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]

European lobbying

In 2010 Goldman's lobbying activities earned it the Worst EU Lobbying Award [6] in the finance category, having been jointly nominated with the International Swaps and Derivatives Association for aggressive lobbying to defend their activities and influence over the EU's response to the financial crisis.[7]

Revolving Door

  • John Browne, Lord Browne of Madingley, was a Non-executive Director of Goldman Sachs Group from 1999 to 2007.[8]
  • 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.[9][10]
  • 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,[11] , 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.[12] He had to quit his position at the Federal Reserve Bank "over questions about his ties to Goldman Sachs".[13] He is currently a board member of the Goldman Sachs Group, Inc. and chairman of the board of Harbor Point Limited.[14]
  • 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.[15]
  • In January 2006, Goldman Sachs Managing Director Mario Draghi became the new governor of the Bank of Italy.[16]
  • Mario Monti, an international adviser to Goldman Sachs International, was European commissioner responsible for the internal market, financial services and financial integration, customs and taxation from 1995 to 1999 and for competition 1999 to 2004.[19] He is the founder of the European think-tank Bruegel, as well as being a member of the advisory board of the Coca-Cola Company.[20]
  • Mark Patterson, who was appointed U.S. Treasury Department Chief of Staff in February 2009, previously worked as a lobbyist for Goldman Sachs.[21]
  • In May 2006 President Bush appointed Goldman Sachs executive Henry Paulson as Treasury Secretary.[22]
  • Robert K. Steel, who was Advisory Director and Non-Executive Chairman of Securities at Goldman Sachs until 2004, was Under Secretary for Domestic Finance for the U.S. Department of Treasury from 2006 to 2008. He joined Goldman Sachs in 1976, became a partner in 1988, worked at the Equities division from 1998 to 2001, and joined the Management Committee in 1999.[23]
  • Christopher J. Wales, former Special Advisor to the Chancellor and other Treasury Ministers, has been Managing Director in the Financing Group at Goldman Sachs since 2004.[24]
  • In 2005 the late David Walton, who was chief European economist for Goldman Sachs in London, joined the Bank of England's Monetary Policy Committee.[25]
  • In June 2006 U.S. deputy secretary of state Robert B. Zoellick announced that he was joining Goldman Sachs.[26]
  • Paul Deighton, a former chief operating officer at Goldman, now runs the London Olympic Games organising committee. [27]

Company Profile



Key executives and 2006 pay:[29]

Members of the board

Members of the board:[30]



In 2008, the Goldman Sachs Group is reported to provide sponsorship to the Center for Global Development.[32]

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. The Worst EU Lobbying Awards 2010 are organised by Friends of the Earth Europe, Corporate Europe Observatory, LobbyControl and SpinWatch. See
  7. Why the EU’s lobbyists need more than a good clean, New Europe, 5 December 2010 - Issue: 914
  8. Who's Who 2009, BROWNE OF MADINGLEY, online edition, Oxford University Press, accessed 24 March 2009.
  9. Bank of Canada, Biographical note, accessed 04 January 2011.
  10. Ottawa, Vieira, "Mark Carney and the Goldman Sachs economic club," National Post, 04 October 2007.
  11. Goldman Sachs, "Steve Friedman Joins Goldman Sachs' Board of Directors," 02 May 2002, accessed 04 January 2011.
  12. Federal Reserve Bank of New York, Stephen Friedman, accessed 04 January 2011.
  13. USA Today, "New York Fed chairman quits over Goldman Sachs ties," 08 May 2009, accessed 04 January 2011.
  14. Council on Foreign Relations, Stephen Friedman, accessed 04 January 2011.
  15. Who's Who 2009, GRIFFITHS OF FFORESTFACH, online edition, Oxford University Press, accessed 24 March 2009.
  16. Lynn, Matthew, "Goldman Sachs Has Gained Too Much Political Power," 04 June 2006, Bloomberg, accessed 04 January 2011.
  17. ANZ, MR I J MACFARLANE, AC, accessed 04 January 2011.
  18. Bloomberg Businessweek, Goldman, Sachs & Co., accessed 04 January 2011.
  19. Brussels Forum, Biography, Mario Monti, Web Archive 10 May 2007, accessed 04 January 2011.
  20. European Commission, Mario Monti, accessed 04 January 2011.
  21. Schouten, Fredreka, "Geithner names ex-lobbyist as Treasury chief of staff," 27 January 2009, USA Today, accessed 04 January 2011.
  22. Washington Times, "Bush chooses Paulson for Treasury," 31 May 2006, accessed 04 January 2011.
  23. Wachovia, "Wachovia Names Robert K. Steel CEO and President," 09 July 2008, accessed 04 January 2011.
  24. Bennett, James, "Profile: Christopher Wales, Brown's buddy at Goldman Sachs," 08 December 2005, Accountancy Age, accessed 04 January 2011.
  25. Lynn, Matthew, "Goldman Sachs Has Gained Too Much Political Power," 04 June 2006, Bloomberg, accessed 04 January 2011.
  26. Hauser, Christine, "Rice's Deputy to Join Goldman Sachs," 19 June 2006, New York Times, accessed 04 January 2011.
  27. I'm doing 'God's work'. Meet Mr Goldman Sachs, Sunday Times Online, 8 November 2009
  28. [ 00144feab49a.html#axzz1G13ACFui ], Financial Times, March 2011
  29. Yahoo Finance, Goldman Sachs Key Executives, Yahoo Finance, accessed August 2007.
  30. Goldman Sachs, Board of Directors, accessed July 2007.
  31. Channel 4 'Dispatches: Sandwiches Unwrapped,' 28 July 2008.
  32. Centre for Global Development, Funders, accessed 22 January 2008.