Several people on the list of former employees of Goldman Sachs have later worked in government positions. Secretaries of the Treasury Steven Mnuchin, Robert Rubin, and Henry Paulson; U.S. Securities and Exchange Commission Chairman Gary Gensler; former Under Secretary of State John C. Whitehead; former chief economic advisor Gary Cohn; Governor of New Jersey Phil Murphy and former Governor of New Jersey Jon Corzine; former Prime pepperstone forex Minister of Italy Mario Monti; former European Central Bank President and former Prime Minister of Italy Mario Draghi; former Bank of Canada and Bank of England Governor Mark Carney; and the former Prime Minister of Australia Malcolm Turnbull. In addition, former Goldman employees have headed the New York Stock Exchange, the London Stock Exchange Group, the World Bank, and competing banks such as Citigroup and Merrill Lynch.

Goldman made more than $1 billion in derivatives trades with the LIA funds, which lost almost all their value but earned Goldman $350 million in profit.[241][242] In court documents the firm has admitted to having used small gifts, occasional travel powertrend and an internship in order to gain access to Libya’s sovereign wealth fund.[243] In August 2014, Goldman dropped a bid to end the suit in a London court.[239] In October 2016, after trial, the court entered a judgment in Goldman Sachs’s favor.

Personnel «revolving-door» with U.S. government

During the 2007 subprime mortgage crisis, Goldman profited from the collapse in subprime mortgage bonds in summer 2007 by short-selling subprime mortgage-backed securities. Two Goldman traders, Michael Swenson and Josh Birnbaum, are credited with being responsible for the firm’s large profits during the crisis.[55][56] The pair, members of Goldman’s structured products group in New York City, made a profit of $4 billion by «betting» on a collapse in the subprime market and shorting mortgage-related securities. By summer 2007, they persuaded colleagues to see their point of view and convinced skeptical risk management executives.[57] The firm initially avoided large subprime write-downs review keys to heaven’s economy and achieved a net profit due to significant losses on non-prime securitized loans being offset by gains on short mortgage positions. The Goldman Sachs Group, Inc. (/sæks/ SAKS) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers.[2] Goldman Sachs is the second largest investment bank in the world by revenue[3] and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue.[4] It is considered a systemically important financial institution by the Financial Stability Board.

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