publicampaign.org/reports/artfuldodgers/banks The Artful Dodgers: How a Dozen Multinational Corporations Spent a Billion Dollars on Lobbying and Campaign Contributions and Avoided Paying Taxes], p9 accessed 15 April 2011. </ref>
 ==Lobbying==

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 *:Now a retired chairman, [[Stephen Friedman]] joined Goldman, Sachs & Co. in 1966 and became a partner in 1973. He was vice chairman and co-chief operating officer from 1987 to November 1990, and co-chairman or chairman from 1990 to 1994. Having been appointed again to Goldman Sachs as a director in May 2002,<ref>Goldman Sachs, "[http://www2.goldmansachs.com/our-firm/press/press-releases/archived/2002/2002-05-02.html Steve Friedman Joins Goldman Sachs' Board of Directors]," 02 May 2002, accessed 04 January 2011.</ref> , he was appointed Chairman of the U.S. President’s Foreign Intelligence Advisory Board and Chairman of the Intelligence Oversight Board in January 2006. He was Assistant to the President [[George W. Bush]] for Economic Policy and Director of the [[National Economic Council]] from December 2002 until December 2004.<ref>Federal Reserve Bank of New York, [http://www.ny.frb.org/aboutthefed/orgchart/board/friedman.html Stephen Friedman], accessed 04 January 2011.</ref> He had to quit his position at the [[Federal Reserve Bank]] "over questions about his ties to Goldman Sachs".<ref>''USA Today'', "[http://www.usatoday.com/money/industries/banking/2009-05-07-new-york-fed-chairman-quits_N.htm New York Fed chairman quits over Goldman Sachs ties]," 08 May 2009, accessed 04 January 2011.</ref> He is currently a board member of the Goldman Sachs Group, Inc. and chairman of the board of [[Harbor Point Limited]].<ref>Council on Foreign Relations, [http://www.cfr.org/bios/13504/stephen_friedman.html Stephen Friedman], accessed 04 January 2011.</ref>
-*:U.K. Life Peer [[Brian Griffiths]], Lord Griffiths of Fforestfach, has been Vice Chairman of Goldman Sachs International and an International Advisor to Goldman Sachs on Europe since 1991.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U18226 GRIFFITHS OF FFORESTFACH], online edition, Oxford University Press, accessed 24 March 2009.</ref>
+*:U.K. Life Peer [[Brian Griffiths]], [[Lord Griffiths]] of Fforestfach, has been Vice Chairman of Goldman Sachs International and an International Advisor to Goldman Sachs on Europe since 1991.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U18226 GRIFFITHS OF FFORESTFACH], online edition, Oxford University Press, accessed 24 March 2009.</ref>
 *:In January 2006, Goldman Sachs Managing Director [[Mario Draghi]] became the new governor of the Bank of Italy.<ref>Lynn, Matthew, "[http://www.bloomberg.com/apps/news?pid=newsarchive&refer=columnist_lynn&sid=aGS6lvr8ipiw Goldman Sachs Has Gained Too Much Political Power]," 04 June 2006, ''Bloomberg'', accessed 04 January 2011.</ref>
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 *:In March 2011, [[Ben Broadbent]], an economist from Goldman Sachs joined the Bank of England's [[Monetary Policy Committee]]. <ref> [http://www.ft.com/cms/s/0/a49ec076-48bf-11e0-9739-
 feab49a.html#axzz1G13ACFui ], ''Financial Times'', March 2011 </ref>
 ==Company Profile==
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 ==External Links==
-*SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. March 2011
+*Spinwatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. March 2011
 *Matt Taibi, [http://www.rollingstone.com/politics/news/12697/64796 The Great American Bubble Machine], ''Rolling Stone'', 5 April 2010.
 *Stephen Foley, [http://www.independent.co.uk/news/business/analysis-and-features/what-price-the-new-democracy-goldman-sachs-conquers-europe-6264091.html What price the new democracy? Goldman Sachs conquers Europe], ''Independent'', 18 November 2011.
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 ==Notes==
-<references />
+<references/>
 [[Category:Banking and Finance Industry]]
 [[Category: Financial sector lobbying]]

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 ==Record and Controversies==
 ===Political contributions===
-[[Henry M. Paulson, Jr.]], then Chair & CEO of Goldman Sachs, was a [[Bush Pioneer]] having raised at least $100,000 for [[George Walker Bush|Bush]] in the [[U.S. presidential election, 2004|2004 presidential election]]. In 2006, Paulson was appointed by Bush to be Secretary of the [[U.S. Department of Treasury|Department of the Treasury]].<ref>TPJ, "[http://www.tpj.org/docs/pioneers/pioneers_view.jsp?id=970 Bush Pioneer Henry M. Paulson Jr.]," ''Texans for Public Justice'', accessed August 2007.</ref>
+[[Henry Paulson]] (Hank), then Chair & CEO of Goldman Sachs, was a [[Bush Pioneer]] having raised at least $100,000 for [[George Walker Bush|Bush]] in the [[U.S. presidential election, 2004|2004 presidential election]]. In 2006, Paulson was appointed by Bush to be Secretary of the [[U.S. Department of Treasury|Department of the Treasury]].<ref>TPJ, "[http://www.tpj.org/docs/pioneers/pioneers_view.jsp?id=970 Bush Pioneer Henry M. Paulson Jr.]," ''Texans for Public Justice'', accessed August 2007.</ref>
 Goldman Sachs gave $478,250 to federal candidates in the 05/06 election period through its [[Political Action Committee]](PAC) -  35% to [[Democrats]] and 65% to [[Republican Party (USA)|Republicans]].<ref>OpenSecrets, [http://www.opensecrets.org/pacs/lookup2.asp?strID=C00350744&cycle=2006 2006 PAC Summary Data], ''Open Secrets'', accessed July 2007.</ref>

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 According to a 2011 report by the group Public Campaign, Goldmans spent $21 million in total on lobbying from 2001 until 2010. <ref name="Billion"/>
-Goldman spent $3.4 million on lobbying the US government in Washington in 2014; a figure which has hardly changed over the last three years but is down from the record $4.6 million in 2010. The bank also declared that it employed nine external law firms and lobbying groups and eight in-house lobbyists - including [[Michael Paese]], a former aide to the White House financial services committee.<ref name="FT"/>
+Goldman spent $3.4 million on lobbying the US government in Washington in 2014; a figure which has hardly changed over the last three years but is down from the record $4.6 million in 2010.<ref name="FT"/>
 ===UK===
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 :“I have experienced how in 'public' conferences critical voices are being silenced and how members of the Parliament and the financial sector seem to be singing of the same hymn sheet in the European Parliamentary Financial Services Forum. The financial industry has an enormous influence on shaping the policy debate,” he said. <ref name= "New Europe"/>
-In April 2015 it was revealed Goldman's spending on lobbying in Brussels had increased 14-fold from 2013 to 2014, according to its entry in the European Commission's transparency register. The bank estimated they had spent between €700,000 and €799,00 in 2014 compared to an estimated €50,000 the year before. The increase has come after the EU strengthened its disclosure rules and banned commission officials from meeting companies unless they were on the institution's transparency register by December 1 (Goldman joined late November) and for companies to include a proportion of trade association fees in their lobbying spending disclosures.<ref name="FT"> Duncan Robinson and Tom Braithwaite [http://www.ft.com/cms/s/0/725f92f6-edbc-11e4-987e-00144feab7de.html#axzz3YgdESCM1 Goldman Sachs’ reported spending on EU lobbying rises 14-fold] ''Financial Times'', 28 April 2015, accessed 29 April 2015.</ref>
+In April 2015 the European Commission's transparency register revealed Goldman's spending on lobbying in Brussels had increased 14-fold from 2013 to 2014. The bank estimated they had spent between €700,000 and €799,00 in 2014 compared to an estimated €50,000 the year before. The increase has come after the EU strengthened its disclosure rules and banned commission officials from meeting companies unless they were on the institution's transparency register by December 1 (Goldman joined late November) and for companies to include a proportion of trade association fees in their lobbying spending disclosures.<ref name="FT"> Duncan Robinson and Tom Braithwaite [http://www.ft.com/cms/s/0/725f92f6-edbc-11e4-987e-00144feab7de.html#axzz3YgdESCM1 Goldman Sachs’ reported spending on EU lobbying rises 14-fold] ''Financial Times'', 28 April 2015, accessed 29 April 2015.</ref>
 ===Revolving Door===

← Older revision		Revision as of 09:08, 29 April 2015
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	:“I have experienced how in 'public' conferences critical voices are being silenced and how members of the Parliament and the financial sector seem to be singing of the same hymn sheet in the European Parliamentary Financial Services Forum. The financial industry has an enormous influence on shaping the policy debate,” he said. <ref name= "New Europe"/>		:“I have experienced how in 'public' conferences critical voices are being silenced and how members of the Parliament and the financial sector seem to be singing of the same hymn sheet in the European Parliamentary Financial Services Forum. The financial industry has an enormous influence on shaping the policy debate,” he said. <ref name= "New Europe"/>
		+
		+	In April 2015 it was revealed Goldman spending on lobbying in Brussels had increased 14-fold from 2013 to 2014, according to its entry in the European Commission's transparency register. The bank estimated they had spent between €700,000 and €799,00 in 2014 compared to an estimated €50,000 the year before. The increase has come after the EU strengthened its disclosure rules and banned commission officials from meeting companies unless they were on the institution's transparency register by December 1 (Goldman joined late November) and for companies to include a proportion of trade association fees in their lobbying spending disclosures.<ref> Duncan Robinson and Tom Braithwaite [http://www.ft.com/cms/s/0/725f92f6-edbc-11e4-987e-00144feab7de.html#axzz3YgdESCM1 Goldman Sachs’ reported spending on EU lobbying rises 14-fold] ''Financial Times'', 28 April 2015, accessed 29 April 2015.</ref>

	===Revolving Door===		===Revolving Door===

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 ==Resources==
 *Greg Smith, [http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=4&hp Why I Am Leaving Goldman Sachs], New York Times, March 14, 2012. Op-ed by a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.
-*James Lyons, [http://www.mirror.co.uk/news/uk-news/toxic-bank-goldman-sachs-web-763345 Revealed: Toxic bank Goldman Sachs' web of global pals] The Mirror, 16 March 2012, acc same day </ref>
+*James Lyons, [http://www.mirror.co.uk/news/uk-news/toxic-bank-goldman-sachs-web-763345 Revealed: Toxic bank Goldman Sachs' web of global pals] The Mirror, 16 March 2012
 *ANZ, [http://www.anz.com/australia/aboutanz/corporateinformation/boardofdirectors/Profiles/IJMacFarlane/default.asp MR I J MACFARLANE, AC], accessed 04 January 2011.
 *APPC, [http://www.appc.org.uk/appc/filemanager/root/site_assets/pdfs/appc_register_entry_for_1_december_2008_to_28_february_2009_v3.pdf APPC Register Entry for 1 December 2008 to 28 February 2009], accessed 04 January 2011.