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The Goldman Sachs Group
Type Public (NYSE: GS)
Founded 1869
Founder Marcus Goldman
Headquarters New York, NY
Area served Worldwide
Key people Lloyd Blankfein (Chairman) & (CEO)
Gary Cohn (President) & (COO)
Jon Winkelried, (President) & (COO)
Industry Financial services
Products Investment Banking
Insurance
Private equity
Services Financial adviser
Primary dealer
Mergers and Acquisitions
Revenue ▲US $87. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Year 1869 ( MDCCCLXIX) is a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year An entrepreneur is a person who has possession over a company enterprise, or Venture, and assumes significant accountability for the inherent risks and the outcome Marcus Goldman ( December 9, 1821 – July 20, 1904) was a German-American businessman and entrepreneur The City of New York New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous Lloyd Craig Blankfein (born September 20, 1954 in the Bronx, New York City) is the current Chief Executive Officer and Chairman A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Gary D Cohn is President and COO of Goldman Sachs. He has also financed the Gary D President is a Title leaders of Organizations companies, Trade unions universities, and countries. A chief operating officer or chief operations officer ( COO) is a Corporate officer responsible for managing the day-to-day activities of the Corporation President is a Title leaders of Organizations companies, Trade unions universities, and countries. A chief operating officer or chief operations officer ( COO) is a Corporate officer responsible for managing the day-to-day activities of the Corporation For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and Insurance, in Law and Economics, is a form of Risk management primarily used to hedge against the Risk of a contingent loss In Finance, private equity is an Asset class consisting of equity Securities in operating companies that are not Publicly traded on A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates A financial adviser is a professional who renders investment advice and Financial planning services to individuals and businesses A primary dealer is a Bank or securities Broker-dealer that may trade directly with the Federal Reserve System of the United States. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 968 Billion (2007)
Net income ▲US $11. Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 6 Billion (2007)
Total assets ▲US $1. In Business and Accounting, assets are everything owned by a person or company (all tangible and intangible property that can be converted into cash. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 119 Trillion (2007)
Employees 30,522 (2007)
Website www.gs.com

The Goldman Sachs Group, Inc. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages , or simply Goldman Sachs (NYSE: GS), is a leading global investment banking, securities and investment management firm. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and A security is a Fungible, Negotiable instrument representing financial value Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Year 1869 ( MDCCCLXIX) is a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year Lower Manhattan (or downtown Manhattan) is the southernmost part of the island of Manhattan, the main island and center of business and government of the The City of New York Broad Street is located in the Financial District in the New York City borough of Manhattan, stretching from South Street to [1] Goldman Sachs has offices in leading financial centers such as New York City, London, Boston, Chicago, Miami, Houston, Dallas, Los Angeles, San Francisco, Frankfurt, Zürich, Paris, São Paulo, Bangalore, Mumbai, Hong Kong, Beijing, Mexico City, Singapore, Salt Lake City, Sydney, Dubai, Madrid, Milan, Calgary, Melbourne, Auckland, Seoul, Tokyo, Taipei, Moscow, Tel-Aviv, Toronto, and Monaco. The City of New York London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. Los Angeles (lɑˈsændʒələs los ˈaŋxeles in Spanish) is the largest City in the state of California and the American West The City and County of San Francisco is the fourth most populous city Zürich (, Zürich German: Züri, Zurich, Zurigo; in English generally Zurich) is the largest city in Switzerland and capital of the Paris (ˈpærɨs in English; in French) is the Capital of France and the country's largest city São Paulo ( is the largest city in Brazil, with its metropolitan area ranking among the largest urban areas in the world Bangalore ( officially Bengaluru ( Kannada: ಬೆಂಗಳೂರು) is the capital of the Indian state of Karnataka. Mumbai ( Marathi:,, IPA: formerly Bombay, is the capital of the Indian state of Maharashtra and the financial Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Mexico City (in Spanish: Ciudad de México, México DF, México or simply Méjico) is the Capital city of Mexico Singapore Salt Lake City is the Capital and the most populous city of the U Sydney (ˈsɪdniː is the most populous city in Australia, with a Metropolitan area population of approximately 4 Dubai (in دبيّ,) is one of the seven emirates and most populous city of the United Arab Emirates (UAE Madrid (pronounced in English in Spanish and colloquially in Spain) is the Capital and largest city of Spain. Milan (Milano Milan (listen) is one of the largest cities in Italy, located in the plains of Lombardy. Calgary (ˈkælgəriː is the largest city in the Province of Alberta, Canada Melbourne ( is the second most populous city in Australia, with a Metropolitan area population of approximately 3 The Auckland metropolitan area or Greater Auckland, in the North Island of New Zealand, is the largest and most populous urban area in the country Seoul ( soʊl is the Capital and largest City of South Korea. officially, is one of the 47 prefectures of Japan and located on the eastern side of the main island Honshū. Taipei ( Taiwanese Pe̍h-ōe-jī: Tâi-pak-chhī Jhuyin Fuhao: ㄊㄞˊ ㄅㄟˇ ㄕˋ Hakka: Thòi-pet-sṳ has been the capital of Moscow (Москва́ romanised: Moskvá, IPA: see also other names) is the Capital and the largest city of Tel Aviv-Yafo (תֵּל ־אָבִיב-יָפוֹ تل أبيب Tal ʾAbīb) (usually Tel Aviv) is the second-largest city in Israel Toronto (təˈrɒntoʊ colloquially pronounced or) is the largest city in Canada and is the provincial capital of Ontario For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque

Goldman Sachs acts as a financial advisor to some of the most important companies, largest governments, and wealthiest families in the world. A financial adviser is a professional who renders investment advice and Financial planning services to individuals and businesses For the government of parliamentary systems see Executive (government. It is a primary dealer in the U.S. Treasury securities market. A primary dealer is a Bank or securities Broker-dealer that may trade directly with the Federal Reserve System of the United States. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. The capital market is the Market for securities, where companies and Governments can raise longterm funds Goldman Sachs offers its clients mergers & acquisitions advisory, provides underwriting services, engages in proprietary trading, invests in private equity deals, and also manages the wealth of affluent individuals and families. Proprietary trading is a term used in Investment banking to describe when the firm's traders actively trade Stocks bonds options, Commodities In Finance, private equity is an Asset class consisting of equity Securities in operating companies that are not Publicly traded on

Contents

History

Goldman Sachs was founded in 1869 by German Jewish immigrant Marcus Goldman. Year 1869 ( MDCCCLXIX) is a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. PLEASE TAKE NOTE************ Marcus Goldman ( December 9, 1821 – July 20, 1904) was a German-American businessman and entrepreneur [2] The company made a name for itself pioneering the use of commercial paper for entrepreneurs and was invited to join the New York Stock Exchange in 1896. Commercial paper is an unsecured Promissory note with a fixed maturity of one to 270 days An entrepreneur is a person who has possession over a company enterprise, or Venture, and assumes significant accountability for the inherent risks and the outcome The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. It was during this time that Goldman's son-in-law Samuel Sachs joined the firm which prompted the name change to Goldman Sachs. Samuel Sachs ( July 28, 1851 – March 2, 1935) was a German American investment banker.

In the early 20th Century, Goldman was a major player in establishing the Initial Public Offering market. The twentieth century of the Common Era began on Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first It managed one of the largest IPO's to date, that of Sears, Roebuck and Company in 1906. Sears Roebuck and Company, commonly known as Sears, is an American mid-range chain of International Department stores founded by Richard It also became one of the first companies to heavily recruit those with MBA degrees from leading Business Schools, a practice that still continues today. The Master of Business Administration ( MBA) is a Master's degree in Business administration, which attracts people from a wide range of academic disciplines A business school is a university-level institution that confers degrees in Business Administration

In 1929, it launched the Goldman Sachs Trading Corp. , a closed-end mutual fund with characteristics similar to that of a Ponzi Scheme. A mutual fund is a professionally managed type of collective investments that pools money from many investors and Invests it in Stocks bonds, A Ponzi scheme is a Fraudulent Investment operation that involves promising or paying abnormally high returns (" Profits quot to investors out of the The fund failed as a result of the Stock Market Crash of 1929, hurting the firm's reputation for several years afterward. The Wall Street Crash of 1929, also known as the ’29 Crash, the Crash of 1929, the Great Crash of 1929, the Great Crash of October 1929 [3]

In 1930, Sidney Weinberg assumed the role of Senior Partner and shifted Goldman's focus away from Trading and towards Investment Banking. Sidney James Weinberg (October 12 1891 - July 23 1969 was a long-time leader of the Wall Street firm Goldman Sachs, nicknamed “Mr Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and It was Weinberg's actions that helped to restore some of Goldman's tarnished reputation. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Ford Motor Company is an American Multinational corporation and the world's fourth largest automaker based on Worldwide vehicle sales, following Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first Under Weinberg's reign the Firm also started an Investment Research division and a Municipal Bond department. In the United States, a municipal bond (or muni) is a bond issued by a city or other local government or their agencies It also was at this time that the firm became an early innovator in Risk Arbitrage. Risk Arbitrage, or merger arbitrage, is an Investment or trading strategy often associated with Hedge funds Two principal types of merger

Gus Levy joined the firm in the 1950s as a well known securities trader, which started a trend at Goldman where there would be two powers generally vying for supremacy, one from investment banking and one from securities trading. Gustave "Gus" Levy (1910 - 1976 was senior partner of Goldman Sachs from 1969 until his death in 1976 succeeding the legendary Sidney Weinberg. For most of the 1950s and 1960's, this would be Weinberg and Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. In finance a block trade is a trade that is usually at least 10000 shares of a stock or $200000 of bonds Due to Weinberg's heavy influence at the firm, it formed an Investment Banking Division in 1956 in an attempt to spread around influence and not focus it all on Weinberg.

In 1969, Levy took over as Senior Partner from Weinberg, and built Goldman's trading franchise once again. It is Levy who is credited with Goldman's famous philosophy of being "long term greedy," which implies that as long as money is made over the long term, trading losses in the short term are not to be worried about. That same year, Weinberg retired from the firm.

Another financial crisis for the firm occurred in 1970, when the Penn Central Railroad Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued by Goldman Sachs. The Pennsylvania and New York Central Transportation Company, almost always called Penn Central, was an American Railroad company that operated from 1968 Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their Creditors Creditors may file a bankruptcy petition against The bankruptcy was large, and the resulting lawsuits threatened the partnership capital and life of the firm. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their Creditors Creditors may file a bankruptcy petition against It was this bankruptcy that resulted in credit ratings being created for every issuer of commercial paper today by several credit rating services. A credit rating assesses the Credit worthiness of an individual Corporation, or even a country [4]

During the 1970s, the firm also expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970, and created a Private Wealth division along with a Fixed Income division in 1972. London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. Private Wealth Management (PWM is the term generally used to describe highly customized and sophisticated Investment management and Financial planning services delivered Fixed income refers to any type of Investment that yields a regular (or fixed return It also pioneered the "White Knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival Morgan Stanley. In Business, a white knight may be a Corporation, a private company or a person that intends to help another firm Year 1974 ( MCMLXXIV) was a Common year starting on Tuesday (link will display full calendar of the 1974 Gregorian calendar. In business a takeover is the purchase of one company (the target) by another (the acquirer, or bidder) Morgan Stanley ( is a global Financial services provider headquartered in New York City New York United States [5] This action would boost the firm's reputation as an investment advisor because it pledged to no longer participate in hostile takeovers. An investment advisor (or investment adviser is an individual or firm that advises clients on investment matters on a professional basis

John Weinberg (the son of Sidney Weinberg), and John C. Whitehead assumed roles of Co-Senior Partners in 1976, once again emphasizing the co-leadership at the firm. John Livingston Weinberg ( January 25, 1925 &ndash August 7, 2006) was an American banker and businessperson John Cunningham Whitehead (born April 2 1922) is currently the chairman of the World Trade Center Memorial Foundation (WTC Memorial Foundation and former Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. One of their most famous initiatives was the establishment of the 14 Business Principles[6] that are still used to this day.

In the 1980s, the firm made a major move by acquiring J. Aron & Company, a commodities trading firm which merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. A commodity is anything for which there is demand but which is supplied without qualitative differentiation across a market J. Aron was a major player in the coffee and gold markets, and the current CEO of Goldman, Lloyd Blankfein, joined the firm as a result of this merger. Lloyd Craig Blankfein (born September 20, 1954 in the Bronx, New York City) is the current Chief Executive Officer and Chairman In 1985 it underwrote the public offering of the Real Estate Investment Trust that owned Rockefeller Center, then the largest REIT offering in history. A Real Estate Investment Trust or REIT (ˈriːt is a Tax designation for a corporation investing in Real estate that reduces or eliminates Corporate Rockefeller Center is a complex of 19 commercial buildings covering 22 acres between 48th and 51st streets in New York City. A Real Estate Investment Trust or REIT (ˈriːt is a Tax designation for a corporation investing in Real estate that reduces or eliminates Corporate In accordance with the beginning of the collapse of the Soviet Union, the firm also became largely involved in facilitating the global privatization movement by advising companies that were spinning off from their parent governments. The Soviet Union 's collapse into independent nations began early in 1985 Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business

In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds today. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment In the same year, the firm also underwrote the IPO of Microsoft, advised General Electric on its acquisition of RCA and joined the London and Tokyo stock exchanges. Microsoft Corporation is an American multinational Computer technology Corporation, which rose to dominate the Home computer RCA Corporation, founded as Radio Corporation of America, was an electronics company in existence from 1919 to 1986 The London Stock Exchange or LSE is a Stock exchange located in London, England. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock 1986 also was the year when Goldman became the first United States bank to rank in the top 10 of Mergers and Acquisitions in the United Kingdom. The United States of America —commonly referred to as the The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located During the 1980s the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount bond. In Finance, a bond is a Debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and Interest

Robert Rubin and Stephen Friedman assumed the Co-Senior Partnership in 1990 and pledged to focus on globalization of the firm and strengthening the Merger & Acquisition and Trading business lines. Robert Edward Rubin (born August 29, 1938) is Director and Senior Counselor of Citigroup. Stephen Friedman (born December 21, 1937 is the current Chairman of the United States President's Foreign Intelligence Advisory Board. Globalization (or globalisation) in its literal sense is the process of transformation of local or regional phenomena into global ones During their reign, the firm introduced paperless trading to the New York Stock exchange and lead-managed the first-ever global debt offering by a U. S. corporation. It also launched the Goldman Sachs Commodity Index (GSCI) and opened a Beijing office in 1994. It was this same year that Jon Corzine assumed leadership of the firm following the departure of Rubin and Friedman. Jon Stevens Corzine (born January 1 1947 is the Governor of New Jersey and a former United States Senator The firm joined David Rockefeller and partners in a 50-50 join ownership of Rockefeller Center during 1994, but later sold the shares to Tishman Speyer in 2000. David Rockefeller Sr (born June 12, 1915) is a prominent American Banker, Statesman, Globalist and the current patriarch Rockefeller Center is a complex of 19 commercial buildings covering 22 acres between 48th and 51st streets in New York City. Tishman Speyer Properties is a leading Real estate building and operating company set up in 1978 by two founding partners Jerry Speyer and Robert Tishman In 1996, Goldman was lead underwriter of the Yahoo! IPO and in 1998 it was global coordinator of the NTT DoCoMo IPO. is the predominant Mobile phone operator in Japan The name is officially an abbreviation of the phrase " do co mmunications over the mo bile network In 1999, Henry Paulson took over as Senior Partner.

One of the largest events in the firm's history was its own IPO in 1999. Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first The decision to go public was a tough one that the partners debated for decades. In the end, Goldman decided to offer only a small portion of the company to the public, with some 48% still held by the partnership pool. [7] 22% of the company is held by non-partner employees, and 18% is held by retired Goldman partners and two longtime investors, Sumitomo Bank Ltd. and Hawaii's Kamehameha Activities Assn (the investing arm of Kamehameha Schools). ( is a Trust bank in Osaka, Japan. It is one of the Sumitomo Group core companies and is closely tied to Sumitomo Mitsui Financial Group. The State of Hawaii ( or həˈwaɪʔiː Hawaiian: Mokuāina o Hawaii) is a state in the United States located on an Archipelago in the Kamehameha Schools, formerly called Kamehameha Schools/Bishop Estate, is a private Co-educational college-preparatory institution in Hawai{{okina}}i This leaves approximately 12% of the company as being held by the public. With the firm's 1999 IPO, Henry Paulson became Chairman and Chief Executive Officer of the firm. Henry Merritt "Hank" Paulson Jr (born March 28 1946 is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator

In 1999 Goldman acquired Hull Trading Company, one of the world’s premier market-making firms, for $531 million.

More recently, the firm has been busy both in Investment Banking and in Trading activities. It purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $6. Spear Leeds & Kellogg is a subsidiary of the Goldman Sachs Group 3 billion in September 2000. It also advised on a landmark debt offering for the Government of China and the first electronic offering for the World Bank. Power within the Government of the People's Republic of China is divided among three bodies the Communist Party of China, the state and the People's The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e It merged with JBWere, the Australian investment bank and opened a full-service broker-dealer in Brazil. The Goldman Sachs Group Inc, or simply Goldman Sachs ( is a large global Bank holding company that engages in Investment banking securities For a topic outline on this subject see List of basic Australia topics. It expanded its investments in companies to include Burger King, McJunkin Corporation, and in January 2007, Alliance Atlantis alongside CanWest Global Communications to own sole broadcast rights to the CSI franchise. Burger King ( often abbreviated to Alliance Atlantis Communications Inc (formerly traded as TSX:AAC was a Toronto -based media company that operated primarily as a Specialty service Canwest Global Communications Corp () operating under the corporate brand Canwest, is one of Canada 's largest International media companies CSI Crime Scene Investigation is an American crime drama Television series that trails the investigations of a team of Las Vegas In May 2006, Henry Paulson left the firm to serve as U.S. Treasury Secretary, and Lloyd Blankfein was promoted to Chairman and Chief Executive Officer. Henry Merritt "Hank" Paulson Jr (born March 28 1946 is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and until

Due to its secretive firm culture and revolving door relationship with the Federal government, Goldman has recently been referred to as Wall Street's secret society, with former Goldman employees currently heading the New York Stock Exchange, the World Bank, the U. S. Treasury Department, the White House staff, and even rival firms such as Citigroup and Merrill Lynch. Its landmark profits during the 2007 Subprime mortgage financial crisis led the New York Times to proclaim that Goldman Sachs is without peer in the world of finance. [8] The firm is also heavily involved in energy trading, including the increasingly-controversial oil speculation market. [9]

Corporate affairs

Goldman Sachs Tower in Jersey City
Goldman Sachs Tower in Jersey City

As of 2006, Goldman Sachs employed 26,467 people worldwide. Goldman Sachs Tower ( 30 Hudson Street) in Jersey City, New Jersey, is the tallest building in New Jersey and the tallest in the United Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. It reported earnings of US$9. 34 billion and record earnings per share of $19. 69. [10] It was reported that the average total compensation per employee in 2006 was US$622,000. [11] However, this number represents the arithmetic mean of total compensation and is highly skewed upwards as several hundred of the top earners command the majority of the Bonus Pools, leaving the median that most employees earn well below this number. In Mathematics and Statistics, the arithmetic Mean (or simply the mean) of a list of numbers is the sum of all the members of the list divided [12] The current Chief Executive Officer is Lloyd C. Blankfein. Lloyd Craig Blankfein (born September 20, 1954 in the Bronx, New York City) is the current Chief Executive Officer and Chairman The company ranks #1 in Annual Net Income when compared with 86 peers in the Investment Services sector. Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. Blankfein earned a $67. 9 million bonus in his first year. He chose to receive "some" cash unlike present United States Secretary of the Treasury Henry Paulson, his predecessor who chose to take his bonus entirely in company stock. The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and until Henry Merritt "Hank" Paulson Jr (born March 28 1946 is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors [13]

Recently Goldman Sachs has been increasingly involved in both advising and brokering deals to privatize major highways by selling them off to foreign investors. * * * * * * * * * * * * * * * * * * * * * * Before adding any more images to this * * page please do carefully consider * * whether they would be mere decoration * * or actually improve In addition to advising Indiana on the Toll Road deal, Goldman Sachs has worked with Texas governor Rick Perry's administration on privatization projects, and according to John Schmidt, the former adviser to the Chicago mayor's office, it was a Goldman Sachs representative who first pitched the city on the idea of leasing out the Skyway. The State of Indiana ( was the 19th US state admitted into the union A toll road, (also known as a tollway, turnpike, pike, or toll highway, especially if it is constructed to Freeway standards Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. James Richard "Rick" Perry (born March 4, 1950) is a Republican Politician and the current Governor of Texas Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. The Mayor of Chicago is the Chief executive of Chicago, Illinois, the third largest City in the United Early examples of skywalks Copenhagen, Denmark: skywalk connecting courts building to adjacent uses 18th century Faaborg Goldman Sachs has played a major role in advising states on how to structure privatization deals—even while positioning itself to invest in the toll road market. A toll road, (also known as a tollway, turnpike, pike, or toll highway, especially if it is constructed to Freeway standards [14]

Businesses

Goldman Sachs is divided into three core businesses.

Investment banking

Investment Banking is divided into two divisions and includes Financial Advisory (mergers and acquisitions, investitures, corporate defense activities, restructurings and spin-offs) and Underwriting (public offerings and private placements of equity, equity-related and debt instruments). Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and In the United States a private placement is an offering of securities that are not registered with the Securities and Exchange Commission (SEC Software for Fixed assets management and Stock control developed in 2004. Goldman Sachs is one of the leading investment banks, appearing in league tables. Thomson Financial 's standard league tables are rankings of Investment Banks in terms of the dollar volume of deals they work on In mergers and acquisitions, it gained fame historically by advising clients on how to avoid hostile takeovers. Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile takeover, which increased Goldman's reputation immensely. In business a takeover is the purchase of one company (the target) by another (the acquirer, or bidder) This segment accounts for around 15 percent of Goldman Sachs' revenues.

Trading & Principal Investments

Trading and Principal Investments is the largest of the three core segments, and is the company's profit center. The segment is divided into three divisions and includes Fixed Income, Currency and Commodities (trading in interest rate and credit products, mortgage-backed securities and loans, currencies and commodities, structured and derivative products), Equities (trading in equities, equity-related products, equity derivatives, structured products and executing client trades in equities, options, and Futures contracts on world markets), and Principal Investments (merchant banking investments and funds). Interest is a fee paid on borrowed capital Assets lent include Money, Shares, Consumer goods through Hire purchase, major assets Credit is the provision of resources (such as granting a Loan) by one party to another party where that second party does not reimburse the first party immediately thereby generating A mortgage-backed security (MBS is an Asset-backed security whose cash flows are backed by the principal and interest payments of a set of Mortgage loans Payments In Finance, an equity derivative is a class of Financial instruments whose value is at least partly derived from one or more Underlying A structured product is generally a pre-packaged Investment strategy which is based on derivatives, such as a single security, a basket of securities Options are financial instruments that convey the right but not the obligation to engage in a future transaction on some Underlying security, or in a Futures In Finance, a futures contract is a standardized Contract, traded on a Futures exchange, to buy or sell a certain Underlying instrument This segment consists of the revenues and profit gained from the Bank's trading activities, both on behalf of its clients (known as flow trading) and for its own account (known as proprietary trading). Proprietary trading is a term used in Investment banking to describe when the firm's traders actively trade Stocks bonds options, Commodities

Most trading done by Goldman is not speculative, but rather an attempt to profit from bid-ask spreads in the process of acting as a market maker. Speculation, in a financial context is making an investment that increases the overall risk in a portfolio The bid/offer spread (also known as bid/ask spread) for assets (such as Stock, Futures contracts options, or Currency pairs is A market maker is a firm that quotes both a buy and a sell price in a Financial instrument or Commodity, hoping to make a profit on the turn Around 68 percent of Goldman's revenues and profits are derived from this area. [15] Upon its IPO, Goldman predicted that this segment would not grow as fast as its Investment Banking division and would be responsible for a shrinking proportion of earnings. The opposite has been true, however, and resulted in Lloyd Blankfein's appointment to President and Chief Operating Officer after John Thain's departure to run the NYSE and John L. Thornton's departure for an academic position in China. Lloyd Craig Blankfein (born September 20, 1954 in the Bronx, New York City) is the current Chief Executive Officer and Chairman John Alexander Thain (born May 26 1955 is the current president of global banking securities and Wealth management at Bank of America. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. John L Thornton is Professor and Director of Global Leadership at Tsinghua University in Beijing.

Asset management and securities services

Asset Management and Securities Services is a rapidly growing business for Goldman as it gains market share. It is separated into two divisions, and includes Asset Management, which provides large institutions and very wealthy individuals with investment advisory, financial planning services, and the management of mutual funds, as well as the so-called alternative investments (hedge funds, funds of funds, infrastructure funds, real estate funds, and private equity funds). A mutual fund is a professionally managed type of collective investments that pools money from many investors and Invests it in Stocks bonds, A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment A "fund of funds" ( FoF) is an investment fund that uses an investment strategy of holding a portfolio of other investment funds rather than investing directly Private equity fund is a Pooled investment vehicle used for making investments in various equity (and to a lesser extent debt securities according to one of the investment The Securities Services division provides prime brokerage, financing services, and securities lending to mutual funds, hedge funds, pension funds, foundations, and High net worth individuals. Prime brokerage is the generic name for a bundled package of services offered by Investment banks and securities firms to Hedge funds and other professional investors A pension fund is a pool of assets forming an independent legal entity that are bought with the contributions to a Pension plan for the exclusive purpose of financing pension A high-net-worth individual (HNWI is a person with a high Net worth. This segment accounts for around 19 percent of Goldman's earnings. In 2006, the Goldman Sachs Asset Management hedge fund was the largest in the United States with $29. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment The United States of America —commonly referred to as the 5 billion under management. [16] As of 2007, the fund was valued at $32. 5 billion, the second-largest fund hedge fund after competitor JP Morgan's $33. JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating 1 billion fund. [17][18]

In August 2007, it emerged that Goldman had to spend $2 billion to rescue its own Global Equity Opportunities hedge fund from "significant market dislocation". Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment [19]

GS Capital Partners

GS Capital Partners is the private equity arm of Goldman Sachs. It has invested over $17 billion in the 20 years from 1986 to 2006. One of the most prominent funds is the GS Capital Partners V fund, which comprises over $8. 5 billion of equity. In accounting terms after all liabilities are paid ownership equity is the remaining interest in Assets If valuations placed on assets do not exceed liabilities [20] On April 23, 2007, Goldman closed GS Capital Partners VI with $20 billion in committed capital, $11 billion from qualified institutional and high net worth clients and $9 billion from the firm and its employees. GS Capital Partners VI is the current primary investment vehicle for Goldman Sachs to make large, privately negotiated equity investments. [21]

Major Assets (GS Group)

Predictions

In December 2005, four years after its report on the emerging "BRIC" economies (Brazil, Russia, India, and China), Goldman Sachs named its "Next Eleven". In economics BRIC or BRICs is an acronym that refers to the fast growing developing economies of Brazil, Russia, India, and China |utc_offset = -2 to -4 |time_zone_DST = BRST |utc_offset_DST = -2 to -5 |cctld Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National The Next Eleven (or N-11) are eleven countries — Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, [22] list of countries, using macroeconomic stability, political maturity, openness of trade and investment policies and quality of education as criteria: Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam. ( Bengali: বাংলাদেশ inc-Latn Bangladesh) officially This article is about the country of Egypt For a topic outline on this subject see List of basic Egypt topics. The Republic of Indonesia ( (Republik Indonesia is a Country in Southeast Asia. For a topic outline on this subject see List of basic Iran topics. South Korea, officially the Republic of Korea and often referred to as Korea ( Korean: 대한민국 tɛː The United Mexican States ( or commonly Mexico (ˈmɛksɪkoʊ () is a federal constitutional Republic in North America. Nigeria, officially named the Federal Republic of Nigeria, is a federal Constitutional republic comprising thirty-six states and one Federal Pakistan () officially the Islamic Republic of Pakistan, is a country located in South Asia, Southwest Asia, Middle East and The Philippines ( Filipino: Pilipinas, officially known as the Republic of the Philippines (fil ''Republika ng Pilipinas'' RP Turkey (Türkiye known officially as the Republic of Turkey ( is a Eurasian Country that stretches Vietnam (ˌviːɛtˈnɑːm Việt Nam) officially [23]

Corporate citizenship

Goldman Sachs has received favorable press coverage for conducting business and implementing internal policies related to reversing global climate change. [24] According to the company web site, the Goldman Sachs Foundation has given $94 million in grants since 1999, with the goal of promoting youth education worldwide. [25] The company also has been on Fortune Magazine's 100 Best Companies to Work For list since the list was launched in 1998. [26]

In November 2007, Goldman Sachs established a donor-advised fund called Goldman Sachs Gives that donates to charitable organizations around the world, while increasing their maximum employee donation match to $20,000. The definition of charitable organization, and of charity varies according to the country and in some instances the region of the country in which the charitable organization operates [27]

Other Notable Alumni

Criticism and controversy

On August 28, 2007, a former Goldman Sachs associate accused of being the mastermind behind an insider trading scheme, one that pocketed $6. Insider trading is the trading of a Corporation 's Stock or other securities (e 7 million, pleaded guilty in Federal District Court in Manhattan.

The FBI reported on July 6, 2007, that they were investigating letters sent to newspapers nationwide that said "Goldman Sachs. Hundreds will die. We are inside. You cannot stop us. " The letters were post-marked in late June from Queens, New York and were handwritten in red ink on loose leaf paper, signed by "A. Q. U. S. A. ". [31] A subsequent letter to New York Daily News claimed that the original threat was a hoax "conceived by three misguided teenagers", and pleaded for the investigation to be halted. [32]

In 2005, the firm advised both the New York Stock Exchange and Archipelago, which owns an electronic trading platform, in merger talks. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Controversy surrounded the deal as John Thain, who heads the New York Stock Exchange, was a former Goldman Sachs Executive. John Alexander Thain (born May 26 1955 is the current president of global banking securities and Wealth management at Bank of America. [33]

Also in 2005, Goldman Sachs received criticism from civic groups and New York City politicians when they received approximately $1. The City of New York 6 billion in taxpayer subsidies (mostly through Liberty Bonds) from New York City and state taxpayers to finance the Firm's new headquarters near the World Financial Center in Lower Manhattan in return for a commitment to keep at least 9000 employees and a major trading operation in Manhattan. A Liberty Bond was a special type of War bond that was sold in the United States to support the allied cause in World War I. The Goldman Sachs New World Headquarters building is a 740-ft tall 43-story building under construction in the Battery Park City neighborhood in New York City. The World Financial Center is a complex of buildings across West Street from the World Trade Center site in Lower Manhattan in New York City, It also comes with the expectation of the creation of at least 4000 new jobs by 2019. [34]

In 1986, David Brown was convicted of passing inside information to Ivan Boesky on a takeover deal. Ivan Frederick Boesky (born March 6, 1937, in Detroit) was notable for his prominent role in a Wall Street Insider trading scandal [35] Robert Freeman, who was a senior Partner, the Head of Risk Arbitrage, and a protégé of Robert Rubin, was also convicted of insider trading, with his own account and with the firm's. Robert Edward Rubin (born August 29, 1938) is Director and Senior Counselor of Citigroup. [36]

In 2006, as a result of an SEC investigation, Eugene Plotkin, a former research analyst in the Fixed Income division of Goldman Sachs, and David Pajcin, a former employee of Goldman Sachs, were prosecuted for insider trading. Eugene Plotkin, formerly a research analyst at Goldman Sachs, was convicted of insider trading and sentenced on January 4, 2008 to 57 months in jail Insider trading is the trading of a Corporation 's Stock or other securities (e The prosecution began after regulators noticed unusually high trading volume before a merger announcement and discovered that a retired seamstress in Croatia, the aunt of Pajcin, had made more than $2 million. Croatia (Hrvatska ˈxȓvatska officially the Republic of Croatia ( Republika Hrvatska) is a southern Central European country at the crossroads between Plotkin and Pajcin traded in at least 25 stocks within one year based on inside information obtained through these schemes. Plotkin was sentenced to 57 months in prison and was also ordered to pay a $10,000 fine and to forfeit up to $6. 7 million, the amount of the scam's illegal profits. Pajcin, who cooperated with the government, is expected to be sentenced soon. [37][38]

Exit Policy

Goldman Sachs has been known to lay off 5% of its worst-performing staff each year, which is established business practice amongst Consultancy and Investment banking firms.

Goldman in the mortgage market

Actions in the subprime mortgage crisis

Despite the 2007 subprime mortgage crisis, Goldman was able to profit from the collapse in subprime mortgage bonds in the summer of 2007 by selling subprime mortgage-backed securities short. The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking A mortgage-backed security (MBS is an Asset-backed security whose cash flows are backed by the principal and interest payments of a set of Mortgage loans Payments In Finance, short selling or "shorting" is the practice of selling a Financial instrument that the seller borrows first (does not own and then Two Goldman traders, Michael Swenson and Josh Birnbaum, are credited with bearing responsibility for the firm's large profits during America's sub-prime mortgage crisis. [39] The pair, who are part of Goldman's [[structured product structured products]] group in New York, made a profit of $4bn by "betting" on a collapse in the sub-prime market, and shorting mortgage-related securities. In Finance, short selling or "shorting" is the practice of selling a Financial instrument that the seller borrows first (does not own and then By summer of 2007, they persuaded colleagues to see their point of view and talked around skeptical risk management executives [40]. The firm initially avoided large subprime writedowns, and achieved a net profit due to significant losses on non-prime securitized loans being offset by gains on short mortgage positions. Securitization is a Structured finance process which involves pooling and repackaging of Cash flow producing financial Assets In Finance, short selling or "shorting" is the practice of selling a Financial instrument that the seller borrows first (does not own and then [41]

Detractors believe that Goldman wasn't quite as careful with its clients' money as it was with its own—its flagship Global Alpha hedge fund tumbled 37% in the global credit crunch. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment [42] As most individual investments of hedge funds are not made public, however, no one can know exactly what assets the firm traded during the period leading up to the credit crisis.

Goldman Sachs' Alternative Mortgage Products

In 2006, Goldman Sachs’ mortgage-bond division - Alternative Mortgage Products (known as GSAMP for short) - issued 83 home-loan-backed bonds, valued at $44. 5 billion. In the subprime sector, it grew its business by 59% from 2005, offloading some $12. 9 billion on to fund managers.

According to Inside Mortgage Finance, that made GSAMP the 15th biggest issuer of subprime-backed bonds in 2006. According to the website ABAlert. com (Asset-backed Alert), Goldman Sachs was one of the top 10 sellers of Collateralized Mortgage Obligations (CMO's) and may have sold about $100 billion in CMO's over the last two and a half years. A collateralized mortgage obligation (CMO is a financial debt vehicle that was first created in June 1983 by investment banks Salomon Brothers and First Boston for [43]

But, by the start of the third quarter this year, those securities were being downgraded by the credit ratings agencies faster than any other subprime lender. According to a Reuters report, Citigroup's research (22nd June, 2007), stated “portions of Goldman’s GSAMP-issued bonds, which include subprime loans from a variety of lenders, have been downgraded a combined 69 times by Standard & Poor’s and Moody’s Investors Service in the year through June 15. Sixty of the GSAMP downgrades refer to classes from 2006 bonds,” Citigroup added, and Allan Sloane in The Washington Post stated that one of Goldman’s 2006 crop - the GSAMP Trust 2006- S3 - may actually be “the worst deal…floated by a top-tier firm. ” One in every six of the 8,274 mortgages bundled together in GSAMP Trust 2006-S3 was already in default 18 months later. Whoever bought the S3 bonds will have either taken a 100% loss, or are waiting to sell it on at a heavy discount. [44]

Works about Goldman Sachs

References

  1. ^ Goldman Sachs— Google Maps. Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  2. ^ Spiro, Leah Nathans; Stanley Reed. "INSIDE THE MONEY MACHINE–In a big-is-all business, Goldman vows to go it alone", BusinessWeek, The McGraw-Hill Companies Inc. , 1997-12-22. Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar Events 1790 - The Turkish fortress of Izmail is stormed and captured by Suvorov and his Russian armies Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  3. ^ Fox, Justin. "GOLDMAN: WE RUN WALL STREET", 'Fortune magazine, Cable News Network LP, LLLP. A Time Warner Company, 2005-05-16. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1204 - Baldwin IX Count of Flanders is crowned as the first Emperor of the Latin Empire. Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  4. ^ Hahn, Thomas K. . "Commercial Paper", in Timothy Q. Cook and Robert K. Laroche editors: Instruments of the Money Market (PDF), Seventh Edition, Richmond, Virginia: Federal Reserve Bank of Richmond. This article is about the city of Richmond the capital of the Commonwealth of Virginia. Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  5. ^ Rosenkrantz, Holly; Newton-Small, Jay. "Bush Economic Adviser Friedman to Resign, Aide Says", Bloomberg. com, 2004-11-23. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 800 - Charlemagne arrives at Rome to investigate the alleged crimes of Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  6. ^ Business Principles. The Goldman Sachs Group, Inc. Retrieved on 2008-01-24. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 41 - Gaius Caesar (Caligula, known for his eccentricity and cruel Despotism, is Assassinated by his disgruntled
  7. ^ Spiro, Leah Nathans. "Goldman Sachs: How Public Is This IPO?", BusinessWeek Online, The McGraw-Hill Companies Inc. , 1999-05-17. Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Events 1521 - Edward Stafford 3rd Duke of Buckingham, is executed for Treason. Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  8. ^ Goldman Sachs marches on with Bush's candidate for World Bank. The Independent. Retrieved on 2008-05-15. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the
  9. ^ Perhaps 60% of today's oil price is pure speculation. Global Research. Retrieved on 2008-06-09. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 53 - Roman Emperor Nero marries Claudia Octavia 62 - Claudia Octavia commits
  10. ^ GOLDMAN SACHS REPORTS RECORD EARNINGS PER COMMON SHARE OF $19.69 FOR 2006 (PDF) p. 1. The Goldman Sachs Group, Inc. (2006-12-12). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 627 - Battle of Nineveh: A Byzantine army under Emperor Heraclius defeats Emperor Khosrau II 's Persian Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca
  11. ^ Gavin, Robert. "Good deal: Average Goldman Sachs employee makes $622,000", The Boston Globe, The New York Times Company, 2006-12-12. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 627 - Battle of Nineveh: A Byzantine army under Emperor Heraclius defeats Emperor Khosrau II 's Persian Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  12. ^ Please, Sir, I want Some More. New York Magazine (2005-12-05). Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 63 BC - Cicero reads the last of his Catiline Orations. Retrieved on 2007-08-24. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 49 BC - Julius Caesar 's General Gaius Scribonius Curio is defeated in the Second Battle of the Bagradas River
  13. ^ Harper, Christine. "Goldman Awards Blankfein a Record $67.9 Million Bonus (Update1)", Bloomberg. com, 2007-12-21. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 69 - The end of the Year of the four emperors: Following Galba, Otho and Vitellius, Vespasian Retrieved on 2007-12-21. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 69 - The end of the Year of the four emperors: Following Galba, Otho and Vitellius, Vespasian  
  14. ^ Schulman, Daniel. "The Highwaymen", Mother Jones, 2007-01-01. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Retrieved on 2007-04-30. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 313 - Roman emperor Licinius unifies the entire Eastern Roman Empire under his rule  
  15. ^ Goldman Had More Trading-Loss Days Than Morgan Stanley, Lehman (Bloomberg.com)
  16. ^ Pasha, Shaheen. "Banks' love affair with hedge funds", CNNMoney. com, 2006-10-06. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 105 BC - Battle of Arausio: The Cimbri inflict the heaviest defeat on the Roman army of Gnaeus Mallius Maximus Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  17. ^ "The List: The World’s Largest Hedge Funds", Foreign Policy, September,2007. Events in September It is the start of the academic year in many countries in the Northern Hemisphere. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2008-01-18. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 350 - Generallus Magnentius deposes Roman Emperor Constans and proclaims himself Emperor  
  18. ^ Mackintosh, James. "Biggest hedge funds tighten grip", Financial Times, 2007-05-24. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1218 - The Fifth Crusade leaves Acre for Egypt. 1276 - Magnus Ladulås is crowned Retrieved on 2008-01-18. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 350 - Generallus Magnentius deposes Roman Emperor Constans and proclaims himself Emperor  
  19. ^ Goldman pumps in $2bn to bail out hedge fund (Times Online)
  20. ^ >GS Capital Partners. The Goldman Sachs Group, Inc. Retrieved on 2007-02-08. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 421 - Constantius III becomes co- Emperor of the Western Roman Empire.
  21. ^ >GS Capital Partners VI. Business Wire.
  22. ^ Goldman Sachs Paper No.134 Relevant Emerging Markets
  23. ^ Khan, Jasim Uddin. "Bangladesh on Goldman Sachs 'Next Eleven' list", The Daily Star, 2005-12-15. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 533 - Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  24. ^ "The Street Turns Green", Newsweek, Newsweek, Inc. Newsweek is an American weekly Newsmagazine published in New York City. , 2007. Retrieved on 2007-11-23. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 800 - Charlemagne arrives at Rome to investigate the alleged crimes of  
  25. ^ The Goldman Sachs Foundation. The Goldman Sachs Group, Inc. Retrieved on 2007-05-18. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1152 - Henry II of England marries Eleanor of Aquitaine.
  26. ^ "100 Best Companies to Work 2007, All Stars", '[[Fortune (magazine)|]]', 2007. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-05-18. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1152 - Henry II of England marries Eleanor of Aquitaine.  
  27. ^ Goldman Sachs Establishes Goldman Sachs Gives Charitable Fund
  28. ^ http://www.techdebug.com/blog/2008/04/19/wikipedia-article-creates-circular-references/
  29. ^ Bank of Canada Press Release
  30. ^ The opaque and unaccountable Mr. Hide
  31. ^ "FBI Probes Goldman Sachs Threat Letters", ABC News, 2007-07-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1044 - The Battle of Ménfő takes place 1189 - Richard the Lionheart is crowned King of England Retrieved on 2007-08-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada.  
  32. ^ "Teens behind terror "hoax," sez new letter", New York Daily News, 2007-08-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1538 - Bogotá, Colombia, is founded by Gonzalo Jiménez de Quesada. Retrieved on 2008-01-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 250 - Emperor Decius begins a widespread persecution of Christians in Rome.  
  33. ^ Insana, Ron. Ron Insana (born March 31 1961) is a former Senior Analyst at CNBC and was Managing Director of Insana Capital Partners "NYSE chief: Hybrid trading system's the way to go", USA Today, USA TODAY, a division of Gannett Co. USA TODAY is a national American daily Newspaper published by the Gannett Company. Inc. , 2005-08-01. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 30 BC - Octavian (later known as Augustus enters Alexandria, Egypt, bringing it under the control of the Roman Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  34. ^ Lombino, David. "New York Authorizes $1.6B in Liberty Bonds For Goldman Sachs's New Headquarters", The New York Sun, 2005-08-16. A Liberty Bond was a special type of War bond that was sold in the United States to support the allied cause in World War I. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1384 - The Hongwu Emperor of Ming China, Emperor Dong hears a case of a couple who tore paper money bills while fighting Retrieved on 2007-03-06. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1079 - Omar Khayyám completes the Iranian calendar. 1454 - Thirteen Years' War: Delegates of  
  35. ^ Worthy, Ford S. ; Brett Duval Fromson and Lorraine Carson. "WALL STREET'S SPREADING SCANDAL", Fortune Magazine, Cable News Network LP, LLLP. Fortune is a Global Business Magazine published by Time Inc's Fortune|Money Group A Time Warner Company, 1986-12-22. Year 1986 ( MCMLXXXVI) was a Common year starting on Wednesday (link displays 1986 Gregorian calendar) Events 1790 - The Turkish fortress of Izmail is stormed and captured by Suvorov and his Russian armies Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  36. ^ Thomas, Landon Jr. . "Cold Call", New York Magazine, New York Magazine Holdings LLC, 2002-02-18. New York is a weekly magazine concerned with the life culture politics and style of New York City. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 3102 BC - Epoch (origin of the Kali Yuga. 1229 - The Sixth Crusade: Frederick II Holy Retrieved on 2007-01-17. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 38 BC - Octavian marries Livia Drusilla. 1287 - King Alfonso III of Aragon invades Minorca  
  37. ^ 'SEC Complaint Charges International Insider Trading Ring, Including Personnel at Goldman Sachs and Merrill Lynch', [1]
  38. ^ The Associated Press, 'Former Goldman Sachs Analyst Sentenced for Insider Trading', [2]
  39. ^ Time Online, 19 December, 2007, [3]
  40. ^ The Guardian, 21st December, 2007, [4]
  41. ^ The Daily Reckoning, October 19th, 2007, 'Goldman Sachs Escaped Subprime Collapse by Selling Subprime Bonds Short, [5]
  42. ^ The Guardian, 21st December, 2007, [6]
  43. ^ Finfacts Ireland, 'How Goldman Sachs made money from US subprime mortgages on the way up and down', December 4th, 2007 [7]
  44. ^ The Washington Post, An Unsavory Slice of Subprime, October 16, 2007 [8].

External links

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