U.S. [141] In a story in Rolling Stone, Matt Taibbi characterized Goldman Sachs as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major market manipulation since the Great Depression from tech stocks to high gas prices". [97][98], In April 2013, together with Deutsche Bank, Goldman led a $17 billion bond offering by Apple Inc., the largest corporate-bond deal in history[99][100] and Apple's first since 1996. [9] After Goldman Sachs purchased aluminum warehousing company Metro International in 2010, the wait of warehouse customers for delivery of aluminum supplies to their factories to make beer cans, home siding, and other products went from an average of 6 weeks to more than 16 months, "according to industry records". [109], In April 2018, Goldman Sachs acquired Clarity Money, a personal finance startup. [138][139][140] In 2011, a Senate panel released a report accusing Goldman Sachs of misleading clients and engaging in conflicts of interest. Distribution and use of this material are governed by [100], In June 2013, Goldman Sachs purchased the loan portfolio from Brisbane-based Suncorp Group, one of Australia's largest banks and insurance companies. [250] In August 2014, Goldman dropped a bid to end the suit in a London court. However, U.S. regulation for short selling requires brokerages to enter an agreement to borrow securities on behalf of customers or to have "reasonable grounds" for believing that it can borrow the security before entering contracts to complete the sale. Contact. [242], Goldman Sachs's purchase of an 18% stake in state-owned DONG Energy (now rsted A/S[243]) Denmark's largest electric utility set off a "political crisis" in Denmark. NEW YORK, Sept. 9, 2022 /PRNewswire/ -- Josh Harris announces the launch of 26North Partners LP (26North), a next-generation alternative asset management firm that aims to generate compelling returns across asset classes and capital structures for its partners. It's currently paying 3.90% APY on all balances, up to limits . [244] Opponents expressed concern that Goldman would have some say in DONG's management, and that Goldman planned to manage its investment through "subsidiaries in Luxembourg, the Cayman Islands, and Delaware, which made Danes suspicious that the bank would shift earnings to tax havens". In July 2020, Goldman Sachs agreed on a $3.9 billion settlement in Malaysia for criminal charges related to the 1MDB scandal. [112], In March 2019, Apple, Inc. announced that it would partner with Goldman Sachs to launch the Apple Card, the bank's first credit card offering. our Subscriber Agreement and by copyright law. [256] In November 2018, Goldman's former chairman of Southeast Asia, Tim Leissner, admitted that more than US$200 million in proceeds from 1MDB bonds went into the accounts controlled by him and a relative, bypassing the company's compliance rules. The bankruptcy was large, and the resulting lawsuits, notably by the SEC, threatened the partnership capital, survival, and reputation of the firm. "[275] Sheila Patel, CEO of Goldman Sachs Asset Management's international division, said in an interview that the incident "turned into a teachable moment within the firm" and "helped sharpen its focus on investing with an eye toward environmental, social and governance policies". [43] That same year, Jon Corzine became CEO, following the departure of Rubin and Friedman. [29], Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued through Goldman Sachs. It is a primary dealer in the United States Treasury security market. [131], Goldman Sachs reports its environmental and social performance in an annual report on Corporate social responsibility that follows the Global Reporting Initiative protocol. [12][13], The company invests in and arranges financing for startups, and in many cases gets additional business when the companies launch initial public offerings. As they say on the Street, "When the ducks quack, feed them. [62] In January 2007, Goldman, along with CanWest Global Communications, acquired Alliance Atlantis, the company with the broadcast rights to the CSI franchise. Financials-focused SPAC Aperture Acquisition files for a $350 million [126] Goldman Sachs was announced as an official partner of McLaren. These were primarily IKB Deutsche Industriebank (US$150 million loss), and the investors and insurers of another US$900 million ACA Financial Guaranty Corp,[201] ABN AMRO, and the Royal Bank of Scotland. ", "What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences", "Goldman Sachs Insider Tale Doubles as PhD Thesis", "An Ex-Trader, Now a Sociologist, Looks at the Changes in Goldman", "Suit alleges "boy club" culture at Goldman", "A Lawsuit Peeks Inside the Goldman Sachs 'Boys' Club', "Goldman Sachs lawsuit: Wall Street giant is a 'boys club where drinking, strip clubs and sexism tolerated', "U.S. judge certifies Goldman Sachs gender bias class action", "Firm urged hedge against state bonds it helped sell", "Why did blue-chip Goldman take a walk on subprime's wild side? [82][146] Andrew Cuomo, then New York Attorney General, questioned Goldman's decision to pay 953 employees bonuses of at least $1 million each after it received TARP funds in 2008. ): Makes 2050 economic projections for the new. The presence of positions by investment banks on the market was significant for the fact that the banks have deep pockets, and so the means to significantly sway prices, and unlike traditional market participants, neither produced oil nor ever took physical possession of actual barrels of oil they bought and sold. Lance O'Brien - Vice President - Goldman Sachs | ZoomInfo [279] One effect of this rule was to bar Goldman partners from directly donating to Donald Trump's presidential campaign, since Trump's running mate, Mike Pence, was the sitting governor of Indiana. [168] Antnio Borges, Head of the European Department of the International Monetary Fund in 2010-2011 and responsible for most of enterprise privatizations in Portugal since 2011, is the former Vice Chairman of Goldman Sachs International.