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Ллойд Бланкфейн
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23 февраля, 20:08

45 Trillion Reasons Why Gary Cohn Has Recused Himself From All Goldman Matters

Goldman's former President and COO, who was recently picked to be Trump's chief economic advisor as head of the National Economic Council, will recuse himself from any matters directly involving his former employer, the White House told the Financial Times. The topic emerged when the FT learned that the former "#2" at Goldman was spearheading Goldman's lobbying at the US derivatives regulator on rules prompted by the role swaps contracts played in the 2008 financial crisis. As president of Goldman Sachs, Cohn attended four meetings in 2015 and 2016 with top officials at the CFTC to discuss the swaps rules mandated by the sweeping Dodd-Frank reforms, according to meeting records. As the FT adds, Cohn’s most recent CFTC meeting as a Goldman representative was on February 19 2016, according to the records. On the same day Trump was campaigning in South Carolina, where he mocked Ted Cruz and Hillary Clinton by saying Goldman Sachs had “total control” over them. He ended his campaign by airing an anti-Wall Street ad that displayed an image of Goldman chief executive Lloyd Blankfein as Mr Trump talked of “a global power structure that is responsible for the economic decisions that have robbed our working class”. The FT asked about the meetings and their implications for ethics rules for White House staff, to which a White House spokesperson said: “consistent with the stringent ethics rules established by the Trump Administration, Mr Cohn will recuse himself from participating in any matter directly involving his former employer, Goldman Sachs. He will also recuse himself from any matter or potential rulemaking before the CFTC in which Goldman Sachs has participated.” While it is admirable that Cohn will recuse himself from Goldman-linked matters (it begs the question is Mnuchin who is a former Goldman employee will do the same), a problem emerges: since Goldman has tentacles, so to say, in every aspect of the economy, does that mean that Cohn's tenure in the White House will be one long, self-imposed recusal vacation? One thing that is clear: Cohn may have no say on what has emerged as the most actionable acticity in Trump's early administration - rolling back Dodd Frank and Obama's Wall Street regulations. As head of the National Economic Council, Mr Cohn is a Trump appointee shaping a rollback of financial regulation in the White House, a role that could have given him considerable sway over the derivatives rules on which he lobbied. Goldman remains unhappy with those rules today.   Democrats warn that Mr Trump, who derided Goldman in his campaign, is creating an administration that will consciously or otherwise pay more heed to the needs of Wall Street than the “forgotten men and women” who he said elected him. One can safely say that they are not wrong in this regard, and Cohn's recent actions confirm it. Cohn, who started at Goldman as a derivatives trader, was by far the most senior executive from any bank to visit the regulator in the past two years, according to the records. “He was the tip of Goldman’s spear to get the regulations rolled back,” said Dennis Kelleher, head of Better Markets, a pro-regulation campaign group that tracks Goldman’s activities in Washington. Mr Cohn stood by Mr Trump’s side this month as he signed an executive order to start work on loosening the Dodd-Frank act, which introduced a far-reaching new regime for derivatives regulation. This week Gregory Palm, Goldman’s general counsel, responded to Cohn-related questions from the Democratic senators Elizabeth Warren and Tammy Baldwin by telling them in a letter that the bank had “no involvement in the drafting of any executive orders, nor did we receive any advance notice of their issuance”. Some more details about Cohn's direct involvement in swaps regulation Two of Mr Cohn’s CFTC meetings as Goldman’s president were with Chris Giancarlo, then a CFTC commissioner and now the regulator’s acting chairman and a leading candidate to take the job permanently, the records show. The White House declined to comment on the substance of any of Mr Cohn’s four CFTC meetings, which it said happened when Mr Cohn was a “private citizen”. But a White House spokesperson said Mr Cohn and Mr Giancarlo were “old friends”.   The records show Mr Cohn’s CFTC meetings concerned rules on the collateral, or margin, that swaps market participants have to post as a first line of defence against the risk of default when trading over-the-counter products away from exchanges. Not surprisingly, Cohn's "friend" Giancarlo, who worked at a brokerage active in derivatives before joining the CFTC in 2014, has been an outspoken critic of some CFTC swaps rules issued under former chairman Tim Massad, an Obama appointee who stepped down this month. Why Goldman's interested in derivatives? Two reasons: the simpler, more innocuous one, as the FT points out and as we have shown repeatedly over the years, is that Goldman derives a higher proportion of income from trading than its peers and the global derivatives market, with a notional value of $500tn, is a vital engine of that business. The margin rules have made OTC swaps trading more capital intensive and pushed some clients towards less lucrative standardised products on exchanges. A Goldman spokesman said: “Our clients have concerns about changes to the rules governing the global swaps market, and we have conveyed those views to regulators so that they can create a more stable financial system that can effectively meet our client’s needs for risk management.” Actually it may not be Goldman's "clients" - it is much more likely Goldman itself: two people familiar with Mr Cohn’s CFTC meetings said the Goldman executive was concerned about the models used to calculate margin requirements and about which cross-border trades the requirements would apply to. The CFTC’s final rules were released in two batches in December 2015 and May 2016. As to Goldman's absolutely gargantuan exposure to derivatives, the answer is contained in the quarterly OCC report: as of September, the total notional amount of Goldman’s derivatives contracts — an indication of trading volume, according to the bank — stood at $45.8 trillion, roughly the same as Citi's $48.7 trillion and JPMorgan’s $51.5 trillion, and more than Bank of America's $35 trillion. There was one major difference: while JPM and Citi had total assets of $2.5 and $1.8 trillion respectively, Goldman had a tiny, by comparison, $880 billion: BofA? $2.2 trillion. In light of how thinly capitalized the bank with the third largest amount of notional derivatives is, one can see why Trump's chief economic advisor has been so focused on derivative "reform."

13 февраля, 13:27

Mnuchin looks to Wall Street to fill key Treasury roles

NEW YORK -- Treasury Secretary nominee Steven Mnuchin, likely to be confirmed by the Senate on Monday, is reaching into the Republican establishment and Wall Street to fill out senior leadership roles in his department.Senior Goldman Sachs banker Jim Donovan is under strong consideration for deputy Treasury secretary and could serve as Mnuchin’s number two if confirmed by the Senate, people familiar with the matter said. Justin Muzinich, a former Morgan Stanley banker now at Muzinich & Co., is likely to take a senior position possibly as undersecretary for domestic finance or counselor, the people said. The counselor position would not require Senate confirmation.Economist David Malpass, a veteran of the Ronald Reagan and George H.W. Bush administrations, is expected to be nominated by President Trump to serve as undersecretary for international affairs. A White House spokesperson and a spokesperson for Mnuchin did not immediately return requests for comment on Sunday night. None of the selections are final.The trio would round out the top level at Treasury, which has been operating for weeks with limited staff including Adam Szubin, an Obama and George W. Bush administration holdover, as acting secretary.All three are well known both on Wall Street and in Washington. Malpass, who was an economic adviser to Trump during the 2016 campaign, also served as chief economist at Bear Stearns.Donovan, a Goldman partner and managing director, is close to Mitt Romney and served as one of the 2012 GOP nominee’s top fundraisers. He was also a top fundraiser and economic adviser for Jeb Bush in the 2016 campaign. He joined Goldman in 1993 and covered major clients in both investment banking and investment management. He made partner in 2000 and worked with then co-presidents John Thain and John Thornton on broader strategy for Goldman as a whole.For the last eight years, Donovan has also served as a professor of corporate strategy at the University of Virginia law school. Donovan would be the latest Goldman alum to join a Trump White House team that already includes several former executives of the bank including Mnuchin, National Economic Council Director Gary Cohn and senior Trump advisers Dina Powell and Stephen Bannon.The selection of Donovan, Muzinich and Malpass for the high-profile Treasury positions will likely draw fresh criticism from the left – and some on the populist right -- because of their association with Wall Street.Trump regularly criticized the financial industry during his populist run to the White House, singling out Goldman for specific criticisms. Trump’s final ad of the campaign portrayed Goldman CEO Lloyd Blankfein as a sinister force of globalism. He criticized Ted Cruz’s wife for her work at Goldman and his Democratic opponent, Hillary Clinton, for her paid speeches to the powerhouse Wall Street bank.But for corporate executives and investors worried about the erratic nature of the Trump White House and the president’s inclination toward protectionism and a harsh approach to immigration, all three selections are likely to be viewed with relief. Both Malpass and Muzinich, who served as a top policy adviser to Jeb Bush’s campaign, are well known both on Wall Street and among establishment Republicans in Washington.The Treasury Department is likely to play a key role as Trump develops a corporate and individual tax reform package with Republicans in Congress. Treasury also handles economic sanctions and currency issues and works with other departments on trade initiatives that are central to Trump’s presidency.Mnuchin is viewed as less protectionist than Trump and some other West Wing advisers including Bannon. He and Cohn both come from more internationalist and trade-friendly backgrounds. The hope among many CEOs and financial industry executives is that they will help steer Trump away from trade wars while helping implement a policy of tax cuts, infrastructure investment and reduced regulations that could boost economic growth and continue a stock market rally that began following Trump’s election.

12 февраля, 16:59

Trump Concerned There Are Too Many "Goldman Guys" On His Team

Two days after democratic senators Elizabeth Warren and Tammy Baldwin sent a letter to Goldman CEO Lloyd Blankfein, asking if Goldman effectively runs the country through its extensive alumni links at the Trump administration, and requesting details on "lobbying" activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice, as well as asking for any communication between the bank's employees and Cohn, Mnuchin, nominee for the SEC chair Jay Clayton and chief strategist Steve Bannon, Bloomberg reported overnight that yet another Goldman banker, Jim Donovan, was under consideration for the No. 2 job at the Treasury Department, however it appears he has "got one big thing working against him." That "thing" is the overdue realization by the new president that his cabinet openly appears to have been created and staffed by populism arch nemesis #1, Goldman Sachs.  Besides Steven Mnuchin, Trump’s pick for Treasury Secretary, former Goldman officials working for the new administration include former president Gary Cohn, now director of the National Economic Council; Stephen Bannon, the chief White House strategist; and Dina Powell, formerly the bank’s head of philanthropic investment, who’s an assistant to the president and senior counselor for economic initiatives. So just like Goldman would staff every central bank's core positions prior to Trump, after the US election, the world's most influential investment bank has shifted all of its attention on just one person, and he is finally starting to realize that that may not be a good thing. Too many “Goldman guys” already have high-up positions in the Trump administration, the person said, and that could knock Donovan down to one of the undersecretary positions -- possibly undersecretary of the Treasury for domestic finance.   The presence of several former Goldman officials at the highest reaches of the administration runs counter to the president’s regular attacks on Wall Street firms during the campaign. “Donald Trump’s Argument for America,” a two-minute advertisement that ran in prime-time days before the election, featured Goldman Chief Executive Officer Lloyd Blankfein in an segment about corporate chieftains pocketing the wealth of American workers. Having reneged on this core populist angle of his campaign, and opening himself up to democratic attacks over the extensive presence of Goldman bankers in his team, "now the White House seems sensitive to the issue and is taking it into consideration as it attempts to fill remaining top posts." Donovan, whose time at Goldman overlapped with Mnuchin, most recently was a managing director at the bank’s private wealth management division and has been at Goldman since 1993. He would be subject to Senate confirmation. At Treasury, Donovan "would join the effort to execute the extensive economic policy agenda that the new administration has promised. Trump has vowed to cut regulations and taxes with the goal of unlocking economic growth. The Treasury Department will also be responsible for navigating economic diplomacy for a White House not shy about jawboning currencies." Donovan’s name emerged in January as a front-runner for undersecretary of domestic finance, a key Treasury position that helps oversee the $13.8 trillion market for Treasuries. Meanwhile, underscoring the coverage Trump's Goldman ties are getting in the press, on Saturday Gary Cohn, the former Goldman Sachs President and COO who runs economic policy inside the White House and who is now in charge of drafting Trump's "phenomenal" tax plan, got the star treatment when both the Wall Street Journal and New York Times published two very similar, laudatory pieces detailing Cohn's rise. Some of the highlights via Axios:: WSJ: "At Donald Trump's first meeting with Gary Cohn in late November, he appeared so impressed with the then-president of Goldman Sachs Group Inc. that he joked about offering him the post of Treasury secretary, said a person who recalled the moment. Sitting nearby was the odds-on favorite for the job, Steven Mnuchin, who got the nod." NYT: "People with knowledge of his new role said that Mr. Cohn, a Democrat, is summoned to the Oval Office for impromptu meetings with the president up to five times a day — and that he reaches out to the president on other occasions. Mr. Trump, said one of these people, is oriented toward the bottom line when it comes to shaping policy, often asking Mr. Cohn, "What do you want to do?" NYT: "Mr. Cohn collaborates frequently with Mr. Kushner, who is now a senior adviser to Mr. Trump. Along with Mr. Kushner and his wife, Ivanka Trump, Mr. Cohn recently helped persuade the president not to pursue an executive order that would have rolled back rights for gay, lesbian, bisexual and transgender people." Goldman Sachs CEO Lloyd Blankfein, left, with COO Gary Cohn, in April 2010 awaiting a speech on financial regulation by then-President Barack Obama The best part: Goldman's response to Elizabeth Warren: On Friday, Sens. Elizabeth Warren (D., Mass.) and Tammy Baldwin (D., Wis.) sent a letter to Mr. Blankfein asking whether Goldman officials have been in contact with Mr. Cohn or other Goldman alumni in the White House and whether the firm expects to benefit from changes to financial regulation Mr. Cohn is pushing through executive orders.   A spokesman for Goldman said it had no involvement in drafting executive orders. In an interview before the executive orders were signed, Mr. Cohn said the administration’s goal of deregulating financial markets “has nothing to do with Goldman Sachs” but was focused on maintaining the nation’s dominant position in global banking. And if you believe that, the Trump adminstration, pardon, Goldman Sachs has a nice, refurbished, 10-year-old CDO squared in pristine shape to sell you.

11 февраля, 02:18

Liz Warren Wants To Know If Goldman Sachs Is Running The Country Instead Of Trump

In an ironic twist, on the day that President Trump announces that former Goldman COO Gary Cohn will be in charge of the "phenomenal" plan that will "massively cut taxes," Senator Elizabeth Warren has written to Goldman's Lloyd Blankfein seeking details on the extent to which the bank's employees were involved in drafting of the recent executive orders on banking and fiduciary regulations. Furthermore directly questions Cohn's willingness to "help middle-class families, and will instead favor Wall Street over Main Street." In what is clearly a cheap shot aimed at Gary Cohn, Reuters reports Democratic Senators Elizabeth Warren and Tammy Baldwin asked Goldman Sachs Group CEO Lloyd Blankfein for details on "lobbying" activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice. Blankfein was also asked to detail the profits Goldman would make if these reforms came into effect.  The senators have asked for any communication between the bank's employees and Cohn, Mnuchin, nominee for the SEC chair Jay Clayton and chief strategist Steve Bannon. "We've had no involvement in the drafting of any executive orders," a Goldman spokesman said on Friday. *  *  * Full Letter to Lloyd Blankfein Dear Mr. Blankfein, February 9, 2017We are writing today regarding the relationship between Goldman, Sachs & Co. ("Goldman Sachs") and Mr. Gary Cohn, became the Director of President Trump's National Economic Council ("NEC") in January 2017. We are concerned that Mr. Cohn- who received an the extraordinary $284 million handout from Goldman Sachs as he left his 25-year career with the firm-will be unable to develop economic policies that will help middle-class families, and will instead favor Wall Street over Main Street. We hope you can provide us with information that will assuage our concerns. The NEC is responsible for "coordinat[ing] the economic policy-making process with respect to domestic and international economic issues" and "coordinat[ing] economic policy advice to the President." The leader of the NEC must approach economic policy making in an objective manner, paying as much attention to the needs of the middle-class workers that drive our economy as the billionaires that sit at the top. In December 2016, President Trump appointed Mr. Cohn as his NEC Director, promising that he would "craft economic policies that ... create many great new opportunities for Americans who have been struggling. " Mr. Cohn's close financial ties to Goldman Sachs, however, suggest that he may not be able to fulfill the President's promise. As you know, Mr. Cohn worked at Goldman Sachs for 25 years prior to joining the NEC in January.4 And just four days after President Trump's inauguration, we learned that Mr. Cohn's move to the White House helped him "unlock more than $284 million in pent up bonuses, stock holdings and other investments" in Goldman Sachs, including "$65 million in cash to cover his potential future bonuses at the bank" and "$220 billion of Goldman equity he already held or was awaiting, as well as stakes in company-run investment funds. " The executive orders released by President Trump on Friday last week raise our concerns about the degree to which Mr. Cohn's advice to President Trump is good for Wall Street, but bad for Americans. Mr. Trump released two executive orders with Mr. Cohn at his side, both from the Wall Street wish list: one promised to roll back Dodd-Frank rules put in place after the 2008 Financial Crisis, and another put in place a process that could eliminate new requirements that investment advisers act in their clients best interests. 6 Mr. Cohn then appeared as "the face" of these efforts, stating that he planned to "attack all aspects of Dodd Frank." Goldman Sachs would be a major beneficiary of these efforts to deregulate the financial industry; the company's stock rose by almost 5%, increasing your company's market capitalization by $4.1 billion - the day of President Trump's announcement. Last week, we sent a letter to Mr. Cohn requesting that he recuse himself from decisions related to Goldman Sachs during his term as NEC Director.9 As we await his response, we would like to request additional information from you to better understand the relationship between Goldman Sachs and Mr. Cohn. Please provide responses to our requests no later than February 22, 2017: 1. Have individuals employed by Goldman Sachs had any communications with Mr. Cohen related to the Trump Administration executive orders or economic policies since he began his service as Director of the National Economic Council? If so, please provide us with information on who these individuals were, the date, times, and nature of these communications, and any documents related to these communications. 2. Mr. Trump named Mr. Cohn as his chief economic adviser on December 12, 2016. Did individuals employed by Goldman Sachs have any communications with Mr. Cohn related to the Trump Administration executive orders or economic policies during the presidential transition? If so, please provide us with information on who these individuals were, the date, times, and nature of these communications, and any documents related to these communications. 3. Mr. Cohn is not the only Goldman Sachs alumnus in the Trump Administration. Steven Mnuchin, a former Goldman partner, has been nominated to be Treasury Secretary. Dina Powell, who ran Goldman's philanthropic activities, has been named as an Adviser to the President. 11 Goldman has been a client of Jay Clayton, the nominee for SEC Chair, in his practice at Sullivan and Cromwell. And chief strategist Steve Bannon is a former Goldman Sachs investment banker. Have individuals employed by Goldman Sachs had any communications with these Goldman alumni related to the Trump Admirtistration executive orders or economic policies since they began their service in the Trump Administration? If so, please provide us with information on who these individuals were, the date, times, and nature of these communications, and any documents related to these communications. 4. On February 3, 2017, President Trump signed an executive order directing the Secretary of the Treasury to "report to the President. .. on the extent to which existing laws, ... regulations, guidance, reporting and record-keeping requirements, and other Government policies" inhibit the Administration's "Core" financial principles. The President characterized this order as an attempt to "cut[] a lot out of Dodd-Frank." Dismantling Dodd-Frank would be a financial boon for large banks, including Goldman Sachs. a. Does Goldman Sachs support the policies in this executive order?b. What financial benefits does Goldman Sachs expect to gain as the result of the changes in the executive order?c. Has Goldman Sachs lobbied the Trump administration, or will they do so moving forward, on the policies related to this executive order? 5. Mr. Trump signed a second executive order on February 3, 2017, delaying implementation of the Department of Labor's fiduciary rule, which prohibits financial firms from compensating financial advisers in ways that reward them for making recommendations that are not in their clients' best interest. President Trump's executive order directs the Department of Labor to conduct a redundant "economic and legal analysis" of the rule's impact-potentially halting the consumer-friendly policy that was set to go into effect in April 2017. a. Does Goldman Sachs support the policies in this executive order?b. What financial benefits does Goldman Sachs expect to gain as the result of the changes in the executive order?c. Has Goldman Sachs lobbied the Trump administration, or will they do so moving forward, on the policies related to this executive order? Thank you for your prompt response to our inquiries. If you have any questions or concerns, please do not hesitate to reach out to Brian Cohen of Senator Warren's staff at 202-224-4543 or Brian Conlan of Senator Baldwin's staff at 202-224-5653. *  *  * We are sure the leftists will be pleased to see this mostly political posturing letter - after Warren's indignance during the week - means she is not giving up playing hardball. Presumably, we will have to see just how "massive" the middle-class tax cuts are in the coming weeks to judge whether Liz Warren and her posse are missing the point entirely.

10 февраля, 20:46

Elizabeth Warren sends a letter to Goldman Sachs

Senator Elizabeth Warren sent a letter to Goldman Sachs CEO Lloyd Blankfein on Thursday requesting any communications between the Wall Street bank and its former employers who now craft President Trump's policies.

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10 февраля, 09:01

Глава Goldman Sachs заявил о перспективах роста экономики США в ближайшем будущем

Исполнительный директор и председатель совета директоров Goldman Sachs Ллойд Бланкфейн полагает, что пессимизм относительно американской экономики не имеет под собой достаточных оснований, несмотря на растущую неопределенность рынков, и что рынок в ближайшем будущем ожидает рост.

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10 февраля, 08:56

Goldman Sachs уверен в скором росте экономики США

Исполнительный директор Goldman Sachs Ллойд Бланкфейн считает, что американский рынок в скором времени может рассчитывать на рост. Об этом сообщает MarketWatch. "Изменения на рынке, которые мы сегодня наблюдаем, демонстрируют низкую ...

08 февраля, 20:40

The Clintons Assisted Goldman Sachs, Angela Merkel In The Greek Financial Crisis

It's a story that has been told many times in part, but not in total. While Goldman Sachs' role in helping to create the environment for Greece's government-debt crisis is well known, less discussion is given to the role the Clinton family played in helping Angela Merkel to consolidate political control of Greece while also assisting Goldman as it continued to benefit from the meltdown once austerity measures had begun. The Clintons appear to have received funds from both Germany and Goldman Sachs during this period. I. Goldman Sachs Was Responsible For Greece's Economic Collapse Goldman Sachs is generally blamed for having a hand in intentionally causing Greece's 2008 financial crisis. Observers have noted that the financial group was instrumental in helping to arrange a secret loan of 2.8 billion euros for Greece, disguised as an off-the-books “cross-currency swap” - a complicated transaction in which Greece’s foreign-currency debt was converted into a domestic-currency obligation using a fictitious market exchange rate. This allowed Greece to hide 2% of its debt but left it immediately in a much worse position after the effects of 9/11 caused the amount Greece owed to Goldman double. Meanwhile, Goldman padded its profits by leveraging Greece as much as possible along with most of the rest of the global economy. It continued this pattern of predatory lending advice in 2005, when they renegotiated the deal with Greece to lock in their debt at a staggering 5.1 billion euros. In 2009, it made another proposal for a financial instrument that would push the debt from Greece’s healthcare system into the future, delaying payment. In the aftermath of its efforts to financially hobble various nations across Europe, Goldman employees have moved into positions of control within Europe's financial sector. Mario Draghi, managing director of Goldman’s international division at the time of their negotiations with Greece, has since moved on to become the head of the European Central Bank. II. The Clintons Helped Goldman Sachs To Continue To Exploit The Greek Crisis Financially As Greece's crisis exploded, Goldman associates began to make apparent moves to continue to leverage the situation as much as possible. In 2014, Marc Mezvinsky, a former Goldman Sachs employee and wife of Chelsea Clinton, launched Eaglevale Hellenic Opportunity along with two other Goldman employees to attract investors hoping to cash in on Greece's broadly touted economic recovery. As a former Goldman employee, it is strange that Mezvinsky appeared to be so certain of a Greek recovery, given his relationship to the finance group that laid the foundation for the crisis and knew firsthand how unlikely Greece was to recover. SEC documents reveal that new investors to Eaglevale Hellenic were required to put down at least $2 million. Goldman chief executive Lloyd Blankfein not only invested in the firm, but allowed his association with the fund to be used in its marketing. Hillary Clinton has refused to comment on how much Blankfein invested in Eaglevale Hellenic. At a time where Greece's financial woes were not only well known to Goldman Sachs, but becoming increasingly obvious to the world, the Eaglevale fund bears alarming signs of being a blatant attempt to steal cash from unwitting investors too foolish to see the writing on the wall. The Clintons were receiving inside information that would have kept them incredibly well informed about the Greek crisis. Gary Gensler, former co-head of finance at Goldman Sachs and the financial director of Clinton’s 2016 election campaign was revealed in Wikileaks Hillary Clinton Email Archives to have been sending Clinton inside information on Greece's recover prospects while he was acting as the head of the U.S. Commodity Futures Trading Commission (CFTC) in 2011. In 2012, Sydney Blumenthal emailed Clinton classified information about German leadership's thoughts on further potential bailouts for Greece which apparently had been acquired by a "sensitive source" working undercover within the German government. While receiving some of this information was part of Clinton's job as Secretary of State, her close relationship to Goldman Sachs and her son in law's Greek fund raises very clear questions about potential conflicts of interest. III. The Clintons Helped Germany Consolidate Political Control Of Greece By Encouraging Austerity As Greece began to react negatively to austerity demands made by Germany during its first two successive bailouts of the financially embattled nation, the Clintons worked to ensure that Greece did not leave the Eurozone and continued to accept austerity measures even when these actions did not benefit the German and Greek people. By January 2015, Greeks were tired of increasingly demanding German financial bailouts and elected Alexis Tsipras as Prime Minister after he promised to resist further austerity measures. The media was awash with rumors that Greece would leave the Eurozone in a "Grexit." By early July, emails from Wikileaks Podesta Files showed that the Clinton camp was working to ensure that Greece remained in the EU and suggested that Bill Clinton speak directly with Prime Minister Tsipras to prevent Grexit. On July 10, just days after the first flurry of emails worrying about a potential Grexit, CNN reported that German Chancellor Angela Merkel was inclined to listen to the demands of German voters and say no to another round of austerity. Later on the same day, Bill Clinton's foreign policy advisor and Hillary Clinton associate John Podesta were included in an email chain discussing disapproval of Merkel's decision and decided that Mr. Clinton should call Merkel to "suggest" a change of course. Just nine days after this email was sent, the BBC reported that Merkel was "flip flopping" and would consider a third round of austerity measures for Greece. The austerity measures were criticized as being far too generous to Greece and not being in the best interest of German taxpayers. The multiple measures of austerity ultimately reduced Greek sovereignty and increased their reliance upon the EU. IV. The Clintons Received Apparent Compensation From Goldman Sachs And Germany For Their Work The Clintons not only held improperly close financial and familial relationships to individuals associated with the finance group that caused Greece's crisis, but also apparently assisted Angela Merkel in consolidating German control over the EU and forcing certain states such as Greece to become increasingly dependent upon the union. In both cases, they appear to have been compensated handsomely for the roles they played. Goldman's role in creating the Greek crisis and Mezvinsky's attempts to attract cash to what savvy investors should have seen as a doomed venture raises new questions about the hundreds of millions paid to the Clintons by Goldman for "speaking events" from 2001 to 2016, the exact same time that Goldman Sachs was involved with helping lay the foundation for Greece's collapse. Some of these speeches occurred after Eaglevale Hellenic Opportunity opened its doors in 2014. Germany also made significant donations to the Clinton Foundation and Hillary Clinton's election campaign. In February 2015, at the same time Tsipras was pushing for an end to austerity measures, the German government was revealed in Wikileaks emails to be among foreign governments who were "recent donors" to the Clinton Foundation. Clinton insiders frequently worried about whether the foreign donations might be perceived as unethical or illegal. It has since been revealed that Germany gave nearly £4 million in taxpayer's money to the Clinton Foundation during the height of the 2016 U.S. presidential election.   Angela Merkel's attempts to retain control over Greece through austerity have been just one of a number of measures to consolidate and centralize power in the European Union. In January 2017, Disobedient Media reported on accelerated efforts to create an EU Army, which would cause substantial financial, military and political burdens for European states.   This article was originally posted at www.disobedientmedia.com

08 февраля, 18:11

Hedge Fund Of Hillary Clinton's Son-In-Law Has Shut Down

Less than one year ago, we reported that Marc Mezvinsky, the husband of Chelsea Clinton and the son in law of Hillary and Bill Clinton, had shut down its Greek Fund after suffering 90% losses. To wit: Despite having Goldman Sachs CEO Lloyd Blankfein as an investor and being Bill and Hillary Clinton's son-in-law, Marc Mezvinsky (and two former colleagues from Goldman Sachs who manage Eaglevale Partners hedge fund) told investors in a letter last February they had been "incorrect" on Greece, generating staggering losses for the firm’s main Eaglevale Hellenic Opportunity, a/k/a the "Greek recovery" fund during most of its life. By 'incorrect' the Clinton heir apparent meant the $25 million Eaglevale Greek fund had lost a stunning 48% in 2014. The closure took place just three years after Institutional Investor proclaimed Mezvinsky "a hedge fund rising star" in 2013. In late 2011, Marc Mezvinsky co-founded New York-based, macro-focused hedge fund firm Eaglevale Partners with Bennett Grau and Mark Mallon, two Goldman Sachs Group proprietary traders whom he'd gotten to know when they all worked at the bank. Best known as the husband of Chelsea Clinton, Mezvinsky, 35, who has a BA in religious studies and philosophy from Stanford University and an MA in politics, philosophy and economics from the University of Oxford, has been quietly building his finance career. Before launching his own firm, the longtime Clinton family friend was a partner and global macro portfolio manager at New York- and Rio de Janeiro-based investment house 3G Capital. Eaglevale manages more than $400 million.   Alas, he was anything but, and instead of having a real grasp of macroeconomic events, or how to - you know - hedge, he decided to dump millions in Greece just before the country entered a death spiral that culminated with its third bailout, capital controls, insolvent banks and a terminally crippled economy.   Meanwhile, things went from terrible to abysmal for both the clueless hedge fund manager and his LPs, and as the NYT reports, Hillary Clinton's son-in-law is finally shutting down the Greece-focused fund, after losing nearly 90% of its value.  Investors were told last month that Eaglevale Hellenic Opportunity would finally be put out of its misery and would shutter. Fast forward to today when moments ago, Bloomberg reported that some time around the end of 2016, Mezvnisky decided to shut down his entire operation: Eaglevale Partners, the hedge fund co-founded by Marc Mezvinsky, the son-in-law of Hillary and Bill Clinton, closed in December, according to a person with knowledge of the matter.   Eaglevale, based in New York, is in the process of returning money to clients, said the person who asked not to be named because the firm is private.   Eaglevale was started by former Goldman Sachs Group Inc. traders Bennett Grau, Mark Mallon and Mezvinsky in 2011. They had previously worked together on the bank’s global macro proprietary-trading desk. A spokesman for Eaglevale declined to comment on the news, which was reported earlier by Hedge Fund Alert. Why shutter so fast after the Hillary defeat? Perhaps because without having links into the state department, or the broader US government, any "informational arbitrage" edge Mezvinsky had hoped to have with Hillary as president, was finally gone.

07 февраля, 09:00

Всем свое время: как узнать статус банкира по его часам

В жестком мире финансов, спрессованном до небольшой улочки на Манхэттене, часы — это важный знак. О том, как по ним распознать статус инвестиционного банкира, рассказывает Джон Лефевр, создатель твиттер-блога Goldman Sachs Elevator.

06 февраля, 23:28

7 Yrs to create Dodd-Frank, doubt repeal anytime soon. Bank rally will reverse but we'll be back to client pillaging

Bloomberg reports: Dodd-Frank’s Tentacles Go Deep. They Won’t Be Cut Fast or Easily. It took seven years to put these regulations in place. Is it rational to think they can be removed in less than 4? If not, then the financial's rally may be a tad bit premature and overdone.   There will be quite a bit fo time before financial institutions see relief from the repeal of Dodd Frank under Trump, Here's a quick rundown of the reasons why: Whether by Democrat's machinations or Trump's performance, this administration does not have the appointees running the agencies that oversee financial rules. New legislation have to be passed in order to ease the current legislation. That means all will have to get along and play nicely, and quickly. Two weeks into the presidency, the Democrats are playing scorched earth and the GOP questioning and questioning again, support for Trump in light of what many perceive to be missteps or even incompetence. Trump has purposely placed livefire lightning rods in the form of two former Goldman Sachs partners as the lead in the effort to repeal bank regulation in the same economic cycle that said bank assisted in tearing down the global economy. The further galvanizes a partisan congress, and even gives some GOP members reason for pause. Obama era protections eyed for the Ax At risk of removal are: Proprietary trading restrictions; Systemic financial institution designation Financial institution dismemberment upon insolvency (Big Banks To Tell U.S. Regulators How To Dismember Their Corpses).and... the Consumer Financial Protection Bureau.   Most importantly (at least to many potential subscribers to our advisory servers) Trump is Rolling Back Obama Legislation That requires financial institutions to put their clients interests above their own. This has a special place in my heart, for we have a long track record of countering the effects of Wall Street banks putting their bonus pool above the interests of their clients. This is not only germain to retail investors and mom and pops accounts. Institutions and UHNW get fleeced for more than anyone else.  Remember Wall Street Real Estate Funds Lose Between 61% to 98% for Their Investors as They Rake in Fees! How about our friends at Goldman Sachs and Henry Paulson (Bush's Treasury secretary!) settle fraud lawsuit over Abacus investments (Goldman Sachs, Paulson settle fraud lawsuit over Abacus). The victim was a mortgage insurer, hardly an amateur investors. How about Goldman Sachs Agrees to $5 Billion Mortgage Settlement .. Or how about Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors. I can go on, but I think you get the point. BoomBustBlog independent research and forensic advisory services are going to be in very high demand. This liberalizing of Obama era rules is in direct contravention to the populist platform that Trump ran on (with a special part featuring Goldman Chief Executive Officer Lloyd Blankfein in an segment about corporate chieftains pocketing the wealth of American workers)... .     That was the spiel. Here's the reality... If you haven't already, see  Apple's 2017 1st Quarter Results as Viewed Outside the Reality Distortion Field for how Wall Street banks are already gearing up to get them bonuses.... Now, more than ever, the services of BoomBustBlog are needed by both individuals and institutions! The Ex-Goldman team outlined above answer directly to Trump, and two of them, National Economic Council Director Gary Cohn and Treasury Secretary nominee Steven Mnuchin, will be the one's slated to dismantle the Dodd-Frank rules. Ohh!!! I can see how worker-centric that will turn out to be. This will likely hurt the small and medium institutions the most (dollar wise) for that's where the juiciest meat is. As quoted from the Bloomberg article: On Friday, Trump vented that the law had made it difficult for his business friends to get loans, and boasted to a group of executives gathered at the White House that he was getting feedback on how to fix it from an ideal adviser: JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon. Click here to subscribe to BoomBustBlog.

05 февраля, 06:20

"Is Trump About To Cause Another Crisis?": 2008 Could Be Eclipsed As Bank Restrictions Eliminated

Submitted by Mac Slavo via SHTFPlan.com, Beware of what may be coming next. We already know the establishment has a plan to blame President Trump for the next financial crisis, and now there are moves being made that will support that narrative. After the 2008 fiasco, a spotlight on Wall Street misbehavior and some weak, but better-than-nothing regulations were put on the industry in the hopes of preventing another string of bank failures and crippling economic disasters. But as the system teeters on edge and prepares to endure the backlash of increased rates at the Fed, Trump is also taking off the shackles that have been put in place by the Dodd-Frank Act which instituted certain protections for consumers, including a requirement that pensioners don’t have their nest egg devoured, etc. For the tens of millions of baby boomer retirees and aging pensioners, the social security net is all they’ve got to count on, apart from a few debt-saddled kids who have hardly been able to save a dime under eight years of Obama. The 2008 economic crisis penalized everyone with an entire cycle of wage freezes, job starvation and crushing dependence upon government programs for assistance. Wall Street, and the banker class at large were spared from blame or reparations to a society that was robbed blind. Instead, eight years of quantitative easing sent a tidal wave of easy money to the financial sector that created a gorge of asset buy-up from the top – especially in housing, where soaring rates are forcing single households to become renters instead of mortgage debt-slave owners once again. The election of President Trump created optimism about our collective financial prospects – with seemingly tangible promises of bringing home jobs and returning to American Greatness™. But the banksters also cheered his election; stock markets shot upwards in celebration. Key positions in the White House were offered to Goldman Sachs men and others of their ilk. Now, President Trump has issued an executive order that has Wall Street once again self-congratulating for backing the right man. The order is expected to gut protections that currently require financial products sellers As the London Independent reports: Donald Trump is expected to order a review of the Dodd-Frank Act, which was implemented in the aftermath of the 2008 financial crisis to prevent a repeat of the worst financial crash since the Great Depression.   […] council has the right to break up banks that it thinks could pose a systemic risk to the global financial order. It also has the ability to demand that banks hold higher reserves, or cash buffers, to minimise a squeeze. Separately, the Dodd-Frank Act also created the Consumer Financial Protection Bureau, to oversee consumer financial products, such as mortgages.   A key part of the Act is the Volcker Rule, which restricts the way that banks are allowed to invest and places restrictions on speculative trading. It also restricts banks from engaging in so-called proprietary trading, or trading for the firm’s direct gain, instead of on behalf of a client.   So in effect, the rule is designed to separate the investment and commercial businesses of banks. It seems clear enough that this move benefits many of those at the top of the pyramid, but a Bloomberg report directly quoting from senior leadership on Wall Street, and now inside the Trump Administration, makes crystal clear that the intentions are quite self-interested: Chief executives including Goldman Sachs Group Inc.’s Lloyd Blankfein and JPMorgan Chase & Co.’s Jamie Dimon have been pushing for changes for years, arguing that the industry has been too constrained by the system put in place by the 2010 Dodd-Frank Act. After Trump focused on limiting trade and immigration during his first two weeks in office — policies opposed by many in the financial industry — the president’s stroke of a pen unleashes a process to undo many of the rules they find most irksome.   “We’re going to attack all aspects of Dodd-Frank,” Gary Cohn, director of the White House National Economic Council, said Friday in an interview with Bloomberg Television. “We are going to engage the House, we’re going to engage the Senate. They are equally interested in reforming some of the regulatory processes as well. We can do quite a bit without them, but the more help we get from Congress the better off we’re all going to be.” Not necessarily the brightest news for the people. Though it isn’t immediately obvious that this change in the rules would cause immediate trouble, there is reason for concern. If the limitations – inadequate as they were – are lifted off the banks, specifically with investing in commercial banking and with pensions, things could once again take a turn for the worse. If the same reckless behavior is repeated, it could not only bring the system to a halt, and crash the stock market, but it could potentially wipe out the holdings of those who need it most – pensioners. Meanwhile, defaults and the burden of a debt-supercycle are also threatening to topple the system. One way or another, the next era will have to handle enormous risk of total economic crisis. As the Independent notes: Does this mean we’re at risk of facing another financial crisis? Some economists have even been bold enough to say that getting rid of Dodd-Frank could indeed pave the way for another crisis.   What makes matters a lot worse, is that many experts believe that global financial systems and economies are more vulnerable now than they were ahead of the last financial crisis. So if we do suffer another major crash, the damage has the potential to be a lot more grave.   Central banks around the world have already slashed interest rates to record lows leaving them with limited ammunition to do more to stimulate economic growth. Government debt has also sky rocketed over the decade since the last crisis. Whatever comes next, there is a toxic cycle that is waiting to crash down upon us with a tsunami of financial misfortune. Federal Reserve policies in the wake of the last crisis set up the American people for a very bad fall. Economic vibrancy among the middle class and general population has been sucked dry, and they will be ill prepared to handle a new crunch in credit and possible hyper inflationary/deflationary crisis. Trump’s pro-business, pro-American policies may help if they are instituted correctly, but enabling the financial sector to once again prey upon people and fuel the rise-and-collapse of a massive series of bubbles and a derivatives WMD is not a healthy option. The stage has been set for a nightmare that we must pray never comes.

03 февраля, 21:49

Trump Signs Executive Orders Rolling Back Dodd-Frank, Fiduciary Rule

As previewed earlier today, moments ago President Trump signed two executive orders aimed at starting the process of rolling back the regulatory system put in place after the financial crisis. Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading. Specifically, Trump took executive action ordering the review of Dodd-Frank rules enacted after 2008 financial crisis, and halting the "fiduciary rule" that would require advisers on retirement accounts to work in the best interests of their clients. #Breaking President Trump signs executive order scaling back financial regulations. pic.twitter.com/Hs0QQHHzhT — FOX Business (@FoxBusiness) February 3, 2017 Wall Street CEOs such as Lloyd Blankfein and Jamie Dimon, tired of being constrained from blowing up the financial world with undue government regulations and relying almost entirely on NIM which stubbornly refuses to rise, have been pushing for changes for years, arguing that the industry has been too constrained by the system put in place by the 2010 Dodd-Frank Act. After Trump focused on limiting trade and immigration during his first two weeks in office, policies opposed by many in the financial industry, the president’s stroke of a pen unleashes a process to undo many of the rules they find most "irksome" as Bloomberg put it. “We’re going to attack all aspects of Dodd-Frank,” Gary Cohn, former Goldman president director of the White House National Economic Council, said Friday in an interview with Bloomberg Television. “We are going to engage the House, we’re going to engage the Senate. They are equally interested in reforming some of the regulatory processes as well. We can do quite a bit without them, but the more help we get from Congress the better off we’re all going to be.” Meanwhile, Elizabeth Warren - rightfully according to some - lashed out at Trump for rushing to undo the key Wall Street regulations, and issued a statement in which she said "The Wall Street bankers and lobbyists whose greed and recklessness nearly destroyed this country may be toasting each other with champagne, but the American people have not forgotten the 2008 financial crisis." "Donald Trump talked a big game about Wall Street during his campaign - but as President, we're finding out whose side he's really on. Today, after literally standing alongside big bank and hedge fund CEOs, he announced two new orders - one that will make it easier for investment advisors to cheat you out of your retirement savings, and another that will put two former Goldman Sachs executives in charge of gutting the rules that protect you from financial fraud and another economic meltdown. The Wall Street bankers and lobbyists whose greed and recklessness nearly destroyed this country may be toasting each other with champagne, but the American people have not forgotten the 2008 financial crisis - and they will not forget what happened today." While it will take a while to fully roll back the financial regulations, we are confident that Wall Street is already preparing for the next big push into prop trading, major releveraging, blowing a whole new set of asset bubbles, and all those other things which brought the system to a near collapse less than 10 years ago. Finally, while Trump was quick to begin the process of undoing Dodd Frank - no doubt with the helpful advice of numerous former Goldman bankers standing behind his shoulder - he has yet to make any comments on bringing back Glass Steagall, the one law that would truly protect depositors from runaway banker greed, and mandate yet another taxpayer funded bailout the next time the US banking sector is in need of a bailout.

03 февраля, 09:41

Основатель Uber отказался работать с Трампом

С Дональдом Трампом после указа об ограничении иммиграции отказался работать основатель Uber. На Тревиса Каланика в последнее время сильно давили общественные активисты. Как известно, среди водителей компании много мигрантов.

31 января, 18:02

Cars, Shoes, Tech: An Array of Corporations Protests the Immigration Ban

An unusually wide range of major companies are speaking out against President Trump’s recent executive order.

31 января, 18:02

Cars, Shoes, Tech: An Array of Corporations Protests the Immigration Ban

An unusually wide range of major companies are speaking out against President Trump’s recent executive order.

31 января, 11:05

Лидеры IT-рынка США объединились в борьбе против иммиграционных указов Трампа

Руководители крупнейших интернет-компаний США проведут встречу для согласования экспертного заключения в поддержку исковых жалоб, поданных против указов президента Дональда Трампа, которые ужесточают иммиграционную политику.

31 января, 07:01

U.S. Business Leaders Rise Up Against Trump's Immigrant Ban

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); Big U.S.-based companies are joining the crescendo of criticism against President Donald Trump’s ban on refugees and immigrants from certain Muslim countries. Tech companies, including Google, Apple, Facebook and Amazon, blasted Trump’s edict, which bars refugees from Syria and travelers from seven predominantly Muslim countries. They were joined by a growing number of other businesses, including the Wall Street titans Goldman Sachs and Morgan Stanley, Netflix, Nike, Lyft and Starbucks.  Trump’s edict — and the raucous weekend protests it sparked — also rattled investors, with stock markets taking a dive on Monday. Tech companies, which rely on foreign workers, and airlines snarled by demonstrations were hit hard in the worst trading day of Trump’s presidency and the largest daily loss since mid-October. Many tech companies criticized Trump during the campaign for his anti-immigrant talk. Now that he’s making good on his campaign centerpieces ― a Muslim ban and a Mexico border wall ―  more corporate leaders are speaking out. Borrowing a favorite word from Trump, Netflix CEO Reed Hastings called the immigrant ban “sad.” He added: “Trump’s actions are hurting Netflix employees around the world, and are so un-American it pains us all. Worse, these actions will make America less safe (through hatred and loss of allies).” Goldman Sachs CEO Lloyd Blankfein sent a memo to workers denouncing Trump’s order. “This is not a policy we support,” he wrote. “Being diverse is not optional; it is what we must be.” Morgan Stanley CEO James Gorman sent a similar note to staff. “We value immensely the contribution of all our employees from all over the world,” he wrote, according to CNBC. “Continuing to draw talent from across the globe is a key element of Morgan Stanley’s culture.” Nike CEO Mark Parker condemned the ban and pointed to Nike-sponsored athlete Sir Mo Farah, a Somali-born Olympic gold medalist living in Oregon. “What Mo will always have — what the entire Nike family can always count on — is the support of this company,” Parker wrote in a company email. “We will do everything in our power to ensure the safety of every member of our family: our colleagues, our athletes and their loved ones.” Nike CEO Mark Parker sends rare political email to employees tonight, condemning POTUS travel ban. "This is a policy we don't support." pic.twitter.com/I9w48WA7e8— Sara Germano (@germanotes) January 30, 2017 Even a representative for the conservative billionaire Koch brothers slammed the immigrant ban, calling it “counterproductive.” Many companies are worried about impact on workers from around the world that they rely on. Apple CEO Tim Cook said in an email to workers that the company would not exist if not for immigration, noting co-founder Steve Jobs was the son of a Syrian immigrant. Companies also are concerned about security, fearing Trump’s order will spark anti-American hatred, with boycotts of products and services. Starbucks, already a target of a Mexican boycott in retaliation for Trump’s planned wall, has slammed the president’s border policy and his immigrant ban. The coffee chain announced it’s hiring 10,000 refugees. American consumers may not allow businesses to stay on the fence. When Uber drivers failed to honor a New York City cabbie strike Saturday to protest the traveler ban, a #DeleteUber movement was born. Lyft moved into the breach with a pledge to donate $1 million to the American Civil Liberties Union. type=type=RelatedArticlesblockTitle=Related Coverage + articlesList=588fb7bbe4b0c90efeff6452,588eabbce4b0176377953936,588e1825e4b017637794f937 function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_2'),onPlayerReadyVidible); -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

31 января, 07:01

U.S. Business Leaders Rise Up Against Trump's Immigrant Ban

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); Big U.S.-based companies are joining the crescendo of criticism against President Donald Trump’s ban on refugees and immigrants from certain Muslim countries. Tech companies, including Google, Apple, Facebook and Amazon, blasted Trump’s edict, which bars refugees from Syria and travelers from seven predominantly Muslim countries. They were joined by a growing number of other businesses, including the Wall Street titans Goldman Sachs and Morgan Stanley, Netflix, Nike, Lyft and Starbucks.  Trump’s edict — and the raucous weekend protests it sparked — also rattled investors, with stock markets taking a dive on Monday. Tech companies, which rely on foreign workers, and airlines snarled by demonstrations were hit hard in the worst trading day of Trump’s presidency and the largest daily loss since mid-October. Many tech companies criticized Trump during the campaign for his anti-immigrant talk. Now that he’s making good on his campaign centerpieces ― a Muslim ban and a Mexico border wall ―  more corporate leaders are speaking out. Borrowing a favorite word from Trump, Netflix CEO Reed Hastings called the immigrant ban “sad.” He added: “Trump’s actions are hurting Netflix employees around the world, and are so un-American it pains us all. Worse, these actions will make America less safe (through hatred and loss of allies).” Goldman Sachs CEO Lloyd Blankfein sent a memo to workers denouncing Trump’s order. “This is not a policy we support,” he wrote. “Being diverse is not optional; it is what we must be.” Morgan Stanley CEO James Gorman sent a similar note to staff. “We value immensely the contribution of all our employees from all over the world,” he wrote, according to CNBC. “Continuing to draw talent from across the globe is a key element of Morgan Stanley’s culture.” Nike CEO Mark Parker condemned the ban and pointed to Nike-sponsored athlete Sir Mo Farah, a Somali-born Olympic gold medalist living in Oregon. “What Mo will always have — what the entire Nike family can always count on — is the support of this company,” Parker wrote in a company email. “We will do everything in our power to ensure the safety of every member of our family: our colleagues, our athletes and their loved ones.” Nike CEO Mark Parker sends rare political email to employees tonight, condemning POTUS travel ban. "This is a policy we don't support." pic.twitter.com/I9w48WA7e8— Sara Germano (@germanotes) January 30, 2017 Even a representative for the conservative billionaire Koch brothers slammed the immigrant ban, calling it “counterproductive.” Many companies are worried about impact on workers from around the world that they rely on. Apple CEO Tim Cook said in an email to workers that the company would not exist if not for immigration, noting co-founder Steve Jobs was the son of a Syrian immigrant. Companies also are concerned about security, fearing Trump’s order will spark anti-American hatred, with boycotts of products and services. Starbucks, already a target of a Mexican boycott in retaliation for Trump’s planned wall, has slammed the president’s border policy and his immigrant ban. The coffee chain announced it’s hiring 10,000 refugees. American consumers may not allow businesses to stay on the fence. When Uber drivers failed to honor a New York City cabbie strike Saturday to protest the traveler ban, a #DeleteUber movement was born. Lyft moved into the breach with a pledge to donate $1 million to the American Civil Liberties Union. type=type=RelatedArticlesblockTitle=Related Coverage + articlesList=588fb7bbe4b0c90efeff6452,588eabbce4b0176377953936,588e1825e4b017637794f937 function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_2'),onPlayerReadyVidible); -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

31 января, 03:05

Goldman CEO takes lead on Wall Street in slamming Trump travel ban

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein became the first major Wall Street leader to speak out against President Donald Trump's order to halt arrivals from several...

30 сентября 2016, 17:09

Топ-10 самых инновационных университетов мира

Считается, что американская университетская система – это двигатель инноваций и прогресса, и это подтверждает рейтинг инновационных университетов мира от Reuters.

03 октября 2013, 11:50

Черная метка

Пока основное внимание средств массовой (дез)информации сосредоточено на перетягивании каната республиканцами и демократами в американском конгрессе, вчера в США состоялось не менее значимое, но гораздо менее заметное для широкой публики событие. Пятнадцать ведущих американских банкиров, среди посетителей были руководители банков GoldmanSachs, JPMorgan и так далее, 02 октября посетили президента США и доступным для понимания языком постарались объяснить ему, чем может закончиться технический дефолт американских казначейских облигаций. Несмотря на то, что среди посетителей были руководители гораздо более крупных банков, чем GoldmanSachs, именно его руководитель Ллойд Бланкфейн высказал общую позицию банкиров по этому вопросу. Вкратце это выглядело следующим образом: «Вы можете спорить по политическим вопросам или даже выносить их для публичного обсуждения, но не надо использовать в качестве дубины угрозу отказа США погашать долг по своим обязательствам. Прецеденты с остановкой правительства были, прецедентов с дефолтом пока не было. Мы такого раньше не видели, и я не горю желанием оказаться свидетелем этого процесса.» Поскольку банкиры вполне ясно представляют себе, во что может вылиться отказ США расплачиваться по своим обязательствам, в том числе и для них лично, то они донесли до президента США всю серьезность происходящего, предварительно выслушав его позицию. Каких-либо дебатов о том, что США всерьез решат не оплачивать долги, не было. Этот визит был довольно показательным с разных точек зрения. Фактически представители истинных хозяев или, иными словами, совет директоров ООО «Соединенные Штаты Америки» посетил единоличный исполнительный орган данной лавочки и публично вручил ему черную метку. Вряд ли президент США рискнет ослушаться такой рекомендации. На мой взгляд, это может случиться лишь в одном единственном случае: если хозяевами Америки было принято политическое решение полностью сменить правила игры, и ответственными за надвигающийся крах было решено назначить Федеральный резерв и приближенные к нему банки. Хотя это и выглядит крайне маловероятным, но богатые люди – это особые люди, и полностью исключать такого развития событий все-таки не стоит.