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Ллойд Бланкфейн
21 марта, 18:12

Goldman Sachs (GS) Reduces CEO's Salary by 27% for 2016

The Goldman Sachs Group Inc. (GS) slashed its Chief Executive Officer (CEO), Lloyd Blankfein's2016 compensation by 27%, as disclosed in the company's proxy filling on Friday.

21 марта, 13:00

Финансовая политика Трампа 2017

Экономические лозунги предвыборной кампании Дональда Трампа до сих пор не приняли вид сколько-нибудь цельной экономической программы. Заявления и действия Трампа-президента противоречивы и непоследовательны. Особенно это заметно в сфере финансов. В ходе предвыборной кампании Трамп резко критиковал банки Уолл-стрит, обвиняя их в жадности, отсутствии патриотизма, называл главными виновниками бедности и экономического застоя. Однако один из первых […]

19 марта, 09:00

Голдман Сакс и коррупция в США

Настало время поговорить о виновниках торжества. О банках, которые всю кашу заварили, и которые прямо-таки спят и видят, как бы остаться не при делах. Натурально, банкиры сняли прибыль – сумасшедшие деньги – а теперь эти ребята и вовсе ни при чем. И не их ли спасают всем миром? Вбивая в головы всем, что иначе никак […]

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17 марта, 20:32

Lloyd Blankfein takes pay cut at Goldman Sachs

Goldman Sachs might be flying high in the Trump era, but you might not know that from CEO Lloyd Blankfein's paycheck.

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17 марта, 20:32

Lloyd Blankfein takes pay cut at Goldman Sachs

Goldman Sachs might be flying high in the Trump era, but CEO Lloyd Blankfein's paycheck has been trimmed.

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17 марта, 19:39

Goldman Sachs CEO Blankfein sees slight pay cut in 2016

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein saw his overall compensation fall slightly, reflecting lower revenues at the bank in the first half of 2016.

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17 марта, 18:29

Goldman Sachs CEO responds to 'Government Sachs' criticism

If Lloyd Blankfein gets his way, even more Goldman Sachs executives will join the upper echelons of the American government.

17 марта, 18:29

Goldman Sachs CEO responds to 'Government Sachs' criticism

Goldman Sachs CEO Lloyd Blankfein says he wants more employees to join government, as he defended his bank against criticism over the series of former executives who have joined President Trump's administration.

17 марта, 11:22

Финансы – ахиллесова пята Трампа

P.S. Cтатья была уже завершена, когда пришло сообщение: руководство ФРС по итогам двухдневного заседания приняло решение о повышении ставки по федеральным фондам на 0,25  процентных пункта., до диапазона 0,75–1%. Это третье повышение ставки с декабря 2015 года, девять лет державшейся на рекордно минимальном уровне в 0–0,25%.

17 марта, 02:45

Mike Krieger: "Forget Russia, Donald Trump Works For Wall Street"

Authored by Mike Krieger via Liberty Blitzkrieg blog, The evidence is overwhelming and indisputable at this point. Donald Trump is a phony, who has given his administration over to Wall Street crooks even more enthusiastically than his predecessors, and his predecessors were very enthusiastic. I’ve written about this many times, and I warned throughout the campaign that my biggest fear was Trump is far too cozy with the finance industry, fake populist statements aside. His latest hire for the number two position at the Treasury Department once again proves the point. As David Dayen reports in his excellent article at The Intercept, Donald Trump Isn’t Even Pretending to Oppose Goldman Sachs Anymore: The continuity of Wall Street’s dominant role in American politics - regardless of what party sits in power or how reviled the financial industry finds itself across the country - was perhaps never more evident than when Jake Siewert, now a Goldman Sachs spokesperson, on Tuesday praised the selection of Jim Donovan, a Goldman Sachs managing director, for the No. 2 position in the Treasury Department under Steve Mnuchin, himself a former Goldman Sachs partner. America will never recover until this is dealt with, and Trump has made it perfectly clear he will not deal with it. “Jim is smart, extraordinarily versatile, and as hard-working as they come,” Siewert gushed. “He’ll be an invaluable addition to the economic team.”   The punch line? Siewert was counselor at the Treasury Department to Timothy Geithner, as well as a White House press secretary under Bill Clinton.   The ubiquity of Goldman Sachs veterans across numerous presidencies throughout history, both Republican and Democratic, has been well documented. But Donald Trump sold himself as something different, an economic nationalist determined to rankle Wall Street. He even ran campaign ads savaging bankers like Goldman CEO Lloyd Blankfein for their role in a “global power structure.”   That populist smokescreen is long gone now.   Mnuchin and Donovan are just two of five Goldman expats in high-level positions on Trump’s team. Steve Bannon spent a limited time at Goldman Sachs, but White House assistant Dina Powell, who headed the bank’s philanthropic efforts, and National Economic Council director Gary Cohn, Goldman’s former president, had higher-ranking positions for a longer period. Jay Clayton, Trump’s nominee for the Securities and Exchange Commission, was a partner for Goldman’s main law firm, Sullivan and Cromwell.   White House Chief of Staff Reince Priebus reportedly blocked Donovan from Treasury initially, amid fears of an image problem with too many “Goldman guys.” But Donovan got the post anyway. You know it’s bad when Reince thinks there are too many Goldman baby squids around. Even in areas where populist sentiment was seen as pre-eminent, Trump has reportedly succumbed to the Wall Street advance. A dramatic piece in the Financial Times described a “civil war” within the White House over trade, pitting Trump’s hard-liners like Bannon and trade policy adviser Peter Navarro against the likes of Cohn. It stated that Navarro was being sidelined, with Cohn taking a larger role in the negotiations over NAFTA, and with foreign leaders working through the National Economic Council rather than Navarro in trade talks. AFL-CIO official Thea Lee said in the story, “It appears the Wall Street wing … is winning this battle.”   At the NEC, Cohn hired Andrew Quinn, a chief negotiator for the Trans-Pacific Partnership, to coordinate international trade and development. A stewing Breitbart News called Quinn “the enemy within.” Drain the swamp baby. Banks have celebrated since Trump’s election, composing the lion’s share of the “Trump bump” in stock prices. Goldman Sachs shares have risen from $181.92 on Election Day to around $250 today, an increase that accounts for as much as one-fifth of the total rise in the Dow Jones Industrial Average over that period. It’s now completely obvious that the Trump administration has been hijacked by Wall Street, so where’s the resistance? When it comes to the self-proclaimed leaders of this “resistance,” the corporate media and the Democratic Party, the resistance is nowhere to be found. They’re simply too busy focusing on invented Russia conspiracy theories to deal with the provable conspiracy right in front of their faces. I find that quite curious. It doesn’t take much critical thinking to immediately discover why. Russia fear-mongering is the perfect way to superficially oppose Trump, without actually opposing him. Corporate media and Democrats don’t dare focus on Trump’s Wall Street embrace because Wall Street owns their asses too. That’s the dirty little secret here. While that’s bad enough, the only reason Trump is actually able to get away with such an obvious betrayal and lack of swamp drainage, is because his supporters allow him to. His power resides in his base, and if his base shrugs as he sticks a knife in their backs, then he’ll continue to stick the knife in. As I mentioned on Twitter yesterday. I'm not surprised that Trump is a fraud, I'm surprised at how much of a fraud he is. — Michael Krieger (@LibertyBlitz) March 15, 2017 More important point, like Obama before him, the only reason Trump can get away with his con are his pathetic, cheerleading supporters. — Michael Krieger (@LibertyBlitz) March 15, 2017 Trump could lock half his supporters in a cage in the basement of Trump Tower for a year and they'd love him for it.He's getting the pedos! — Michael Krieger (@LibertyBlitz) March 15, 2017 Trump’s core supporters have a lot more to lose than I do if he continues along this path. Get angry or get screwed over, the choice is yours. Unfortunately, I’m not hopeful. As we should all know by now: “It’s easier to fool people than to convince them that they have been fooled.”

16 марта, 06:45

Финансы – ахиллесова пята Трампа

Экономические лозунги предвыборной кампании Дональда Трампа до сих пор не приняли вид сколько-нибудь цельной экономической программы. Заявления и действия Трампа-президента противоречивы и непоследовательны. Особенно это заметно в сфере финансов.  В ходе предвыборной кампании Трамп резко критиковал банки Уолл-стрит, обвиняя их в жадности, отсутствии патриотизма, называл главными виновниками бедности и экономического...

15 марта, 04:33

Wall St. relieved as Trump picks Goldman banker as Treasury deputy

Jim Donovan is the latest Goldman Sachs veteran to be selected.

01 марта, 17:30

The Zacks Analyst Blog Highlights: Goldman Sachs Group, JPMorgan Chase, Apple, American Express' and Boeing's

The Zacks Analyst Blog Highlights: Goldman Sachs Group, JPMorgan Chase, Apple, American Express’ and Boeing’s

28 февраля, 16:54

Dow CEOs Make Millions: 2 Financial Blue Chips to Buy

CEOs of Dow companies have made a fortune, especially financial behemoths, banking on Trump's promise to relax financial regulations.

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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.

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.