Goldman Sachs Group

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Goldman Sachs Group, founded in 1869, describes itself as a "leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net-worth individuals ... It is one of the oldest and largest investment banking firms ... headquartered in New York [with] offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world."[1]

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 Bush in the 2004 presidential election. In 2006, Paulson was appointed by Bush to be Secretary of the Department of the Treasury.[2]

Goldman Sachs gave $478,250 to federal candidates in the 05/06 election period through its political action committee - 35% to Democrats and 65% to Republicans.[3]


The company spent $2,380,000 for lobbying in 2006. $1,031,250 went to nine outside lobbying firms with the remainder being spent using in-house lobbyists. The lobbying firms included DLA Piper Rudnick Gray Cary, The Duberstein Group, and Vinson & Elkins.[4]

Goldman Sach's lobbying firm in the UK is Lexington Communications.[5]

Revolving Door

  • John Browne, Lord Browne of Madingley, was a Non-executive Director of Goldman Sachs Group from 1999 to 2007.[6]
  • Mark Carney, the Governor of the Bank of Canada and Senior Associate Deputy Minister of Finance from November 2004, was the managing director of Goldman Sachs' Canadian operation until 2003.[7][8]
  • 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,[9] , 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.[10] He had to quit his position at the Federal Reserve Bank "over questions about his ties to Goldman Sachs".[11] He is currently a board member of the Goldman Sachs Group, Inc. and chairman of the board of Harbor Point Limited.[12]

Company Profile



Key executives and 2006 pay:[13]

Members of the board

Members of the board:[14]



In 2008, the Goldman Sachs Group is reported to provide sponsorship to the Center for Global Development.[16]

Contact details

85 Broad Street
New York, NY 10004

External Links



  1. CLS, CLS Members, accessed 04 January 2011.
  2. TPJ, "Bush Pioneer Henry M. Paulson Jr.," Texans for Public Justice, accessed August 2007.
  3. OpenSecrets, 2006 PAC Summary Data, Open Secrets, accessed July 2007.
  4. OpenSecrets, "Goldman Sachs lobbying expenses," Open Secrets, accessed July 2007.
  5. APPC, APPC Register Entry for 1 December 2008 to 28 February 2009, accessed 04 January 2011.
  6. Who's Who 2009, BROWNE OF MADINGLEY, online edition, Oxford University Press, accessed 24 March 2009.
  7. Bank of Canada, Biographical note, accessed 04 January 2011.
  8. Ottawa, Vieira, "Mark Carney and the Goldman Sachs economic club," National Post, 04 October 2007.
  9. Goldman Sachs, "Steve Friedman Joins Goldman Sachs' Board of Directors," 02 May 2002, accessed 04 January 2011.
  10. Federal Reserve Bank of New York, Stephen Friedman, accessed 04 January 2011.
  11. USA Today, "New York Fed chairman quits over Goldman Sachs ties," 08 May 2009, accessed 04 January 2011.
  12. Council on Foreign Relations, Stephen Friedman, accessed 04 January 2011.
  13. Yahoo Finance, Goldman Sachs Key Executives, Yahoo Finance, accessed August 2007.
  14. Goldman Sachs, Board of Directors, accessed July 2007.
  15. Channel 4 'Dispatches: Sandwiches Unwrapped,' 28 July 2008.
  16. Centre for Global Development, Funders, accessed 22 January 2008.