Goldman Sachs
Profile
Goldman Sachs is a Wall Street investment bank. Founded in 1869, the bank has often been accused of bad advice to government clients. The bank charged Libya $350 million for derivatives trades in 2008 that caused the government to lose approximately $1.2 billion; advised Malaysian officials and their cronies who stole $4.5 billion from the 1Malaysia Development Berhad (1MDB) state fund to buy luxury assets and real estate; and charged Greece $300 million to engage in “blatant balance sheet cosmetics” to help the country join the European Monetary Union.
Asset management, Commercial banking, Commodities, Investment banking, Investment management, Mutual funds, Prime brokerage
Violations
| Top 5 Offense Groups (Groups Defined) | Penalty Total | Number of Records |
|---|---|---|
| financial offenses | $13,245,985,987 | 37 |
| competition-related offenses | $3,095,838,000 | 4 |
| miscellaneous offenses | $13,650,000 | 2 |
| employment-related offenses | $9,995,000 | 1 |
(May 20, 2021)
Stories
The Great American Bubble Machine
The first thing you need to know about Goldman Sachs is that it’s everywhere.
Goldman Sachs reaches $5bn settlement over mortgage-backed securities
Goldman Sachs has said it will pay $5.06bn to resolve civil claims related to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007.
Goldman Sachs restricts intern workday to 17 hours in wake of burnout death
Go home before midnight, and don’t come back before 7am. Goldman Sachs – one of Wall Street’s toughest firms – has told interns they have got to work hard, but not too hard.
'The swamp is Goldman Sachs': how the bank is rewarded for putting profits over people
In a persistent drizzle on 17 January, a group of protesters swathed in green ponchos unfurled tarps and sleeping bags on the sidewalk in front of Goldman Sachs’ high-rise building on the West Side highway in New York City.
Goldman Sachs fined over use of confidential documents
image copyrightGetty Images
Malaysia Blames Goldman Sachs for Stolen Billions (Published 2019)
Accused of helping to carry out an international multibillion-dollar fraud, Goldman Sachs has tried to pin the blame on a few rogue bankers.
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Activism
New York protesters camp out at Goldman Sachs to oppose Trump
Elizabeth Dilts | Reuters | January 17, 2017
Dozens of protesters gathered outside of Goldman Sachs Group Inc headquarters on Tuesday to rally against President-elect Donald Trump’s picking several former executives of the Wall Street bank for top jobs in his administration.
& Lawsuits
Goldman Sachs Charged in Foreign Bribery Case and Agrees to Pay Over $2.9 Billion
United States Department of Justice | October 22, 2020
The Goldman Sachs Group Inc. (Goldman Sachs or the Company), a global financial institution headquartered in New York, New York, and Goldman Sachs (Malaysia) Sdn. Bhd. (GS Malaysia), its Malaysian subsidiary, have admitted to conspiring to violate the Foreign Corrupt ...
Understanding Goldman Sachs' role in Malaysia's 1MDB mega scandal
Rozanna Latiff | Reuters | October 22, 2020
Goldman Sachs Group Inc on Thursday reached a deal to settle a probe into the bank’s role in Malaysia’s 1MDB corruption scandal, which included total penalties of $2.9 billion.
Goldman Sachs, U.S. agency in mortgage settlement worth $1.2 billion
Nate Raymond, Jonathan Stempel | Reuters | August 22, 2014
Goldman Sachs Group Inc has agreed to a settlement worth $1.2 billion to resolve a U.S. regulator’s claims the bank sold Fannie Mae and Freddie Mac faulty mortgage bonds, the regulator announced Friday.
Goldman Sachs, Morgan Stanley will pay $557 million in mortgage case
Associated Press | Denver Post | January 16, 2013
Goldman Sachs and Morgan Stanley will pay a combined $557 million to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
Goldman Sachs junior banker speaks out over '18-hour shifts and low pay'
Kalyeena Makortoff | The Guardian | March 24, 2021
The reputation of Goldman Sachs as the most desirable employer for aspiring investment bankers is at stake. Legendary for its pulling power with the best graduates, the bank is now facing a rebellion in its lower ranks.
Goldman Sachs employees protest event featuring Haley after Confederate flag remarks
Justine Coleman | The Hill | December 11, 2019
Goldman Sachs employees are protesting a Wednesday event featuring former Ambassador to the United Nations Nikki Haley after her remarks about the Confederate flag.
More Activism Resources:
Rap Sheet on Goldman Sachs, by Phil Mattera, of Good Jobs First.
Financials
Note: Most recent list is not always the most complete list.
- Goldman Sachs subsidiaries (via U.S. SEC 2020)
- Goldman Sachs subsidiaries (via U.S. SEC 2019)
- Goldman Sachs subsidiaries (via U.S. SEC 2018)
- Goldman Sachs subsidiaries (via U.S. SEC 2015)
Croctail Subsidiary Tool using the CorpWatch API - This API uses automated parsers to extract the subsidiary relationship information from Exhibit 21 of companies' 10-K filings with the SEC.
Click here for the latest list.
Political Influence
OpenSecrets.org Profile of Goldman Sachs
& Evasion
Goldman Sachs' new pay plan would help top bankers dodge taxes
Stephen Gandel | CBS News | October 7, 2020
Goldman Sachs is adopting a controversial compensation scheme that will help partners at the investment bank lower their annual tax bill by hundreds of thousands of dollars each. But embracing that tax loophole, called carried interest, also could deprive the U.S. government of millions of dollars in revenue.
HMRC wins £79m tax avoidance case against Goldman Sachs
Pedro Gonçalves | International Investment | October 25, 2018
HMRC has won a £79m case against Goldman Sachs and agriculture giant Cargill after the American companies attempted to avoid paying taxes in the UK
Goldman Sachs and Cargill fined €89m in UK tax avoidance case
Sophie Perryer | European CEO | October 24, 2018
The US giants have been charged in one of the largest corporate tax victories for the UK's HM Revenue and Customs
Procurement
Goldman Sachs contracts with the U.S. Federal Government (via USA Spending)