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Goldman Sachs - Wikipedia

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id="toc-Founding_and_establishment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Founding_and_establishment"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Founding and establishment</span> </div> </a> <ul id="toc-Founding_and_establishment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-1930–1980" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1930–1980"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>1930–1980</span> </div> </a> <ul id="toc-1930–1980-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-1981–2000" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1981–2000"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>1981–2000</span> </div> </a> <ul id="toc-1981–2000-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2000–2007" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2000–2007"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>2000–2007</span> </div> </a> <ul id="toc-2000–2007-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Subprime_mortgage_crisis:_2007–2008" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Subprime_mortgage_crisis:_2007–2008"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Subprime mortgage crisis: 2007–2008</span> </div> </a> <ul id="toc-Subprime_mortgage_crisis:_2007–2008-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Global_Alpha" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global_Alpha"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>Global Alpha</span> </div> </a> <ul id="toc-Global_Alpha-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2013–2015" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2013–2015"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.7</span> <span>2013–2015</span> </div> </a> <ul id="toc-2013–2015-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2016–2020" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2016–2020"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.8</span> <span>2016–2020</span> </div> </a> <ul id="toc-2016–2020-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2020–present" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2020–present"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.9</span> <span>2020–present</span> </div> </a> <ul id="toc-2020–present-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Controversies_and_legal_issues" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Controversies_and_legal_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Controversies and legal issues</span> </div> </a> <button aria-controls="toc-Controversies_and_legal_issues-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Controversies and legal issues subsection</span> </button> <ul id="toc-Controversies_and_legal_issues-sublist" class="vector-toc-list"> <li id="toc-Role_in_the_2007–2008_financial_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Role_in_the_2007–2008_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Role in the 2007–2008 financial crisis</span> </div> </a> <ul id="toc-Role_in_the_2007–2008_financial_crisis-sublist" class="vector-toc-list"> <li id="toc-Bonuses_paid_to_employees_in_2009_despite_financial_crisis" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bonuses_paid_to_employees_in_2009_despite_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1</span> <span>Bonuses paid to employees in 2009 despite financial crisis</span> </div> </a> <ul id="toc-Bonuses_paid_to_employees_in_2009_despite_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Benefits_from_the_government_bailout_of_AIG" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Benefits_from_the_government_bailout_of_AIG"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Benefits from the government bailout of AIG</span> </div> </a> <ul id="toc-Benefits_from_the_government_bailout_of_AIG-sublist" class="vector-toc-list"> <li id="toc-Firm&#039;s_response_to_criticism_of_AIG_payments" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Firm&#039;s_response_to_criticism_of_AIG_payments"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.1</span> <span>Firm's response to criticism of AIG payments</span> </div> </a> <ul id="toc-Firm&#039;s_response_to_criticism_of_AIG_payments-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Possible_benefits_from_attendance_at_September_15,_2008,_meetings_at_the_New_York_Federal_Reserve" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Possible_benefits_from_attendance_at_September_15,_2008,_meetings_at_the_New_York_Federal_Reserve"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.2</span> <span>Possible benefits from attendance at September 15, 2008, meetings at the New York Federal Reserve</span> </div> </a> <ul id="toc-Possible_benefits_from_attendance_at_September_15,_2008,_meetings_at_the_New_York_Federal_Reserve-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Stock_price_manipulation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stock_price_manipulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Stock price manipulation</span> </div> </a> <ul id="toc-Stock_price_manipulation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Use_of_offshore_tax_havens" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Use_of_offshore_tax_havens"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Use of offshore tax havens</span> </div> </a> <ul id="toc-Use_of_offshore_tax_havens-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Involvement_in_the_European_sovereign_debt_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Involvement_in_the_European_sovereign_debt_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Involvement in the European sovereign debt crisis</span> </div> </a> <ul id="toc-Involvement_in_the_European_sovereign_debt_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Employees&#039;_views" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Employees&#039;_views"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Employees' views</span> </div> </a> <ul id="toc-Employees&#039;_views-sublist" class="vector-toc-list"> <li id="toc-Work_culture" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Work_culture"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6.1</span> <span>Work culture</span> </div> </a> <ul id="toc-Work_culture-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Gender_bias_lawsuit" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Gender_bias_lawsuit"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Gender bias lawsuit</span> </div> </a> <ul id="toc-Gender_bias_lawsuit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Advice_to_short_California_bonds_underwritten_by_the_firm" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Advice_to_short_California_bonds_underwritten_by_the_firm"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.8</span> <span>Advice to short California bonds underwritten by the firm</span> </div> </a> <ul id="toc-Advice_to_short_California_bonds_underwritten_by_the_firm-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Personnel_&quot;revolving-door&quot;_with_U.S._government" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Personnel_&quot;revolving-door&quot;_with_U.S._government"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.9</span> <span>Personnel "revolving-door" with U.S. government</span> </div> </a> <ul id="toc-Personnel_&quot;revolving-door&quot;_with_U.S._government-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Insider_trading_cases" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Insider_trading_cases"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.10</span> <span>Insider trading cases</span> </div> </a> <ul id="toc-Insider_trading_cases-sublist" class="vector-toc-list"> <li id="toc-Rajat_Gupta_insider_trading_case" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Rajat_Gupta_insider_trading_case"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.10.1</span> <span>Rajat Gupta insider trading case</span> </div> </a> <ul id="toc-Rajat_Gupta_insider_trading_case-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Abacus_synthetic_CDOs_and_SEC_lawsuit" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Abacus_synthetic_CDOs_and_SEC_lawsuit"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.11</span> <span>Abacus synthetic CDOs and SEC lawsuit</span> </div> </a> <ul id="toc-Abacus_synthetic_CDOs_and_SEC_lawsuit-sublist" class="vector-toc-list"> <li id="toc-2010_SEC_civil_fraud_lawsuit" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2010_SEC_civil_fraud_lawsuit"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.11.1</span> <span>2010 SEC civil fraud lawsuit</span> </div> </a> <ul id="toc-2010_SEC_civil_fraud_lawsuit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Charges_against_Fabrice_Tourre" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Charges_against_Fabrice_Tourre"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.11.2</span> <span>Charges against Fabrice Tourre</span> </div> </a> <ul id="toc-Charges_against_Fabrice_Tourre-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Alleged_commodity_price_manipulation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Alleged_commodity_price_manipulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.12</span> <span>Alleged commodity price manipulation</span> </div> </a> <ul id="toc-Alleged_commodity_price_manipulation-sublist" class="vector-toc-list"> <li id="toc-Goldman_Sachs_Commodity_Index_and_the_2005–2008_Food_Bubble" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Goldman_Sachs_Commodity_Index_and_the_2005–2008_Food_Bubble"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.12.1</span> <span>Goldman Sachs Commodity Index and the 2005–2008 Food Bubble</span> </div> </a> <ul id="toc-Goldman_Sachs_Commodity_Index_and_the_2005–2008_Food_Bubble-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Alleged_manipulation_of_aluminum_price_and_supply" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Alleged_manipulation_of_aluminum_price_and_supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.12.2</span> <span>Alleged manipulation of aluminum price and supply</span> </div> </a> <ul id="toc-Alleged_manipulation_of_aluminum_price_and_supply-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Oil_futures_speculation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Oil_futures_speculation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.12.3</span> <span>Oil futures speculation</span> </div> </a> <ul id="toc-Oil_futures_speculation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Improper_securities_lending_practices" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Improper_securities_lending_practices"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.13</span> <span>Improper securities lending practices</span> </div> </a> <ul id="toc-Improper_securities_lending_practices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Conspiring_to_allow_$1_billion_in_bribes_to_obtain_business_from_1MDB_Malaysian_sovereign_wealth_fund_(2015–2020)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Conspiring_to_allow_$1_billion_in_bribes_to_obtain_business_from_1MDB_Malaysian_sovereign_wealth_fund_(2015–2020)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.14</span> <span>Conspiring to allow $1 billion in bribes to obtain business from 1MDB Malaysian sovereign wealth fund (2015–2020)</span> </div> </a> <ul id="toc-Conspiring_to_allow_$1_billion_in_bribes_to_obtain_business_from_1MDB_Malaysian_sovereign_wealth_fund_(2015–2020)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financing_of_Venezuela_despite_human_rights_violations_(2017)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financing_of_Venezuela_despite_human_rights_violations_(2017)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.15</span> <span>Financing of Venezuela despite human rights violations (2017)</span> </div> </a> <ul id="toc-Financing_of_Venezuela_despite_human_rights_violations_(2017)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Financial_performance" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Financial_performance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Financial performance</span> </div> </a> <ul id="toc-Financial_performance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ownership" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Ownership"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Ownership</span> </div> </a> <ul id="toc-Ownership-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Political_contributions" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Political_contributions"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Political contributions</span> </div> </a> <ul id="toc-Political_contributions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Management" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Management"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Management</span> </div> </a> <button aria-controls="toc-Management-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Management subsection</span> </button> <ul id="toc-Management-sublist" class="vector-toc-list"> <li id="toc-Officers_and_directors" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Officers_and_directors"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Officers and directors</span> </div> </a> <ul id="toc-Officers_and_directors-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-List_of_chairmen_and_CEOs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#List_of_chairmen_and_CEOs"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>List of chairmen and CEOs</span> </div> </a> <ul id="toc-List_of_chairmen_and_CEOs-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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Available in 53 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-53" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">53 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%BA%D9%88%D9%84%D8%AF%D9%85%D8%A7%D9%86_%D8%B3%D8%A7%D9%83%D8%B3" title="غولدمان ساكس – Arabic" lang="ar" hreflang="ar" data-title="غولدمان ساكس" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Asturian" lang="ast" hreflang="ast" data-title="Goldman Sachs" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D9%82%D9%88%D9%84%D8%AF%D9%85%D9%86_%D8%B3%D8%A7%DA%A9%D8%B3" title="قولدمن ساکس – South Azerbaijani" lang="azb" hreflang="azb" data-title="قولدمن ساکس" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%97%E0%A7%8B%E0%A6%B2%E0%A7%8D%E0%A6%A1%E0%A6%AE%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%A8_%E0%A6%B8%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%95%E0%A7%8D%E2%80%8C%E0%A6%B8" title="গোল্ডম্যান স্যাক্‌স – Bangla" lang="bn" hreflang="bn" data-title="গোল্ডম্যান স্যাক্‌স" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Minnan" lang="nan" hreflang="nan" data-title="Goldman Sachs" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%93%D0%BE%D0%BB%D0%B4%D0%BC%D0%B0%D0%BD_%D0%A1%D0%B0%D0%BA%D1%81" title="Голдман Сакс – Bulgarian" lang="bg" hreflang="bg" data-title="Голдман Сакс" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Catalan" lang="ca" hreflang="ca" data-title="Goldman Sachs" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Czech" lang="cs" hreflang="cs" data-title="Goldman Sachs" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Danish" lang="da" hreflang="da" data-title="Goldman Sachs" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – German" lang="de" hreflang="de" data-title="Goldman Sachs" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Estonian" lang="et" hreflang="et" data-title="Goldman Sachs" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Greek" lang="el" hreflang="el" data-title="Goldman Sachs" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Spanish" lang="es" hreflang="es" data-title="Goldman Sachs" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Esperanto" lang="eo" hreflang="eo" data-title="Goldman Sachs" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Basque" lang="eu" hreflang="eu" data-title="Goldman Sachs" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DA%AF%D9%84%D8%AF%D9%85%D9%86_%D8%B3%D8%A7%DA%A9%D8%B3" title="گلدمن ساکس – Persian" lang="fa" hreflang="fa" data-title="گلدمن ساکس" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – French" lang="fr" hreflang="fr" data-title="Goldman Sachs" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gu mw-list-item"><a href="https://gu.wikipedia.org/wiki/%E0%AA%97%E0%AB%8B%E0%AA%B2%E0%AB%8D%E0%AA%A1%E0%AA%AE%E0%AB%85%E0%AA%A8_%E0%AA%B8%E0%AB%85%E0%AA%B6" title="ગોલ્ડમૅન સૅશ – Gujarati" lang="gu" hreflang="gu" data-title="ગોલ્ડમૅન સૅશ" data-language-autonym="ગુજરાતી" data-language-local-name="Gujarati" class="interlanguage-link-target"><span>ગુજરાતી</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B3%A8%EB%93%9C%EB%A7%8C%EC%82%AD%EC%8A%A4" title="골드만삭스 – Korean" lang="ko" hreflang="ko" data-title="골드만삭스" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%97%E0%A5%8B%E0%A4%B2%E0%A5%8D%E0%A4%A1%E0%A4%AE%E0%A4%A8_%E0%A4%B8%E0%A5%85%E0%A4%95%E0%A5%8D%E0%A4%B8" title="गोल्डमन सॅक्स – Hindi" lang="hi" hreflang="hi" data-title="गोल्डमन सॅक्स" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Indonesian" lang="id" hreflang="id" data-title="Goldman Sachs" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Italian" lang="it" hreflang="it" data-title="Goldman Sachs" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%92%D7%95%D7%9C%D7%93%D7%9E%D7%9F_%D7%96%D7%A7%D7%A1" title="גולדמן זקס – Hebrew" lang="he" hreflang="he" data-title="גולדמן זקס" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%97%E0%B3%8B%E0%B2%B2%E0%B3%8D%E0%B2%A1%E0%B3%8D%E0%B2%AE%E0%B2%A8%E0%B3%8D_%E0%B2%B8%E0%B3%8D%E0%B2%AF%E0%B2%BE%E0%B2%95%E0%B3%8D%E0%B2%B8%E0%B3%8D" title="ಗೋಲ್ಡ್ಮನ್ ಸ್ಯಾಕ್ಸ್ – Kannada" lang="kn" hreflang="kn" data-title="ಗೋಲ್ಡ್ಮನ್ ಸ್ಯಾಕ್ಸ್" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Latvian" lang="lv" hreflang="lv" data-title="Goldman Sachs" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Lithuanian" lang="lt" hreflang="lt" data-title="Goldman Sachs" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Hungarian" lang="hu" hreflang="hu" data-title="Goldman Sachs" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%97%E0%A5%8B%E0%A4%B2%E0%A5%8D%E0%A4%A1%E0%A4%AE%E0%A4%A8_%E0%A4%B8%E0%A5%85%E0%A4%95%E0%A5%8D%E0%A4%B8" title="गोल्डमन सॅक्स – Marathi" lang="mr" hreflang="mr" data-title="गोल्डमन सॅक्स" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Malay" lang="ms" hreflang="ms" data-title="Goldman Sachs" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%93%D0%BE%D0%BB%D0%B4%D0%BC%D0%B0%D0%BD_%D0%A1%D0%B0%D0%BA%D1%81" title="Голдман Сакс – Mongolian" lang="mn" hreflang="mn" data-title="Голдман Сакс" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Dutch" lang="nl" hreflang="nl" data-title="Goldman Sachs" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%B4%E3%83%BC%E3%83%AB%E3%83%89%E3%83%9E%E3%83%B3%E3%83%BB%E3%82%B5%E3%83%83%E3%82%AF%E3%82%B9" title="ゴールドマン・サックス – Japanese" lang="ja" hreflang="ja" data-title="ゴールドマン・サックス" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Goldman Sachs" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Occitan" lang="oc" hreflang="oc" data-title="Goldman Sachs" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%97%E0%A9%8B%E0%A8%B2%E0%A8%A1%E0%A8%AE%E0%A9%88%E0%A8%A8_%E0%A8%B8%E0%A8%BE%E0%A8%95%E0%A8%B8" title="ਗੋਲਡਮੈਨ ਸਾਕਸ – Punjabi" lang="pa" hreflang="pa" data-title="ਗੋਲਡਮੈਨ ਸਾਕਸ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Polish" lang="pl" hreflang="pl" data-title="Goldman Sachs" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Portuguese" lang="pt" hreflang="pt" data-title="Goldman Sachs" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Romanian" lang="ro" hreflang="ro" data-title="Goldman Sachs" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Russian" lang="ru" hreflang="ru" data-title="Goldman Sachs" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Albanian" lang="sq" hreflang="sq" data-title="Goldman Sachs" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Simple English" lang="en-simple" hreflang="en-simple" data-title="Goldman Sachs" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Slovak" lang="sk" hreflang="sk" data-title="Goldman Sachs" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Serbian" lang="sr" hreflang="sr" data-title="Goldman Sachs" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Finnish" lang="fi" hreflang="fi" data-title="Goldman Sachs" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Swedish" lang="sv" hreflang="sv" data-title="Goldman Sachs" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%95%E0%AF%8B%E0%AE%B2%E0%AF%8D%E0%AE%9F%E0%AF%8D%E0%AE%AE%E0%AF%87%E0%AE%A9%E0%AF%8D_%E0%AE%9A%E0%AE%BE%E0%AE%95%E0%AF%8D%E0%AE%B8%E0%AF%8D" title="கோல்ட்மேன் சாக்ஸ் – Tamil" lang="ta" hreflang="ta" data-title="கோல்ட்மேன் சாக்ஸ்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Turkish" lang="tr" hreflang="tr" data-title="Goldman Sachs" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Ukrainian" lang="uk" hreflang="uk" data-title="Goldman Sachs" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%DA%AF%D9%88%D9%84%DA%88%D9%85%D9%86_%D8%B3%DB%8C%DA%A9%D8%B3" title="گولڈمن سیکس – Urdu" lang="ur" hreflang="ur" data-title="گولڈمن سیکس" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Vietnamese" lang="vi" hreflang="vi" data-title="Goldman Sachs" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs – Waray" lang="war" hreflang="war" data-title="Goldman Sachs" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%AB%98%E7%9B%9B" title="高盛 – Cantonese" lang="yue" hreflang="yue" data-title="高盛" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%AB%98%E7%9B%9B" title="高盛 – Chinese" lang="zh" hreflang="zh" data-title="高盛" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q193326#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> 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searchaux" style="display:none">American investment bank</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">The Goldman Sachs Group, Inc.</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Goldman_Sachs_logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Goldman_Sachs_logo.svg/220px-Goldman_Sachs_logo.svg.png" decoding="async" width="220" height="92" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Goldman_Sachs_logo.svg/330px-Goldman_Sachs_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Goldman_Sachs_logo.svg/440px-Goldman_Sachs_logo.svg.png 2x" data-file-width="86" data-file-height="36" /></a></span></td></tr><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:GoldmanSachsHeadquarters.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/GoldmanSachsHeadquarters.JPG/220px-GoldmanSachsHeadquarters.JPG" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/GoldmanSachsHeadquarters.JPG/330px-GoldmanSachsHeadquarters.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/GoldmanSachsHeadquarters.JPG/440px-GoldmanSachsHeadquarters.JPG 2x" data-file-width="1536" data-file-height="2048" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Public_company" title="Public company">Public</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Ticker_symbol" title="Ticker symbol">Traded as</a></div></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li><a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>:&#160;<a rel="nofollow" class="external text" href="https://www.nyse.com/quote/XNYS:GS">GS</a></li><li><a href="/wiki/DJIA" class="mw-redirect" title="DJIA">DJIA</a> component</li><li><a href="/wiki/S%26P_100" title="S&amp;P 100">S&amp;P 100</a> component</li><li><a href="/wiki/S%26P_500" title="S&amp;P 500">S&amp;P 500</a> component</li></ul></div></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/International_Securities_Identification_Number" title="International Securities Identification Number">ISIN</a></th><td class="infobox-data"><span class="plainlinks"><a class="external text" href="https://isin.toolforge.org/?language=en&amp;isin=US38141G1040">US38141G1040</a></span></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Financial_services" title="Financial services">Financial services</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1869<span class="noprint">&#59;&#32;155&#160;years ago</span><span style="display:none">&#160;(<span class="bday dtstart published updated">1869</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Founders</th><td class="infobox-data agent"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li><a href="/wiki/Marcus_Goldman" title="Marcus Goldman">Marcus Goldman</a></li><li><a href="/wiki/Samuel_Sachs" title="Samuel Sachs">Samuel Sachs</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"><a href="/wiki/200_West_Street" title="200 West Street">200 West Street</a>, <div class="ib-company-locality locality"><a href="/wiki/New_York_City" title="New York City">New York City</a>, New York</div>, <div class="ib-company-country country-name">U.S.</div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Area served</div></th><td class="infobox-data">Worldwide</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li><a href="/wiki/David_M._Solomon" title="David M. Solomon">David M. Solomon</a> (Chairman and <a href="/wiki/CEO" class="mw-redirect" title="CEO">CEO</a>)</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li><li><a href="/wiki/Global_markets" class="mw-redirect" title="Global markets">Global markets</a></li><li><a href="/wiki/Asset_management" title="Asset management">Asset management</a></li><li><a href="/wiki/Wealth_management" title="Wealth management">Wealth management</a></li><li><a href="/wiki/Risk_management" title="Risk management">Risk management</a></li><li><a href="/wiki/Direct_bank" title="Direct bank">Direct bank</a></li><li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual funds</a></li><li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded funds</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data"><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> <span style="white-space: nowrap"><a href="/wiki/United_States_dollar" title="United States dollar">US$</a>46.25&#160;billion</span> (2023)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Operating income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> <span style="white-space: nowrap">US$10.74 billion</span> (2023)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Net_income" title="Net income">Net income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> <span style="white-space: nowrap">US$8.52 billion</span> (2023)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> <span style="white-space: nowrap">US$2.81 trillion</span> (2023)</td></tr><tr><th scope="row" class="infobox-label"><span class="nowrap"><a href="/wiki/Asset" title="Asset">Total assets</a></span></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> <span style="white-space: nowrap">US$1.64 trillion</span> (2023)</td></tr><tr><th scope="row" class="infobox-label"><span class="nowrap"><a href="/wiki/Equity_(finance)" title="Equity (finance)">Total equity</a></span></th><td class="infobox-data"><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> <span style="white-space: nowrap">US$117 billion</span> (2023)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">45,300 (2023)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiaries</a></th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li><a href="/wiki/Goldman_Sachs_Capital_Partners" title="Goldman Sachs Capital Partners">Goldman Sachs Capital Partners</a></li><li><a href="/wiki/Goldman_Sachs_Personal_Financial_Management" title="Goldman Sachs Personal Financial Management">Goldman Sachs Personal Financial Management</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Basel_III" title="Basel III">Capital ratio</a></th><td class="infobox-data"><a href="/wiki/Tier_1_capital" title="Tier 1 capital">Tier 1</a> 15.0% (2022; Basel III Advanced)</td></tr><tr><th scope="row" class="infobox-label">Rating</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li><a href="/wiki/Standard_%26_Poor%27s" class="mw-redirect" title="Standard &amp; Poor&#39;s">Standard &amp; Poor's</a>: BBB+</li><li><a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody&#39;s Investors Service">Moody's</a>: A2</li><li><a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch Ratings</a>: A</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/">www<wbr />.goldmansachs<wbr />.com</a></span></td></tr><tr><td colspan="2" class="infobox-below"><b>Footnotes&#160;/&#32;references</b><br /><sup id="cite_ref-AR_1-0" class="reference"><a href="#cite_note-AR-1"><span class="cite-bracket">&#91;</span>1<span class="cite-bracket">&#93;</span></a></sup></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:308px;max-width:308px"><div class="trow"><div class="theader">Major Goldman Sachs offices</div></div><div class="trow"><div class="tsingle" style="width:152px;max-width:152px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:30hudson.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/30hudson.jpg/150px-30hudson.jpg" decoding="async" width="150" height="198" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/30hudson.jpg/225px-30hudson.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/30hudson.jpg/300px-30hudson.jpg 2x" data-file-width="1117" data-file-height="1475" /></a></span></div><div class="thumbcaption"><a href="/wiki/30_Hudson_Street" title="30 Hudson Street">30 Hudson Street</a> in <a href="/wiki/Jersey_City,_New_Jersey" title="Jersey City, New Jersey">Jersey City, New Jersey</a>, U.S.</div></div><div class="tsingle" style="width:152px;max-width:152px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Slc_222_south_main.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Slc_222_south_main.jpg/150px-Slc_222_south_main.jpg" decoding="async" width="150" height="225" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Slc_222_south_main.jpg/225px-Slc_222_south_main.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Slc_222_south_main.jpg/300px-Slc_222_south_main.jpg 2x" data-file-width="3744" data-file-height="5616" /></a></span></div><div class="thumbcaption"><a href="/wiki/222_Main" title="222 Main">222 Main</a>, <a href="/wiki/Salt_Lake_City" title="Salt Lake City">Salt Lake City</a>, Utah, U.S.</div></div></div></div></div> <p><b>The Goldman Sachs Group, Inc.</b> (<span class="rt-commentedText nowrap"><span class="IPA nopopups noexcerpt" lang="en-fonipa"><a href="/wiki/Help:IPA/English" title="Help:IPA/English">/<span style="border-bottom:1px dotted"><span title="&#39;s&#39; in &#39;sigh&#39;">s</span><span title="/æ/: &#39;a&#39; in &#39;bad&#39;">æ</span><span title="&#39;k&#39; in &#39;kind&#39;">k</span><span title="&#39;s&#39; in &#39;sigh&#39;">s</span></span>/</a></span></span> <a href="/wiki/Help:Pronunciation_respelling_key" title="Help:Pronunciation respelling key"><i title="English pronunciation respelling"><span style="font-size:90%">SAKS</span></i></a>) is an American multinational <a href="/wiki/Investment_banking" title="Investment banking">investment bank</a> and <a href="/wiki/Financial_services" title="Financial services">financial services</a> company. Founded in 1869, Goldman Sachs is headquartered in <a href="/wiki/Lower_Manhattan" title="Lower Manhattan">Lower Manhattan</a> in <a href="/wiki/New_York_City" title="New York City">New York City</a>, with regional <a href="/wiki/Headquarters" title="Headquarters">headquarters</a> in many international financial centers.<sup id="cite_ref-AR_1-1" class="reference"><a href="#cite_note-AR-1"><span class="cite-bracket">&#91;</span>1<span class="cite-bracket">&#93;</span></a></sup> Goldman Sachs is the <a href="/wiki/List_of_investment_banks" title="List of investment banks">second-largest investment bank</a> in the world by revenue<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">&#91;</span>2<span class="cite-bracket">&#93;</span></a></sup> and is ranked 55th on the <a href="/wiki/Fortune_500" title="Fortune 500"><i>Fortune</i> 500</a> list of the largest United States corporations by total revenue.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">&#91;</span>3<span class="cite-bracket">&#93;</span></a></sup> In the <a href="/wiki/Forbes_Global_2000" title="Forbes Global 2000">Forbes Global 2000</a> of 2024, Goldman Sachs ranked 23rd.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">&#91;</span>4<span class="cite-bracket">&#93;</span></a></sup> It is considered a <a href="/wiki/Systemically_important_financial_institution" title="Systemically important financial institution">systemically important financial institution</a> by the <a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a>. </p><p>Goldman Sachs offers services in <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a> (advisory for <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> and <a href="/wiki/Restructuring" title="Restructuring">restructuring</a>), <a href="/wiki/Securities_underwriting" class="mw-redirect" title="Securities underwriting">securities underwriting</a>, <a href="/wiki/Prime_brokerage" title="Prime brokerage">prime brokerage</a>, <a href="/wiki/Asset_management" title="Asset management">asset management</a> as well as <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a> and <a href="/wiki/Investment_management" title="Investment management">investment management</a> via <a href="/wiki/Goldman_Sachs_Personal_Financial_Management" title="Goldman Sachs Personal Financial Management">Goldman Sachs Personal Financial Management</a>. It is a <a href="/wiki/Market_maker" title="Market maker">market maker</a> for many types of financial products and provides <a href="/wiki/Clearing_(finance)" title="Clearing (finance)">clearing</a> and <a href="/wiki/Custodian_bank" title="Custodian bank">custodian bank</a> services. It operates <a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">private-equity funds</a> and <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>. It structures complex and tailor-made financial products. It also owns Goldman Sachs Bank USA, a <a href="/wiki/Direct_bank" title="Direct bank">direct bank</a>. It trades both on behalf of its clients (<a href="/wiki/Flow_trading" title="Flow trading">flow trading</a>) and for its own account (<a href="/wiki/Proprietary_trading" title="Proprietary trading">proprietary trading</a>). The company invests in and arranges financing for startups, and in many cases gets additional business as <a href="/wiki/Bookrunner" title="Bookrunner">bookrunner</a> when the companies launch <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offerings</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">&#91;</span>5<span class="cite-bracket">&#93;</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Founding_and_establishment">Founding and establishment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=2" title="Edit section: Founding and establishment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237032888/mw-parser-output/.tmulti"><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:204px;max-width:204px"><div class="trow"><div class="tsingle" style="width:202px;max-width:202px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Goldman_Sachs.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Goldman_Sachs.svg/200px-Goldman_Sachs.svg.png" decoding="async" width="200" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Goldman_Sachs.svg/300px-Goldman_Sachs.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/61/Goldman_Sachs.svg/400px-Goldman_Sachs.svg.png 2x" data-file-width="64" data-file-height="64" /></a></span></div><div class="thumbcaption">Second Goldman Sachs logo (1999–2020)</div></div></div><div class="trow"><div class="tsingle" style="width:202px;max-width:202px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Goldman_Sachs_2022_Black.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Goldman_Sachs_2022_Black.svg/200px-Goldman_Sachs_2022_Black.svg.png" decoding="async" width="200" height="88" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Goldman_Sachs_2022_Black.svg/300px-Goldman_Sachs_2022_Black.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Goldman_Sachs_2022_Black.svg/400px-Goldman_Sachs_2022_Black.svg.png 2x" data-file-width="193" data-file-height="85" /></a></span></div><div class="thumbcaption">Third Goldman Sachs logo (2020–2024)</div></div></div></div></div> <p>In 1869, Goldman Sachs was founded by <a href="/wiki/Marcus_Goldman" title="Marcus Goldman">Marcus Goldman</a> in New York City in a one-room basement office next to a coal chute.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">&#91;</span>6<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">&#91;</span>8<span class="cite-bracket">&#93;</span></a></sup> In 1882, Goldman's son-in-law <a href="/wiki/Samuel_Sachs" title="Samuel Sachs">Samuel Sachs</a> joined the firm.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">&#91;</span>10<span class="cite-bracket">&#93;</span></a></sup> In 1885, Goldman's son, <a href="/wiki/Henry_Goldman" title="Henry Goldman">Henry Goldman</a>, and his son-in-law, Ludwig Dreyfuss, joined the business and the firm adopted its present name, Goldman Sachs &amp; Co.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">&#91;</span>11<span class="cite-bracket">&#93;</span></a></sup> The company pioneered the use of <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a> for entrepreneurs and joined the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (NYSE) in 1896.<sup id="cite_ref-Cohan2012_12-0" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> By 1898, the firm's capital stood at $1.6&#160;million.<sup id="cite_ref-Cohan2012_12-1" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> It opened offices in Boston and Chicago in 1900, San Francisco in 1918, and Philadelphia and St. Louis in 1920.<sup id="cite_ref-brief_13-0" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup> </p><p>Goldman entered the <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> market in 1906 when it took <a href="/wiki/Sears,_Roebuck_and_Company" class="mw-redirect" title="Sears, Roebuck and Company">Sears, Roebuck and Company</a> public.<sup id="cite_ref-Cohan2012_12-2" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> The deal was facilitated by Henry Goldman's personal friendship with <a href="/wiki/Julius_Rosenwald" title="Julius Rosenwald">Julius Rosenwald</a>, an owner of Sears.<sup id="cite_ref-Cohan2012_12-3" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> Other underwriting work for initial public offerings followed, including those of <a href="/wiki/General_Cigar_Company" title="General Cigar Company">General Cigar Company</a> also in 1906, <a href="/wiki/F._W._Woolworth_Company" title="F. W. Woolworth Company">F. W. Woolworth Company</a> in 1912, and <a href="/wiki/Continental_Can" class="mw-redirect" title="Continental Can">Continental Can</a>.<sup id="cite_ref-brief_13-1" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Cohan2012_12-4" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> The firm was an innovator at establishing the <a href="/wiki/Price%E2%80%93earnings_ratio" title="Price–earnings ratio">price–earnings ratio</a>, instead of <a href="/wiki/Book_value" title="Book value">book value</a>, as a method for valuing companies, and was therefore able to raise funds for retailers and companies with few hard assets.<sup id="cite_ref-brief_13-2" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 1912, Henry S. Bowers became the first non-member of the founding family to become a partner of the company and share in its profits.<sup id="cite_ref-Cohan2012_12-5" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned.<sup id="cite_ref-Cohan2012_12-6" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> The Sachs family gained full control of the firm until <a href="/wiki/Waddill_Catchings" title="Waddill Catchings">Waddill Catchings</a> joined the company in 1918.<sup id="cite_ref-Cohan2012_12-7" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> By 1928, Catchings was the Goldman partner with the single largest stake in the firm.<sup id="cite_ref-Cohan2012_12-8" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> In 1919, the company acquired a major interest in <a href="/wiki/Merck_%26_Co." title="Merck &amp; Co.">Merck &amp; Co.</a> and in 1922, it acquired a major interest in <a href="/wiki/General_Foods" title="General Foods">General Foods</a>.<sup id="cite_ref-brief_13-3" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup> On December 4, 1928, the firm launched the Goldman Sachs Trading Corp.Ad, a <a href="/wiki/Closed-end_fund" title="Closed-end fund">closed-end fund</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">&#91;</span>14<span class="cite-bracket">&#93;</span></a></sup> The fund failed during the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>, amid accusations that Goldman had engaged in share price manipulation and <a href="/wiki/Insider_trading" title="Insider trading">insider trading</a>.<sup id="cite_ref-Cohan2012_12-9" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1930–1980"><span id="1930.E2.80.931980"></span>1930–1980</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=3" title="Edit section: 1930–1980"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1930, during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, the firm ousted Catchings, and <a href="/wiki/Sidney_Weinberg" title="Sidney Weinberg">Sidney Weinberg</a> assumed the role of senior partner. Weinberg shifted Goldman's focus away from trading and toward <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a>.<sup id="cite_ref-Cohan2012_12-10" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> His actions helped to restore some of Goldman's tarnished reputation. Under Weinberg's leadership, Goldman was the lead advisor on the $657&#160;million <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> of <a href="/wiki/Ford_Motor_Company" title="Ford Motor Company">Ford Motor Company</a> in 1956, a major victory at the time, as well as the $350&#160;million debenture offering by Sears Roebuck in 1958.<sup id="cite_ref-brief_13-4" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup> Under Weinberg's leadership, the firm started an investment research division and a <a href="/wiki/Municipal_bond" title="Municipal bond">municipal bond</a> department, and it became an early innovator in <a href="/wiki/Risk_arbitrage" title="Risk arbitrage">risk arbitrage</a>.<sup id="cite_ref-Cohan2012_12-11" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> </p><p>In the 1950s, <a href="/wiki/Gus_Levy" title="Gus Levy">Gus Levy</a> joined the firm as a securities trader, where two powers fought for supremacy, one from investment banking and one from securities trading. Levy was a pioneer in <a href="/wiki/Block_trade" title="Block trade">block trading</a> and the firm established this trend under his guidance. Due to Weinberg's heavy influence, the firm formed an investment banking division in 1956 in an attempt to shift focus off Weinberg.<sup id="cite_ref-Cohan2012_12-12" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> In 1957, the company's headquarters were relocated to 20 <a href="/wiki/Broad_Street_(Manhattan)" title="Broad Street (Manhattan)">Broad Street</a>, New York City.<sup id="cite_ref-Cohan2012_12-13" class="reference"><a href="#cite_note-Cohan2012-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 1969, Levy took over Weinberg's role as Senior Partner and built Goldman's trading franchise once again.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">&#91;</span>15<span class="cite-bracket">&#93;</span></a></sup> Levy is credited with Goldman's famous philosophy of being "long-term greedy," which implied that as long as money is made over the long term, short-term losses are bearable. At the same time, partners reinvested nearly all of their earnings in the firm.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">&#91;</span>16<span class="cite-bracket">&#93;</span></a></sup> Weinberg remained a senior partner of the firm and died in July of that year.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">&#91;</span>17<span class="cite-bracket">&#93;</span></a></sup> </p><p>Another financial crisis for the firm occurred in 1970, when the <a href="/wiki/Penn_Central_Transportation_Company" title="Penn Central Transportation Company">Penn Central Transportation Company</a> went bankrupt with over $80&#160;million (~$484&#160;million in 2023) in <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a> outstanding, most of it issued through Goldman Sachs. The bankruptcy was large, and the resulting lawsuits, notably by the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">SEC</a>, threatened the partnership capital, survival, and reputation of the firm.<sup id="cite_ref-cohan_wpost2012_18-0" class="reference"><a href="#cite_note-cohan_wpost2012-18"><span class="cite-bracket">&#91;</span>18<span class="cite-bracket">&#93;</span></a></sup> It was this bankruptcy that resulted in <a href="/wiki/Credit_rating" title="Credit rating">credit ratings</a> for every issuer of commercial paper today by several credit rating services.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">&#91;</span>19<span class="cite-bracket">&#93;</span></a></sup> </p><p>Under the direction of Senior Partner Stanley R. Miller, the firm opened its first international office in London in 1970 and created a <a href="/wiki/Private_Wealth_Management" class="mw-redirect" title="Private Wealth Management">Private Wealth Management</a> division along with a <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> division in 1972.<sup id="cite_ref-brief_13-5" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">&#91;</span>20<span class="cite-bracket">&#93;</span></a></sup> It pioneered the "<a href="/wiki/White_knight_(business)" title="White knight (business)">white knight</a>" strategy in 1974 during its attempts to defend Electric Storage Battery against a <a href="/wiki/Hostile_takeover" class="mw-redirect" title="Hostile takeover">hostile takeover</a> bid from International Nickel and Goldman's rival, <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">&#91;</span>21<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/John_Weinberg" class="mw-redirect" title="John Weinberg">John Weinberg</a>, the son of Sidney Weinberg, and <a href="/wiki/John_C._Whitehead" title="John C. Whitehead">John C. Whitehead</a> assumed the roles of co-senior partners in 1976, once again emphasizing the co-leadership at the firm. One of their initiatives was the establishment of 14 business principles.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">&#91;</span>22<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1981–2000"><span id="1981.E2.80.932000"></span>1981–2000</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=4" title="Edit section: 1981–2000"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On November 16, 1981, the firm acquired J. Aron &amp; Company, a <a href="/wiki/Commodities_trading" class="mw-redirect" title="Commodities trading">commodities trading</a> firm that merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">&#91;</span>23<span class="cite-bracket">&#93;</span></a></sup> J. Aron was involved in the coffee and gold markets, and the former CEO of Goldman, <a href="/wiki/Lloyd_Blankfein" title="Lloyd Blankfein">Lloyd Blankfein</a>, joined the firm as a result of this merger.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">&#91;</span>24<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 1983, the firm moved into a newly constructed global headquarters at 85 Broad Street and occupied that building until it moved to its current headquarters in 2009.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">&#91;</span>25<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">&#91;</span>26<span class="cite-bracket">&#93;</span></a></sup> In 1985, it underwrote the public offering of the <a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">real estate investment trust</a> that owned <a href="/wiki/Rockefeller_Center" title="Rockefeller Center">Rockefeller Center</a>, then the largest <a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">REIT</a> offering in history.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">&#91;</span>27<span class="cite-bracket">&#93;</span></a></sup> In accordance with the beginning of the <a href="/wiki/Dissolution_of_the_Soviet_Union" title="Dissolution of the Soviet Union">dissolution of the Soviet Union</a>, the firm also became involved in facilitating the global privatization movement by advising companies that were spinning off from their parent governments.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">&#91;</span>28<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>.<sup id="cite_ref-humbled_29-0" class="reference"><a href="#cite_note-humbled-29"><span class="cite-bracket">&#91;</span>29<span class="cite-bracket">&#93;</span></a></sup> In the same year, the firm also underwrote the IPO of <a href="/wiki/Microsoft" title="Microsoft">Microsoft</a>, advised <a href="/wiki/General_Electric" title="General Electric">General Electric</a> on its acquisition of <a href="/wiki/RCA" title="RCA">RCA</a>,<sup id="cite_ref-humbled_29-1" class="reference"><a href="#cite_note-humbled-29"><span class="cite-bracket">&#91;</span>29<span class="cite-bracket">&#93;</span></a></sup> and joined the <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London</a> and <a href="/wiki/Tokyo_stock_exchange" class="mw-redirect" title="Tokyo stock exchange">Tokyo stock exchanges</a>, where its <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> grew.<sup id="cite_ref-brief_13-6" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup> During the 1980s, the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount <a href="/wiki/Bond_(finance)" title="Bond (finance)">bond</a>.<sup id="cite_ref-humbled_29-2" class="reference"><a href="#cite_note-humbled-29"><span class="cite-bracket">&#91;</span>29<span class="cite-bracket">&#93;</span></a></sup> In 1988, it helped the <a href="/wiki/State_Bank_of_India" title="State Bank of India">State Bank of India</a> obtain a credit rating and issue US$200&#160;million in the US commercial paper market.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">&#91;</span>30<span class="cite-bracket">&#93;</span></a></sup> </p><p><a href="/wiki/Robert_Rubin" title="Robert Rubin">Robert Rubin</a> and <a href="/wiki/Stephen_Friedman_(PFIAB)" class="mw-redirect" title="Stephen Friedman (PFIAB)">Stephen Friedman</a> assumed the co-senior partnership in 1990 and pledged to focus on globalization of the firm to strengthen the merger &amp; acquisition and trading business lines.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">&#91;</span>31<span class="cite-bracket">&#93;</span></a></sup> In 1990, the firm introduced paperless trading to the New York Stock Exchange.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">&#91;</span>32<span class="cite-bracket">&#93;</span></a></sup> Rubin left the firm in 1992 to work in the <a href="/wiki/Presidency_of_Bill_Clinton" title="Presidency of Bill Clinton">Presidency of Bill Clinton</a>.<sup id="cite_ref-brief_13-7" class="reference"><a href="#cite_note-brief-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup> In 1994, the company launched the <a href="/wiki/Goldman_Sachs_Commodity_Index" class="mw-redirect" title="Goldman Sachs Commodity Index">Goldman Sachs Commodity Index</a> (GSCI) and opened its first office in China in <a href="/wiki/Beijing" title="Beijing">Beijing</a>.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">&#91;</span>33<span class="cite-bracket">&#93;</span></a></sup> That same year, <a href="/wiki/Jon_Corzine" title="Jon Corzine">Jon Corzine</a> became CEO, following the retirement of Friedman as general partner.<sup id="cite_ref-NewYorkTimes1994September14RamirezAnthony_34-0" class="reference"><a href="#cite_note-NewYorkTimes1994September14RamirezAnthony-34"><span class="cite-bracket">&#91;</span>34<span class="cite-bracket">&#93;</span></a></sup> </p><p>Rubin had drawn criticism in Congress for using a Treasury Department account under his personal control to distribute $20 billion to bail out Mexican bonds, of which Goldman was a key distributor.<sup id="cite_ref-NewYorkTimes1995March2BradsherKeith_35-0" class="reference"><a href="#cite_note-NewYorkTimes1995March2BradsherKeith-35"><span class="cite-bracket">&#91;</span>35<span class="cite-bracket">&#93;</span></a></sup> On November 22, 1994, the Mexican Bolsa stock market admitted Goldman Sachs and one other firm to operate on that market.<sup id="cite_ref-NewYorkTimes1994November22_36-0" class="reference"><a href="#cite_note-NewYorkTimes1994November22-36"><span class="cite-bracket">&#91;</span>36<span class="cite-bracket">&#93;</span></a></sup> In 1994, the <a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> threatened to wipe out the value of Mexico's bonds held by Goldman Sachs.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">&#91;</span>37<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 1994, Goldman financed <a href="/wiki/Rockefeller_Center" title="Rockefeller Center">Rockefeller Center</a> in a deal that allowed it to take an ownership interest<sup id="cite_ref-NewYorkTimes1994November18HansellSaul_38-0" class="reference"><a href="#cite_note-NewYorkTimes1994November18HansellSaul-38"><span class="cite-bracket">&#91;</span>38<span class="cite-bracket">&#93;</span></a></sup> in 1996, and sold <a href="/wiki/Rockefeller_Center" title="Rockefeller Center">Rockefeller Center</a> to <a href="/wiki/Tishman_Speyer" title="Tishman Speyer">Tishman Speyer</a> in 2000.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">&#91;</span>39<span class="cite-bracket">&#93;</span></a></sup> In April 1996, Goldman was the lead underwriter of the <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> of <a href="/wiki/Yahoo!" class="mw-redirect" title="Yahoo!">Yahoo!</a>.<sup id="cite_ref-NewYorkTimes1996April6_40-0" class="reference"><a href="#cite_note-NewYorkTimes1996April6-40"><span class="cite-bracket">&#91;</span>40<span class="cite-bracket">&#93;</span></a></sup> In 1998, it was the co-lead manager of the ¥2&#160;trillion (yen) <a href="/wiki/NTT_DoCoMo" class="mw-redirect" title="NTT DoCoMo">NTT DoCoMo</a> IPO.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">&#91;</span>41<span class="cite-bracket">&#93;</span></a></sup> In 1999, Goldman acquired <a href="/wiki/Hull_Trading_Company" title="Hull Trading Company">Hull Trading Company</a> for $531&#160;million (~$913&#160;million in 2023),<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">&#91;</span>42<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-NewYorkTimes1999July13KahnJoseph_43-0" class="reference"><a href="#cite_note-NewYorkTimes1999July13KahnJoseph-43"><span class="cite-bracket">&#91;</span>43<span class="cite-bracket">&#93;</span></a></sup> as part of its shift towards <a href="/wiki/Electronic_trading" title="Electronic trading">electronic trading</a>.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">&#91;</span>44<span class="cite-bracket">&#93;</span></a></sup> After decades of debate among the partners, the company became a <a href="/wiki/Public_company" title="Public company">public company</a> via an <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> in May 1999.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">&#91;</span>45<span class="cite-bracket">&#93;</span></a></sup> Goldman sold 12.6% of the company to the public, and after the IPO, 48.3% of the company was held by 221 former partners, 21.2% of the company was held by non-partner employees, and the remaining 17.9% was held by retired Goldman partners and two long-time investors, <a href="/wiki/Sumitomo_Bank_Ltd." class="mw-redirect" title="Sumitomo Bank Ltd.">Sumitomo Bank Ltd.</a> and Assn, the investing arm of <a href="/wiki/Kamehameha_Schools" title="Kamehameha Schools">Kamehameha Schools</a>.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">&#91;</span>46<span class="cite-bracket">&#93;</span></a></sup> The shares were priced at $53 each at listing. After the IPO, <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> became chairman and chief executive officer, succeeding Jon Corzine.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">&#91;</span>47<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2000–2007"><span id="2000.E2.80.932007"></span>2000–2007</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=5" title="Edit section: 2000–2007"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In September 2000, Goldman Sachs purchased Spear, Leeds, &amp; Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $6.3 billion (~$10.6&#160;billion in 2023).<sup id="cite_ref-NewYorkTimes2000September12McGeehanPatrick_48-0" class="reference"><a href="#cite_note-NewYorkTimes2000September12McGeehanPatrick-48"><span class="cite-bracket">&#91;</span>48<span class="cite-bracket">&#93;</span></a></sup> </p><p>In January 2000, Goldman, along with <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a>, was the lead manager for the first internet bond offering for the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>.<sup id="cite_ref-:2_49-0" class="reference"><a href="#cite_note-:2-49"><span class="cite-bracket">&#91;</span>49<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2000, Goldman Sachs advised Jim and Janet Baker on the sale of <a href="/wiki/Dragon_NaturallySpeaking" title="Dragon NaturallySpeaking">Dragon NaturallySpeaking</a> to <a href="/wiki/Lernout_%26_Hauspie" title="Lernout &amp; Hauspie">Lernout &amp; Hauspie</a> of Belgium for $580 million in L&amp;H stock. L&amp;H later collapsed due to accounting fraud and its stock price declined significantly. The Bakers filed a lawsuit against Goldman Sachs, alleging negligence, intentional and negligent misrepresentation, and breach of fiduciary duty since Goldman did not uncover and warn Dragon or the Bakers of the accounting problems of the acquirer, L&amp;H. Lawyers for Goldman said it was not Goldman's job to uncover the accounting fraud. On January 23, 2013, a federal jury rejected the Bakers' claims and found Goldman Sachs not liable to the Bakers, instead siding with Goldman in counterclaims.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">&#91;</span>50<span class="cite-bracket">&#93;</span></a></sup> </p><p>In March 2003, the firm took a 45% stake in a joint venture with <a href="/wiki/JBWere" title="JBWere">JBWere</a>, the Australian investment bank.<sup id="cite_ref-:2_49-1" class="reference"><a href="#cite_note-:2-49"><span class="cite-bracket">&#91;</span>49<span class="cite-bracket">&#93;</span></a></sup> In April 2003, Goldman acquired The Ayco Company L.P., a fee-based financial counseling service.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">&#91;</span>51<span class="cite-bracket">&#93;</span></a></sup> In October 2003, in its Global Economics Paper No. 99 (Dreaming With BRICs: The Path to 2050), researchers at Goldman Sachs led by <a href="/wiki/Jim_O%27Neill,_Baron_O%27Neill_of_Gatley" title="Jim O&#39;Neill, Baron O&#39;Neill of Gatley">Jim O'Neill, Baron O'Neill of Gatley</a> introduced the <a href="/wiki/BRIC" title="BRIC">BRIC</a> concept, identifying the <a href="/wiki/Developing_countries" class="mw-redirect" title="Developing countries">developing countries</a> of <a href="/wiki/Brazil" title="Brazil">Brazil</a>, <a href="/wiki/Russia" title="Russia">Russia</a>, <a href="/wiki/India" title="India">India</a>, and <a href="/wiki/China" title="China">China</a>, as rising <a href="/wiki/Economic_power" title="Economic power">economic powers</a>.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">&#91;</span>52<span class="cite-bracket">&#93;</span></a></sup> In May 2006, Paulson left the firm to serve as <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">United States Secretary of the Treasury</a>, and <a href="/wiki/Lloyd_Blankfein" title="Lloyd Blankfein">Lloyd Blankfein</a> was promoted to chairman and chief executive officer.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">&#91;</span>53<span class="cite-bracket">&#93;</span></a></sup> In January 2007, Goldman, along with <a href="/wiki/CanWest_Global_Communications" class="mw-redirect" title="CanWest Global Communications">CanWest Global Communications</a>, acquired <a href="/wiki/Alliance_Atlantis" title="Alliance Atlantis">Alliance Atlantis</a>, the company with the broadcast rights to the <a href="/wiki/CSI_(franchise)" title="CSI (franchise)">CSI franchise</a>.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">&#91;</span>54<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Subprime_mortgage_crisis:_2007–2008"><span id="Subprime_mortgage_crisis:_2007.E2.80.932008"></span>Subprime mortgage crisis: 2007–2008</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=6" title="Edit section: Subprime mortgage crisis: 2007–2008"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As a result of its involvement in securitization during the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>, Goldman Sachs suffered during the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>,<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">&#91;</span>55<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">&#91;</span>56<span class="cite-bracket">&#93;</span></a></sup> and it received a $10&#160;billion investment from the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a> as part of the <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a>, a financial <a href="/wiki/Bailout" title="Bailout">bailout</a> created by the <a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a>. The investment was made in November 2008 and was repaid with <a href="/wiki/Interest" title="Interest">interest</a> in June 2009.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">&#91;</span>57<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">&#91;</span>58<span class="cite-bracket">&#93;</span></a></sup> </p><p>During the 2007 <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>, Goldman profited from the collapse in subprime mortgage bonds in summer 2007 by <a href="/wiki/Short_(finance)" title="Short (finance)">short-selling</a> subprime <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</a>. Two Goldman traders, Michael Swenson and <a href="/wiki/Josh_Birnbaum" title="Josh Birnbaum">Josh Birnbaum</a>, are credited with being responsible for the firm's large profits during the crisis.<sup id="cite_ref-FinancialTimes2010December10AllowayTracy_59-0" class="reference"><a href="#cite_note-FinancialTimes2010December10AllowayTracy-59"><span class="cite-bracket">&#91;</span>59<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">&#91;</span>60<span class="cite-bracket">&#93;</span></a></sup> The pair, members of Goldman's <a href="/wiki/Structured_product" title="Structured product">structured products</a> group in <a href="/wiki/New_York_City" title="New York City">New York City</a>, made a profit of $4 billion by "betting" on a collapse in the subprime market and shorting mortgage-related securities. By summer 2007, they persuaded colleagues to see their point of view and convinced skeptical risk management executives.<sup id="cite_ref-autogenerated1_61-0" class="reference"><a href="#cite_note-autogenerated1-61"><span class="cite-bracket">&#91;</span>61<span class="cite-bracket">&#93;</span></a></sup> The firm initially avoided large subprime write-downs and achieved a net profit due to significant losses on non-prime <a href="/wiki/Securitization" title="Securitization">securitized</a> loans being offset by gains on short mortgage positions. The firm's viability was called into question as the crisis intensified in September 2008. </p><p>In October 2007, Goldman Sachs was criticized for packaging risky mortgages and selling them to the public as safe investments.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">&#91;</span>62<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2007, former Goldman Sachs trader Matthew Marshall Taylor was fired after hiding an $8.3&#160;billion unauthorized trade involving derivatives on the <a href="/wiki/S%26P_500" title="S&amp;P 500">S&amp;P 500</a> index by making "multiple false entries" into a Goldman trading system, with the objective of protecting his year-end bonus of $1.5 million. The trades cost the company $118 million. In 2013, Taylor plead guilty to charges and was sentenced to 9 months in prison and was ordered to repay the $118&#160;million loss.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">&#91;</span>63<span class="cite-bracket">&#93;</span></a></sup> </p><p>On September 21, 2008, Goldman Sachs and Morgan Stanley, the last two major investment banks in the United States, both confirmed that they would become traditional <a href="/wiki/Bank_holding_company" title="Bank holding company">bank holding companies</a>.<sup id="cite_ref-Reuters2008September21HallJessica_64-0" class="reference"><a href="#cite_note-Reuters2008September21HallJessica-64"><span class="cite-bracket">&#91;</span>64<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">&#91;</span>65<span class="cite-bracket">&#93;</span></a></sup> The Federal Reserve's approval of their bid to become banks ended the business model of an independent securities firm, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> into bankruptcy and led to the rushed sale of <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a> to <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a><sup id="cite_ref-WSJ2008September22HilsenrathJon_66-0" class="reference"><a href="#cite_note-WSJ2008September22HilsenrathJon-66"><span class="cite-bracket">&#91;</span>66<span class="cite-bracket">&#93;</span></a></sup> On September 23, 2008, <a href="/wiki/Berkshire_Hathaway" title="Berkshire Hathaway">Berkshire Hathaway</a> agreed to purchase $5&#160;billion in Goldman's preferred stock, and also received <a href="/wiki/Warrant_(finance)" title="Warrant (finance)">warrants</a> to buy another $5&#160;billion in Goldman's <a href="/wiki/Common_stock" title="Common stock">common stock</a> within five years.<sup id="cite_ref-5billion_67-0" class="reference"><a href="#cite_note-5billion-67"><span class="cite-bracket">&#91;</span>67<span class="cite-bracket">&#93;</span></a></sup> The company also raised $5 billion via a public offering of shares at $123 per share.<sup id="cite_ref-5billion_67-1" class="reference"><a href="#cite_note-5billion-67"><span class="cite-bracket">&#91;</span>67<span class="cite-bracket">&#93;</span></a></sup> Goldman also received a $10 billion <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a> investment from the <a href="/wiki/U.S._Treasury" class="mw-redirect" title="U.S. Treasury">U.S. Treasury</a> in October 2008, as part of the <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a> (TARP).<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">&#91;</span>68<span class="cite-bracket">&#93;</span></a></sup> </p><p><a href="/wiki/Andrew_Cuomo" title="Andrew Cuomo">Andrew Cuomo</a>, then <a href="/wiki/New_York_Attorney_General" class="mw-redirect" title="New York Attorney General">New York Attorney General</a>, questioned Goldman's decision to pay 953 employees bonuses of at least $1 million (~$1.39&#160;million in 2023) each after it received TARP funds in 2008.<sup id="cite_ref-WSJ2009July30GrocerStephen_69-0" class="reference"><a href="#cite_note-WSJ2009July30GrocerStephen-69"><span class="cite-bracket">&#91;</span>69<span class="cite-bracket">&#93;</span></a></sup> In that same period, however, CEO Lloyd Blankfein and six other senior executives opted to forgo bonuses, stating they believed it was the right thing to do, in light of "the fact that we are part of an industry that's directly associated with the ongoing economic distress".<sup id="cite_ref-Reuters2008November16GiannoneJoseph_70-0" class="reference"><a href="#cite_note-Reuters2008November16GiannoneJoseph-70"><span class="cite-bracket">&#91;</span>70<span class="cite-bracket">&#93;</span></a></sup> Cuomo called the move "appropriate and prudent", and urged the executives of other banks to follow the firm's lead and refuse bonus payments.<sup id="cite_ref-Reuters2008November16GiannoneJoseph_70-1" class="reference"><a href="#cite_note-Reuters2008November16GiannoneJoseph-70"><span class="cite-bracket">&#91;</span>70<span class="cite-bracket">&#93;</span></a></sup> In June 2009, Goldman Sachs repaid the U.S. Treasury's TARP investment, with 23% interest (in the form of $318 million in <a href="/wiki/Preferred_stock" title="Preferred stock">preferred dividend</a> payments and $1.418&#160;billion in warrant redemptions).<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">&#91;</span>71<span class="cite-bracket">&#93;</span></a></sup> On March 18, 2011, Goldman Sachs received <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> approval to buy back Berkshire's preferred stock in Goldman.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">&#91;</span>72<span class="cite-bracket">&#93;</span></a></sup> In December 2009, Goldman announced that its top 30 executives would be paid year-end bonuses in restricted stock that they cannot sell for five years, with <a href="/wiki/Clawback" title="Clawback">clawback</a> provisions.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">&#91;</span>73<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-WSJ2010January10CraigSusanne_74-0" class="reference"><a href="#cite_note-WSJ2010January10CraigSusanne-74"><span class="cite-bracket">&#91;</span>74<span class="cite-bracket">&#93;</span></a></sup> </p><p>During the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> introduced several short-term credit and liquidity facilities to help stabilize markets. Some of the transactions under these facilities provided liquidity to institutions whose disorderly failure could have severely stressed an already fragile financial system.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">&#91;</span>75<span class="cite-bracket">&#93;</span></a></sup> Goldman Sachs was one of the heaviest users of these loan facilities, taking out many loans between March 18, 2008, and April 22, 2009. The <a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (PDCF), the first Fed facility ever to provide overnight loans to investment banks, loaned Goldman Sachs a total of $589&#160;billion against collateral such as corporate market instruments and <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</a>.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">&#91;</span>76<span class="cite-bracket">&#93;</span></a></sup> The <a href="/wiki/Term_Securities_Lending_Facility" title="Term Securities Lending Facility">Term Securities Lending Facility</a> (TSLF), which allows primary dealers to borrow liquid Treasury securities for one month in exchange for less liquid collateral, loaned Goldman Sachs a total of $193 billion.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">&#91;</span>77<span class="cite-bracket">&#93;</span></a></sup> Goldman Sachs's borrowings totaled $782&#160;billion in hundreds of revolving transactions over these months.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">&#91;</span>78<span class="cite-bracket">&#93;</span></a></sup> The loans were fully repaid in accordance with the terms of the facilities.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">&#91;</span>79<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2008, Goldman Sachs started a "Returnship" <a href="/wiki/Internship" title="Internship">internship</a> program after research and consulting with other firms led them to understand that career breaks happen and that returning to the workforce was difficult, especially for women. The goal of the Returnship program was to offer a chance at temporary employment for workers. Goldman Sachs holds the trademark for the term 'Returnship'.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">&#91;</span>80<span class="cite-bracket">&#93;</span></a></sup> According to a 2009 BrandAsset Valuator survey taken of 17,000 people nationwide, the firm's reputation suffered in 2008 and 2009, and rival Morgan Stanley was respected more than Goldman Sachs, a reversal of the sentiment in 2006.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">&#91;</span>81<span class="cite-bracket">&#93;</span></a></sup> In 2011, Goldman took full control of JBWere in a $1&#160;billion (~$1.34&#160;billion in 2023) buyout.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">&#91;</span>82<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Global_Alpha">Global Alpha</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=7" title="Edit section: Global Alpha"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In September 2011, Goldman Sachs announced that it was shutting down Global Alpha Fund LP, its largest hedge fund, which had been housed under Goldman Sachs Asset Management (GSAM).<sup id="cite_ref-WSJ2011September16RappaportLiz_83-0" class="reference"><a href="#cite_note-WSJ2011September16RappaportLiz-83"><span class="cite-bracket">&#91;</span>83<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">&#91;</span>84<span class="cite-bracket">&#93;</span></a></sup> Global Alpha, which was created in the mid-1990s with $10&#160;million,<sup id="cite_ref-NYT_20110915_85-0" class="reference"><a href="#cite_note-NYT_20110915-85"><span class="cite-bracket">&#91;</span>85<span class="cite-bracket">&#93;</span></a></sup> was once "one of the biggest and best performing hedge funds in the world" with more than $12 billion <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> (AUM) at its peak in 2007.<sup id="cite_ref-businessinsider_Carney_20110916_86-0" class="reference"><a href="#cite_note-businessinsider_Carney_20110916-86"><span class="cite-bracket">&#91;</span>86<span class="cite-bracket">&#93;</span></a></sup> Global Alpha used <a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">quantitative analysis</a> and computer-driven models to invest,<sup id="cite_ref-WSJ2011September16RappaportLiz_83-1" class="reference"><a href="#cite_note-WSJ2011September16RappaportLiz-83"><span class="cite-bracket">&#91;</span>83<span class="cite-bracket">&#93;</span></a></sup> using <a href="/wiki/High-frequency_trading" title="High-frequency trading">high-frequency trading</a>. It was founded by <a href="/wiki/Cliff_Asness" title="Cliff Asness">Cliff Asness</a> and <a href="/wiki/Mark_Carhart" title="Mark Carhart">Mark Carhart</a>, who developed the statistical models on which the trading was based.<sup id="cite_ref-NYT_20110915_85-1" class="reference"><a href="#cite_note-NYT_20110915-85"><span class="cite-bracket">&#91;</span>85<span class="cite-bracket">&#93;</span></a></sup> Global Alpha was described by <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i> as a "big, secretive hedge fund"—the "Cadillac of a fleet of alternative investments" that had made millions for Goldman Sachs by 2006.<sup id="cite_ref-WSJ_Smith_20060420_87-0" class="reference"><a href="#cite_note-WSJ_Smith_20060420-87"><span class="cite-bracket">&#91;</span>87<span class="cite-bracket">&#93;</span></a></sup> By mid-2008, assets under management (AUM) of the fund had declined to $2.5&#160;billion, by June 2011, AUM was less than $1.7&#160;billion, and by September 2011, after suffering losses that year, AUM was approximately $1&#160;billion.<sup id="cite_ref-Reuters2011September16LaCapraLaurenTara_88-0" class="reference"><a href="#cite_note-Reuters2011September16LaCapraLaurenTara-88"><span class="cite-bracket">&#91;</span>88<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2013–2015"><span id="2013.E2.80.932015"></span>2013–2015</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=8" title="Edit section: 2013–2015"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2013, Goldman underwrote the $2.913&#160;billion (~$3.76&#160;billion in 2023) Grand Parkway System Toll Revenue Bond offering for the Houston, Texas area, one of the fastest-growing areas in the United States. The bond will be repaid from toll revenue.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">&#91;</span>89<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">&#91;</span>90<span class="cite-bracket">&#93;</span></a></sup> </p><p>In April 2013, together with <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>, Goldman led a $17&#160;billion bond offering by <a href="/wiki/Apple_Inc." title="Apple Inc.">Apple Inc.</a>, the largest corporate-bond deal in history<sup id="cite_ref-WSJ2013April30BurneKaty_91-0" class="reference"><a href="#cite_note-WSJ2013April30BurneKaty-91"><span class="cite-bracket">&#91;</span>91<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-appleraises_92-0" class="reference"><a href="#cite_note-appleraises-92"><span class="cite-bracket">&#91;</span>92<span class="cite-bracket">&#93;</span></a></sup> and Apple's first since 1996. Goldman Sachs managed both of Apple's previous bond offerings in the 1990s.<sup id="cite_ref-appleraises_92-1" class="reference"><a href="#cite_note-appleraises-92"><span class="cite-bracket">&#91;</span>92<span class="cite-bracket">&#93;</span></a></sup> </p><p>In June 2013, Goldman Sachs purchased the loan portfolio from Brisbane-based <a href="/wiki/Suncorp_Group" title="Suncorp Group">Suncorp Group</a>, one of Australia's largest banks and insurance companies. The <a href="/wiki/Australian_dollar" title="Australian dollar">A$</a>1.6&#160;billion face amount loan portfolio was purchased for A$960&#160;million.<sup id="cite_ref-WSJ2013June12KellyRoss_93-0" class="reference"><a href="#cite_note-WSJ2013June12KellyRoss-93"><span class="cite-bracket">&#91;</span>93<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">&#91;</span>94<span class="cite-bracket">&#93;</span></a></sup> </p><p>In September 2013, Goldman Sachs Asset Management agreed to acquire the stable value business of Deutsche Asset &amp; Wealth Management, with total assets under supervision of $21.6 billion (~$27.9&#160;billion in 2023) as of June&#160;30,&#32;2013<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Goldman_Sachs&amp;action=edit">&#91;update&#93;</a></sup>.<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">&#91;</span>95<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2014, Goldman Sachs acquired an 18% stake in DONG Energy (now <a href="/wiki/%C3%98rsted_(company)" title="Ørsted (company)">Ørsted A/S</a>), the largest electric utility in Denmark, from the Danish government after the company needed fresh capital but was unable to attract state funding.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">&#91;</span>96<span class="cite-bracket">&#93;</span></a></sup> The sale led to protests by the public in Copenhagen and led to the resignation of six cabinet ministers and the withdrawal of the <a href="/wiki/Socialist_People%27s_Party_(Denmark)" class="mw-redirect" title="Socialist People&#39;s Party (Denmark)">Socialist People's Party</a> from Prime Minister <a href="/wiki/Helle_Thorning-Schmidt" title="Helle Thorning-Schmidt">Helle Thorning-Schmidt</a>'s leftist governing coalition.<sup id="cite_ref-Levring_97-0" class="reference"><a href="#cite_note-Levring-97"><span class="cite-bracket">&#91;</span>97<span class="cite-bracket">&#93;</span></a></sup> Protesters were wary of Goldman having an ownership stake due to its role in the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> and the possible shift of the company's earnings to <a href="/wiki/Tax_haven" title="Tax haven">tax havens</a>.<sup id="cite_ref-Levring_97-1" class="reference"><a href="#cite_note-Levring-97"><span class="cite-bracket">&#91;</span>97<span class="cite-bracket">&#93;</span></a></sup> Additional protests occurred in 2016 when the <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> of the company resulted in a windfall profit for Goldman.<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">&#91;</span>98<span class="cite-bracket">&#93;</span></a></sup> Goldman purchased the 18% stake in 2014 for 8&#160;billion kroner and sold just over a 6% stake in 2017 for 6.5&#160;billion kroner.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">&#91;</span>99<span class="cite-bracket">&#93;</span></a></sup> Goldman sold its remaining stake in the utility in 2017.<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">&#91;</span>100<span class="cite-bracket">&#93;</span></a></sup> </p><p>In January 2014, the <a href="/wiki/Libyan_Investment_Authority" title="Libyan Investment Authority">Libyan Investment Authority</a> (LIA) filed a lawsuit against Goldman for $1&#160;billion after the firm lost 98% of the $1.3 billion the LIA invested with Goldman in 2007.<sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">&#91;</span>101<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">&#91;</span>102<span class="cite-bracket">&#93;</span></a></sup> The losses stemmed from derivatives trades that earned Goldman $350&#160;million in fees.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">&#91;</span>103<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">&#91;</span>104<span class="cite-bracket">&#93;</span></a></sup> In court documents, Goldman admitted to having used small gifts, occasional travel and an internship to gain access to Libya's sovereign wealth fund.<sup id="cite_ref-105" class="reference"><a href="#cite_note-105"><span class="cite-bracket">&#91;</span>105<span class="cite-bracket">&#93;</span></a></sup> In October 2016, after a trial, Justice <a href="/wiki/Vivien_Rose" class="mw-redirect" title="Vivien Rose">Vivien Rose</a> entered a judgment in Goldman Sachs's favor, saying that the relationship "did not go beyond the normal cordial and mutually beneficial relationship that grows up between a bank and a client" and that Goldman's fees were not excessive.<sup id="cite_ref-106" class="reference"><a href="#cite_note-106"><span class="cite-bracket">&#91;</span>106<span class="cite-bracket">&#93;</span></a></sup> </p><p>In August 2015, Goldman Sachs agreed to acquire <a href="/wiki/General_Electric" title="General Electric">General Electric</a>'s GE Capital Bank on-line deposit platform, including US$8-billion of on-line deposits and another US$8-billion of brokered certificates of deposit.<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">&#91;</span>107<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2016–2020"><span id="2016.E2.80.932020"></span>2016–2020</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=9" title="Edit section: 2016–2020"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Marcus_by_Goldman_Sachs_Logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Marcus_by_Goldman_Sachs_Logo.svg/200px-Marcus_by_Goldman_Sachs_Logo.svg.png" decoding="async" width="200" height="73" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Marcus_by_Goldman_Sachs_Logo.svg/300px-Marcus_by_Goldman_Sachs_Logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Marcus_by_Goldman_Sachs_Logo.svg/400px-Marcus_by_Goldman_Sachs_Logo.svg.png 2x" data-file-width="112" data-file-height="41" /></a><figcaption>Logo of Marcus by Goldman Sachs</figcaption></figure> <p>In April 2016, Goldman Sachs launched GS Bank, a <a href="/wiki/Direct_bank" title="Direct bank">direct bank</a>.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">&#91;</span>108<span class="cite-bracket">&#93;</span></a></sup> In October 2016, Goldman Sachs Bank USA started offering no-fee <a href="/wiki/Unsecured_debt" title="Unsecured debt">unsecured</a> personal loans under the brand Marcus by Goldman Sachs.<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">&#91;</span>109<span class="cite-bracket">&#93;</span></a></sup> In March 2016, Goldman Sachs agreed to acquire <a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">financial technology</a> startup <a href="/wiki/Whurley#Honest_Dollar_(2014-present)" title="Whurley">Honest Dollar</a>, a digital retirement savings tool founded by American entrepreneur <a href="/wiki/Whurley" title="Whurley">Whurley</a>, focused on helping small-business employees and self-employed workers obtain affordable retirement plans. Terms of the deal were not disclosed.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">&#91;</span>110<span class="cite-bracket">&#93;</span></a></sup> </p><p>In May 2017, Goldman Sachs purchased $2.8 billion (~$3.42&#160;billion in 2023) of <a href="/wiki/PDVSA" title="PDVSA">PDVSA</a> 2022 bonds from the <a href="/wiki/Central_Bank_of_Venezuela" title="Central Bank of Venezuela">Central Bank of Venezuela</a> during the <a href="/wiki/2017_Venezuelan_protests" title="2017 Venezuelan protests">2017 Venezuelan protests</a>.<sup id="cite_ref-Venezuela_111-0" class="reference"><a href="#cite_note-Venezuela-111"><span class="cite-bracket">&#91;</span>111<span class="cite-bracket">&#93;</span></a></sup> </p><p>In April 2018, Goldman Sachs acquired Clarity Money, a personal finance startup.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">&#91;</span>112<span class="cite-bracket">&#93;</span></a></sup> On September 10, 2018, Goldman Sachs acquired Boyd Corporation from <a href="/wiki/Genstar_Capital" title="Genstar Capital">Genstar Capital</a> for $3&#160;billion (~$3.59&#160;billion in 2023).<sup id="cite_ref-113" class="reference"><a href="#cite_note-113"><span class="cite-bracket">&#91;</span>113<span class="cite-bracket">&#93;</span></a></sup> On May 16, 2019, Goldman Sachs acquired <a href="/wiki/United_Capital" class="mw-redirect" title="United Capital">United Capital</a> Financial Advisers, LLC for $750&#160;million (~$882&#160;million in 2023).<sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">&#91;</span>114<span class="cite-bracket">&#93;</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Apple_Card.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Apple_Card.png/220px-Apple_Card.png" decoding="async" width="220" height="139" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Apple_Card.png/330px-Apple_Card.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f1/Apple_Card.png/440px-Apple_Card.png 2x" data-file-width="1158" data-file-height="733" /></a><figcaption>Example of physical <a href="/wiki/Apple_Card" title="Apple Card">Apple Card</a>, issued by Goldman Sachs Bank USA</figcaption></figure> <p>In March 2019, Apple, Inc. announced that it would partner with Goldman Sachs to launch the <a href="/wiki/Apple_Card" title="Apple Card">Apple Card</a>, the bank's first credit card offering.<sup id="cite_ref-115" class="reference"><a href="#cite_note-115"><span class="cite-bracket">&#91;</span>115<span class="cite-bracket">&#93;</span></a></sup> The partnership opportunity had been turned down by other banks including <a href="/wiki/Barclays" title="Barclays">Barclays</a>, <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>, <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a> and <a href="/wiki/Synchrony_Financial" title="Synchrony Financial">Synchrony Financial</a>.<sup id="cite_ref-:4_116-0" class="reference"><a href="#cite_note-:4-116"><span class="cite-bracket">&#91;</span>116<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-117" class="reference"><a href="#cite_note-117"><span class="cite-bracket">&#91;</span>117<span class="cite-bracket">&#93;</span></a></sup> </p><p>In March 2019, Goldman Sachs was fined £34.4&#160;million by the London regulator for misreporting millions of transactions over a decade.<sup id="cite_ref-118" class="reference"><a href="#cite_note-118"><span class="cite-bracket">&#91;</span>118<span class="cite-bracket">&#93;</span></a></sup> </p><p>In December 2019, the company pledged to invest and finance $750&#160;billion in climate transition projects and to stop financing oil exploration in the <a href="/wiki/Arctic" title="Arctic">Arctic</a> and some projects related to coal.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">&#91;</span>119<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2020–present"><span id="2020.E2.80.93present"></span>2020–present</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=10" title="Edit section: 2020–present"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In June 2020, Goldman Sachs introduced a new corporate typeface, Goldman Sans, and made it freely available. After Internet users discovered that the terms of the license prohibited the disparagement of Goldman Sachs, the bank was much mocked and disparaged in its own font, until it eventually changed the license to the standard <a href="/wiki/SIL_Open_Font_License" title="SIL Open Font License">SIL Open Font License</a>.<sup id="cite_ref-120" class="reference"><a href="#cite_note-120"><span class="cite-bracket">&#91;</span>120<span class="cite-bracket">&#93;</span></a></sup> </p><p>Goldman Sachs was embroiled in the <a href="/wiki/1Malaysia_Development_Berhad_scandal" title="1Malaysia Development Berhad scandal">1Malaysia Development Berhad scandal</a>, related to Malaysia's <a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">sovereign wealth fund</a>, <a href="/wiki/1Malaysia_Development_Berhad" title="1Malaysia Development Berhad">1Malaysia Development Berhad</a> (1MDB). The bank paid a fine of $2.9 billion under the <a href="/wiki/Foreign_Corrupt_Practices_Act" title="Foreign Corrupt Practices Act">Foreign Corrupt Practices Act</a>, the largest such fine to date. In July 2020, Goldman Sachs agreed on a $3.9 billion settlement in Malaysia for criminal charges related to the 1MDB scandal.<sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">&#91;</span>121<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-122" class="reference"><a href="#cite_note-122"><span class="cite-bracket">&#91;</span>122<span class="cite-bracket">&#93;</span></a></sup> For charges brought for the same case in other countries, Goldman Sachs agreed in October of the same year to pay more than $2.9 billion, with over $2 billion going to fines imposed in the US.<sup id="cite_ref-123" class="reference"><a href="#cite_note-123"><span class="cite-bracket">&#91;</span>123<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-nyt-1mdb_124-0" class="reference"><a href="#cite_note-nyt-1mdb-124"><span class="cite-bracket">&#91;</span>124<span class="cite-bracket">&#93;</span></a></sup> </p><p>Effective July 1, 2020, the firm no longer manages <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offerings</a> of a company without "at least one diverse board candidate, with a focus on women" in the U.S. and in Europe.<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">&#91;</span>125<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">&#91;</span>126<span class="cite-bracket">&#93;</span></a></sup> </p><p>In August 2021, Goldman Sachs announced that it had agreed to acquire <a href="/wiki/NN_Investment_Partners" title="NN Investment Partners">NN Investment Partners</a>, which had US$ 335 billion in <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a>, for €1.7&#160;billion from <a href="/wiki/NN_Group" title="NN Group">NN Group</a>.<sup id="cite_ref-127" class="reference"><a href="#cite_note-127"><span class="cite-bracket">&#91;</span>127<span class="cite-bracket">&#93;</span></a></sup> </p><p>In September 2021, Goldman Sachs announced to acquire <a href="/wiki/GreenSky" title="GreenSky">GreenSky</a> for about $2.24&#160;billion (~$2.48&#160;billion in 2023) and completed the acquisition in March 2022.<sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">&#91;</span>128<span class="cite-bracket">&#93;</span></a></sup> </p><p>In March 2022, Goldman Sachs announced it was winding down its business in Russia in compliance with regulatory and licensing requirements regarding sanctions after the <a href="/wiki/Russian_invasion_of_Ukraine" title="Russian invasion of Ukraine">Russian invasion of Ukraine</a>.<sup id="cite_ref-129" class="reference"><a href="#cite_note-129"><span class="cite-bracket">&#91;</span>129<span class="cite-bracket">&#93;</span></a></sup> </p><p>Also during that same month, Goldman Sachs announced it had acquired NextCapital Group, a <a href="/wiki/Chicago" title="Chicago">Chicago</a>-based open-architecture digital retirement advice provider.<sup id="cite_ref-130" class="reference"><a href="#cite_note-130"><span class="cite-bracket">&#91;</span>130<span class="cite-bracket">&#93;</span></a></sup> </p><p>In June 2022, Goldman Sachs offered its first <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> product linked to <a href="/wiki/Ethereum#Ether" title="Ethereum">Ether</a> (ETH).<sup id="cite_ref-131" class="reference"><a href="#cite_note-131"><span class="cite-bracket">&#91;</span>131<span class="cite-bracket">&#93;</span></a></sup> Goldman Sachs was announced as an official partner of McLaren.<sup id="cite_ref-132" class="reference"><a href="#cite_note-132"><span class="cite-bracket">&#91;</span>132<span class="cite-bracket">&#93;</span></a></sup> </p><p>In September 2022, Goldman Sachs announced the layoff of hundreds of employees across the company, apparently as a result of the earnings report from July the same year that showed a significant reduction.<sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">&#91;</span>133<span class="cite-bracket">&#93;</span></a></sup> </p><p>In February 2024, <i><a href="/wiki/CNBC" title="CNBC">CNBC</a></i> reported Goldman Sachs was expanding its reach into the economic lives of more Americans by way of Rhythm Energy, a provider of independent energy in Texas. The firm's private equity fund owned the firm, but it operated independently. At the time of the reporting, it was linked to energy networks that provided electricity for 190 million Americans.<sup id="cite_ref-134" class="reference"><a href="#cite_note-134"><span class="cite-bracket">&#91;</span>134<span class="cite-bracket">&#93;</span></a></sup> </p><p>The company is growing its <a href="/wiki/India" title="India">Indian</a> business – Goldman Sachs has invested ₹72 <a href="/wiki/Crore" title="Crore">crore</a> (₹720 000 000) for 15 <a href="/wiki/Lakh" title="Lakh">lakh</a> (1 500 000) <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> in Medi Assist Healthcare debuting in January 2024.<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">&#91;</span>135<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Controversies_and_legal_issues">Controversies and legal issues</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=11" title="Edit section: Controversies and legal issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Goldman_Sachs_controversies" title="Goldman Sachs controversies">Goldman Sachs controversies</a></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Summarize_section plainlinks metadata ambox ambox-style" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>may be <a href="/wiki/Help:Section#Section_size_policies" title="Help:Section">too long</a> and excessively detailed.</b><span class="hide-when-compact"> Please consider summarizing the material.</span> <span class="date-container"><i>(<span class="date">March 2022</span>)</i></span></div></td></tr></tbody></table> <p>The company has been criticized for lack of ethical standards,<sup id="cite_ref-topexec_136-0" class="reference"><a href="#cite_note-topexec-136"><span class="cite-bracket">&#91;</span>136<span class="cite-bracket">&#93;</span></a></sup> working with dictatorial regimes,<sup id="cite_ref-137" class="reference"><a href="#cite_note-137"><span class="cite-bracket">&#91;</span>137<span class="cite-bracket">&#93;</span></a></sup> close relationships with the U.S. federal government via a "<a href="/wiki/Revolving_door_(politics)" title="Revolving door (politics)">revolving door</a>" of former employees,<sup id="cite_ref-TheGuys_138-0" class="reference"><a href="#cite_note-TheGuys-138"><span class="cite-bracket">&#91;</span>138<span class="cite-bracket">&#93;</span></a></sup> and driving up prices of <a href="/wiki/Commodity_market" title="Commodity market">commodities</a> through <a href="/wiki/Futures_exchange" title="Futures exchange">futures</a> speculation.<sup id="cite_ref-Shuffle_139-0" class="reference"><a href="#cite_note-Shuffle-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup> It has also been criticized by its employees for 100-hour work weeks, high levels of employee dissatisfaction among first-year analysts, abusive treatment by superiors, a lack of mental health resources, and extremely high levels of stress in the workplace leading to physical discomfort.<sup id="cite_ref-140" class="reference"><a href="#cite_note-140"><span class="cite-bracket">&#91;</span>140<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-141" class="reference"><a href="#cite_note-141"><span class="cite-bracket">&#91;</span>141<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Role_in_the_2007–2008_financial_crisis"><span id="Role_in_the_2007.E2.80.932008_financial_crisis"></span>Role in the 2007–2008 financial crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=12" title="Edit section: Role in the 2007–2008 financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Goldman was criticized for allegedly misleading its investors and profiting from the collapse of the mortgage market during the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. This led to investigations from the <a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a>, the <a href="/wiki/United_States_Department_of_Justice" title="United States Department of Justice">United States Department of Justice</a>, and a lawsuit from the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a><sup id="cite_ref-FCIR-p192_142-0" class="reference"><a href="#cite_note-FCIR-p192-142"><span class="cite-bracket">&#91;</span>142<span class="cite-bracket">&#93;</span></a></sup> that resulted in Goldman paying a $550&#160;million settlement in July 2010.<sup id="cite_ref-settles_143-0" class="reference"><a href="#cite_note-settles-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> Goldman Sachs denied wrongdoing and stated that its customers were aware of its bets against the mortgage-related security products it was selling to them, and that it only used those bets to hedge against losses.<sup id="cite_ref-NYTMorgenson23dec2009_144-0" class="reference"><a href="#cite_note-NYTMorgenson23dec2009-144"><span class="cite-bracket">&#91;</span>144<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-145" class="reference"><a href="#cite_note-145"><span class="cite-bracket">&#91;</span>145<span class="cite-bracket">&#93;</span></a></sup> </p><p>Goldman Sachs was "excoriated by the press and the public" according to journalists <a href="/wiki/Bethany_McLean" title="Bethany McLean">Bethany McLean</a> and <a href="/wiki/Joe_Nocera" title="Joe Nocera">Joe Nocera</a>.<sup id="cite_ref-146" class="reference"><a href="#cite_note-146"><span class="cite-bracket">&#91;</span>146<span class="cite-bracket">&#93;</span></a></sup> This was despite the non-retail nature of its business that would normally have kept it out of the public eye.<sup id="cite_ref-Devils-TARP_147-0" class="reference"><a href="#cite_note-Devils-TARP-147"><span class="cite-bracket">&#91;</span>147<span class="cite-bracket">&#93;</span></a></sup> In a story in <i><a href="/wiki/Rolling_Stone" title="Rolling Stone">Rolling Stone</a></i> published in July 2009, <a href="/wiki/Matt_Taibbi" title="Matt Taibbi">Matt Taibbi</a> characterized Goldman Sachs as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major <a href="/wiki/Market_manipulation" title="Market manipulation">market manipulation</a> since the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> ... from tech stocks to high gas prices".<sup id="cite_ref-carney_148-0" class="reference"><a href="#cite_note-carney-148"><span class="cite-bracket">&#91;</span>148<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Taibbi_149-0" class="reference"><a href="#cite_note-Taibbi-149"><span class="cite-bracket">&#91;</span>149<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Zamansky_150-0" class="reference"><a href="#cite_note-Zamansky-150"><span class="cite-bracket">&#91;</span>150<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-151" class="reference"><a href="#cite_note-151"><span class="cite-bracket">&#91;</span>151<span class="cite-bracket">&#93;</span></a></sup> </p><p>While all the investment banks were scolded by congressional investigations, Goldman Sachs was subject to "a solo hearing in front of the <a href="/wiki/Permanent_Subcommittee_on_Investigations#Wall_Street_and_the_Financial_Crisis" class="mw-redirect" title="Permanent Subcommittee on Investigations">Senate Permanent Subcommittee on Investigations</a>" and a critical report.<sup id="cite_ref-Devils-TARP_147-1" class="reference"><a href="#cite_note-Devils-TARP-147"><span class="cite-bracket">&#91;</span>147<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-152" class="reference"><a href="#cite_note-152"><span class="cite-bracket">&#91;</span>152<span class="cite-bracket">&#93;</span></a></sup> In 2011, a Senate panel released a report accusing Goldman Sachs of misleading clients and engaging in conflicts of interest.<sup id="cite_ref-153" class="reference"><a href="#cite_note-153"><span class="cite-bracket">&#91;</span>153<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bonuses_paid_to_employees_in_2009_despite_financial_crisis">Bonuses paid to employees in 2009 despite financial crisis</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=13" title="Edit section: Bonuses paid to employees in 2009 despite financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In June 2009, after the firm repaid the TARP investment from the U.S. Treasury, Goldman made some of the largest bonus payments in its history due to its strong financial performance, setting aside a record $11.4&#160;billion for bonus payments.<sup id="cite_ref-Devils-TARP_147-2" class="reference"><a href="#cite_note-Devils-TARP-147"><span class="cite-bracket">&#91;</span>147<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Harper_154-0" class="reference"><a href="#cite_note-Harper-154"><span class="cite-bracket">&#91;</span>154<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-155" class="reference"><a href="#cite_note-155"><span class="cite-bracket">&#91;</span>155<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-WSJbonus_156-0" class="reference"><a href="#cite_note-WSJbonus-156"><span class="cite-bracket">&#91;</span>156<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-157" class="reference"><a href="#cite_note-157"><span class="cite-bracket">&#91;</span>157<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Andrew_Cuomo" title="Andrew Cuomo">Andrew Cuomo</a>, then <a href="/wiki/New_York_Attorney_General" class="mw-redirect" title="New York Attorney General">New York Attorney General</a>, questioned Goldman's decision to pay 953 employees bonuses of at least $1&#160;million each after it received TARP funds in 2008.<sup id="cite_ref-noclear_158-0" class="reference"><a href="#cite_note-noclear-158"><span class="cite-bracket">&#91;</span>158<span class="cite-bracket">&#93;</span></a></sup> That same period, however, CEO Lloyd Blankfein and 6 other senior executives opted to forgo bonuses, stating they believed it was the right thing to do because they were part of the industry that caused economic distress.<sup id="cite_ref-forgo_159-0" class="reference"><a href="#cite_note-forgo-159"><span class="cite-bracket">&#91;</span>159<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Benefits_from_the_government_bailout_of_AIG">Benefits from the government bailout of AIG</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=14" title="Edit section: Benefits from the government bailout of AIG"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/American_International_Group" title="American International Group">American International Group</a> received $180&#160;billion in government loans during the financial crisis, much of which was used to pay counterparties under credit default swaps purchased from AIG. Goldman Sachs received $12.9&#160;billion. However, due to the size and nature of the payouts, there was considerable controversy in the media and among some politicians as to whether banks, including Goldman Sachs, should have been forced to take greater losses and should not have been paid in full via government loans to AIG.<sup id="cite_ref-deal_160-0" class="reference"><a href="#cite_note-deal-160"><span class="cite-bracket">&#91;</span>160<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-161" class="reference"><a href="#cite_note-161"><span class="cite-bracket">&#91;</span>161<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-162" class="reference"><a href="#cite_note-162"><span class="cite-bracket">&#91;</span>162<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-163" class="reference"><a href="#cite_note-163"><span class="cite-bracket">&#91;</span>163<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-164" class="reference"><a href="#cite_note-164"><span class="cite-bracket">&#91;</span>164<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-165" class="reference"><a href="#cite_note-165"><span class="cite-bracket">&#91;</span>165<span class="cite-bracket">&#93;</span></a></sup> If the government let AIG default, according to money manager Michael Lewitt, "its collapse would be as close to an extinction-level event as the financial markets have seen since the Great Depression".<sup id="cite_ref-166" class="reference"><a href="#cite_note-166"><span class="cite-bracket">&#91;</span>166<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Firm's_response_to_criticism_of_AIG_payments"><span id="Firm.27s_response_to_criticism_of_AIG_payments"></span>Firm's response to criticism of AIG payments</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=15" title="Edit section: Firm&#039;s response to criticism of AIG payments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Goldman Sachs maintained that its net exposure to AIG was "not material", and that the firm was protected by <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedges</a> (in the form of CDSs with other counterparties) and $7.5&#160;billion of <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a>, which would have protected the bank from incurring an economic loss in the event of an AIG bankruptcy or failure.<sup id="cite_ref-167" class="reference"><a href="#cite_note-167"><span class="cite-bracket">&#91;</span>167<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-168" class="reference"><a href="#cite_note-168"><span class="cite-bracket">&#91;</span>168<span class="cite-bracket">&#93;</span></a></sup> The firm stated the cost of these hedges to be over $100&#160;million.<sup id="cite_ref-169" class="reference"><a href="#cite_note-169"><span class="cite-bracket">&#91;</span>169<span class="cite-bracket">&#93;</span></a></sup> CFO <a href="/wiki/David_Viniar" title="David Viniar">David Viniar</a> stated that profits related to AIG in the first quarter of 2009 "rounded to zero", and profits in December were not significant and that he was "mystified" by the interest the government and investors have shown in the bank's trading relationship with AIG.<sup id="cite_ref-170" class="reference"><a href="#cite_note-170"><span class="cite-bracket">&#91;</span>170<span class="cite-bracket">&#93;</span></a></sup> Speculation remains that Goldman's hedges against its AIG exposure would not have paid out if AIG was allowed to fail. According to a report by the United States Office of the Inspector General of <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">TARP</a>, if AIG had collapsed, it would have made it difficult for Goldman to liquidate its trading positions with AIG, even at discounts, and it also would have put pressure on other counterparties that "might have made it difficult for Goldman Sachs to collect on the credit protection it had purchased against an AIG default." Finally, the report said, an AIG default would have forced Goldman Sachs to bear the risk of declines in the value of billions of dollars in collateral debt obligations.<sup id="cite_ref-171" class="reference"><a href="#cite_note-171"><span class="cite-bracket">&#91;</span>171<span class="cite-bracket">&#93;</span></a></sup> Goldman argued that CDSs are <a href="/wiki/Mark-to-market" class="mw-redirect" title="Mark-to-market">marked to market</a> (i.e. valued at their current market price) and their positions netted between counterparties daily. Thus, as the cost of insuring AIG's obligations against default rose substantially in the lead-up to its bailout, the sellers of the CDS contracts had to post more <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a> to Goldman Sachs. The firm claims this meant its hedges were effective and the firm would have been protected against an AIG bankruptcy and the risk of knock-on defaults, had AIG been allowed to fail.<sup id="cite_ref-172" class="reference"><a href="#cite_note-172"><span class="cite-bracket">&#91;</span>172<span class="cite-bracket">&#93;</span></a></sup> However, in practice, the collateral would not protect fully against losses both because protection sellers would not be required to post collateral that covered the complete loss during a bankruptcy and because the value of the collateral would be highly uncertain following the repercussions of an AIG bankruptcy.<sup id="cite_ref-173" class="reference"><a href="#cite_note-173"><span class="cite-bracket">&#91;</span>173<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Possible_benefits_from_attendance_at_September_15,_2008,_meetings_at_the_New_York_Federal_Reserve"><span id="Possible_benefits_from_attendance_at_September_15.2C_2008.2C_meetings_at_the_New_York_Federal_Reserve"></span>Possible benefits from attendance at September 15, 2008, meetings at the New York Federal Reserve</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=16" title="Edit section: Possible benefits from attendance at September 15, 2008, meetings at the New York Federal Reserve"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although many have said there is no evidence to support the claim,<sup id="cite_ref-174" class="reference"><a href="#cite_note-174"><span class="cite-bracket">&#91;</span>174<span class="cite-bracket">&#93;</span></a></sup> some have argued that Goldman Sachs received preferential treatment from the government by participating in the crucial September meetings at the New York Fed, which decided AIG's fate. Much of this has stemmed from an inaccurate but often quoted article published in <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.<sup id="cite_ref-175" class="reference"><a href="#cite_note-175"><span class="cite-bracket">&#91;</span>175<span class="cite-bracket">&#93;</span></a></sup> The article was later corrected to state that Blankfein, CEO of Goldman Sachs, was "<i>one of</i> the Wall Street chief executives at the meeting". Representatives from other firms were indeed present at the September AIG meetings. Furthermore, Goldman Sachs CFO <a href="/wiki/David_Viniar" title="David Viniar">David Viniar</a> stated that CEO Blankfein had never "met" with <a href="/wiki/US_Treasury_Secretary" class="mw-redirect" title="US Treasury Secretary">US Treasury Secretary</a> <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> to discuss AIG;<sup id="cite_ref-176" class="reference"><a href="#cite_note-176"><span class="cite-bracket">&#91;</span>176<span class="cite-bracket">&#93;</span></a></sup> however, they had frequent phone calls.<sup id="cite_ref-177" class="reference"><a href="#cite_note-177"><span class="cite-bracket">&#91;</span>177<span class="cite-bracket">&#93;</span></a></sup> Paulson was not present at the September meetings at the New York Fed. <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> was hired by the Federal Reserve to advise on the AIG bailout.<sup id="cite_ref-178" class="reference"><a href="#cite_note-178"><span class="cite-bracket">&#91;</span>178<span class="cite-bracket">&#93;</span></a></sup> According to <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>, Paulson spoke with the CEO of Goldman Sachs two dozen times during the week of the bailout, though he obtained an ethics waiver before doing so.<sup id="cite_ref-NYTethics_179-0" class="reference"><a href="#cite_note-NYTethics-179"><span class="cite-bracket">&#91;</span>179<span class="cite-bracket">&#93;</span></a></sup> While it is common for regulators to be in contact with market participants to gather valuable industry intelligence, particularly in a crisis, Paulson spoke with Goldman's Blankfein more frequently than with other large banks. Federal officials say that although Paulson was involved in decisions to rescue A.I.G, it was the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> that played the lead role in shaping and financing the A.I.G. bailout.<sup id="cite_ref-NYTethics_179-1" class="reference"><a href="#cite_note-NYTethics-179"><span class="cite-bracket">&#91;</span>179<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Stock_price_manipulation">Stock price manipulation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=17" title="Edit section: Stock price manipulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Goldman Sachs was charged for repeatedly issuing research reports with extremely inflated financial projections for <a href="/wiki/Exodus_Communications" title="Exodus Communications">Exodus Communications</a> and Goldman Sachs was accused of giving Exodus its highest stock rating even though Goldman knew Exodus did not deserve such a rating.<sup id="cite_ref-180" class="reference"><a href="#cite_note-180"><span class="cite-bracket">&#91;</span>180<span class="cite-bracket">&#93;</span></a></sup> On July 15, 2003, Goldman Sachs, <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> and <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> were sued for artificially inflating the stock price of RSL Communications by issuing untrue or materially misleading statements in research analyst reports, and paid $3,380,000 (~$5.37&#160;million in 2023) for settlement.<sup id="cite_ref-181" class="reference"><a href="#cite_note-181"><span class="cite-bracket">&#91;</span>181<span class="cite-bracket">&#93;</span></a></sup> </p><p>Goldman Sachs was accused of asking for <a href="/wiki/Kickback_(bribery)" title="Kickback (bribery)">kickback bribes</a> from institutional clients who made large profits <a href="/wiki/Flipping" title="Flipping">flipping</a> stocks which Goldman had intentionally undervalued in <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offerings</a> it was underwriting during the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>. Documents <a href="/wiki/Under_seal" title="Under seal">under seal</a> in a decade-long lawsuit concerning <a href="/wiki/EToys.com" title="EToys.com">eToys.com</a>'s <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> (IPO) in 1999 but released accidentally to <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> show that IPOs managed by Goldman were purposely underpriced to generate profits for clients of Goldman and that these clients were asked by Goldman to return some of the profits via increased business. The clients willingly complied with these demands because they understood it was necessary to participate in further such undervalued IPOs.<sup id="cite_ref-182" class="reference"><a href="#cite_note-182"><span class="cite-bracket">&#91;</span>182<span class="cite-bracket">&#93;</span></a></sup> Companies selling undervalued stock and their initial consumer stockholders were both defrauded by this practice.<sup id="cite_ref-183" class="reference"><a href="#cite_note-183"><span class="cite-bracket">&#91;</span>183<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Use_of_offshore_tax_havens">Use of offshore tax havens</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=18" title="Edit section: Use of offshore tax havens"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A 2016 report by <a href="/wiki/Public_Interest_Research_Group" title="Public Interest Research Group">Public Interest Research Group</a> stated that "Goldman Sachs reports having 987 subsidiaries in offshore tax havens, 537 of which are in the <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>, despite not operating a single legitimate office in that country, according to its own website. The group officially holds $28.6 billion offshore." The report also noted several other major U.S. banks and companies use the same tax-avoidance tactics.<sup id="cite_ref-184" class="reference"><a href="#cite_note-184"><span class="cite-bracket">&#91;</span>184<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2008, Goldman Sachs had an effective tax rate of only 3.8%, down from 34% the year before, and its tax liability decreased to $14&#160;million in 2008, compared to $6&#160;billion in 2007.<sup id="cite_ref-185" class="reference"><a href="#cite_note-185"><span class="cite-bracket">&#91;</span>185<span class="cite-bracket">&#93;</span></a></sup> Critics have argued that the reduction in Goldman Sachs's tax rate was achieved by shifting its earnings to subsidiaries in low or no-tax nations, such as the Cayman Islands.<sup id="cite_ref-186" class="reference"><a href="#cite_note-186"><span class="cite-bracket">&#91;</span>186<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Involvement_in_the_European_sovereign_debt_crisis">Involvement in the European sovereign debt crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=19" title="Edit section: Involvement in the European sovereign debt crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Lucas_Papademos_2011-11-11.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/30/Lucas_Papademos_2011-11-11.jpg/170px-Lucas_Papademos_2011-11-11.jpg" decoding="async" width="170" height="215" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/30/Lucas_Papademos_2011-11-11.jpg/255px-Lucas_Papademos_2011-11-11.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/30/Lucas_Papademos_2011-11-11.jpg/340px-Lucas_Papademos_2011-11-11.jpg 2x" data-file-width="943" data-file-height="1192" /></a><figcaption>Former Prime Minister of Greece Lucas Papademos</figcaption></figure> <p>Goldman was criticized for its involvement in the 2010 <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a>. In 2001, to avoid non-compliance with the <a href="/wiki/Maastricht_Treaty" title="Maastricht Treaty">Maastricht Treaty</a>, Goldman arranged a secret loan of €2.8&#160;billion for Greece disguised as an off-the-books "cross-currency swap", hiding 2% of Greece's national debt. Goldman received a fee of €600&#160;million for the complicated transaction.<sup id="cite_ref-187" class="reference"><a href="#cite_note-187"><span class="cite-bracket">&#91;</span>187<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-188" class="reference"><a href="#cite_note-188"><span class="cite-bracket">&#91;</span>188<span class="cite-bracket">&#93;</span></a></sup> In September 2009, Goldman Sachs, among others, created a special <a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swap</a> (CDS) index to cover the high risk of Greece's national debt.<sup id="cite_ref-189" class="reference"><a href="#cite_note-189"><span class="cite-bracket">&#91;</span>189<span class="cite-bracket">&#93;</span></a></sup> The interest-rates of Greek national bonds soared, leading the Greek economy very close to bankruptcy in 2010 and 2011.<sup id="cite_ref-190" class="reference"><a href="#cite_note-190"><span class="cite-bracket">&#91;</span>190<span class="cite-bracket">&#93;</span></a></sup> </p><p>Many European leaders with roles in the crisis had ties to Goldman Sachs.<sup id="cite_ref-Foley_191-0" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Lucas_Papademos" title="Lucas Papademos">Lucas Papademos</a>, Greece's former prime minister, ran the Central Bank of Greece at the time of the controversial derivatives deals with Goldman Sachs that enabled Greece to hide the size of its debt.<sup id="cite_ref-Foley_191-1" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Petros_Christodoulou" title="Petros Christodoulou">Petros Christodoulou</a>, general manager of the Greek <a href="/wiki/Public_Debt_Management_Agency_(Greece)" title="Public Debt Management Agency (Greece)">Public Debt Management Agency</a> was a former employee of Goldman Sachs.<sup id="cite_ref-Foley_191-2" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Mario_Monti" title="Mario Monti">Mario Monti</a>, Italy's former prime minister and finance minister, who headed the new government that took over after <a href="/wiki/Silvio_Berlusconi" title="Silvio Berlusconi">Berlusconi</a>'s resignation, was an international adviser to Goldman Sachs.<sup id="cite_ref-Foley_191-3" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Otmar_Issing" title="Otmar Issing">Otmar Issing</a>, former board member of the Bundesbank and the executive board of the European Bank also advised Goldman Sachs.<sup id="cite_ref-Foley_191-4" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a>, then head of the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>, was the former managing director of Goldman Sachs International.<sup id="cite_ref-Foley_191-5" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Ant%C3%B3nio_Borges_(economist)" class="mw-redirect" title="António Borges (economist)">António Borges</a>, Head of the European Department of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> in 2010–2011 and responsible for most of enterprise <a href="/wiki/Privatization" title="Privatization">privatizations</a> in Portugal since 2011, was the former vice chairman of Goldman Sachs International.<sup id="cite_ref-Foley_191-6" class="reference"><a href="#cite_note-Foley-191"><span class="cite-bracket">&#91;</span>191<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Carlos_Moedas" title="Carlos Moedas">Carlos Moedas</a>, a former Goldman Sachs employee, was the Secretary of State to the <a href="/wiki/Prime_Minister_of_Portugal" title="Prime Minister of Portugal">Prime Minister of Portugal</a> and Director of ESAME, the agency created to monitor and control the implementation of the structural reforms agreed by the government of Portugal and the <a href="/wiki/Troika_(triumvirate)" class="mw-redirect" title="Troika (triumvirate)">troika</a> composed of the <a href="/wiki/European_Commission" title="European Commission">European Commission</a>, the European Central Bank and the International Monetary Fund. <a href="/wiki/Peter_Sutherland" title="Peter Sutherland">Peter Sutherland</a>, former Attorney General of Ireland was a non-executive director of Goldman Sachs International.<sup id="cite_ref-192" class="reference"><a href="#cite_note-192"><span class="cite-bracket">&#91;</span>192<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Employees'_views"><span id="Employees.27_views"></span>Employees' views</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=20" title="Edit section: Employees&#039; views"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although the allegations against Goldman were later discovered to be lacking evidence, in March 2012, Greg Smith, then-head of Goldman Sachs U.S. equity derivatives sales business in <a href="/wiki/Europe,_the_Middle_East_and_Africa" title="Europe, the Middle East and Africa">Europe, the Middle East and Africa</a> (EMEA), resigned his position via an <a href="/wiki/Op-ed" title="Op-ed">op-ed</a> in <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> criticizing the company and its executives and wrote a book titled <i>Why I left Goldman Sachs</i>.<sup id="cite_ref-topexec_136-1" class="reference"><a href="#cite_note-topexec-136"><span class="cite-bracket">&#91;</span>136<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Leaving_193-0" class="reference"><a href="#cite_note-Leaving-193"><span class="cite-bracket">&#91;</span>193<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-194" class="reference"><a href="#cite_note-194"><span class="cite-bracket">&#91;</span>194<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-195" class="reference"><a href="#cite_note-195"><span class="cite-bracket">&#91;</span>195<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Telling_196-0" class="reference"><a href="#cite_note-Telling-196"><span class="cite-bracket">&#91;</span>196<span class="cite-bracket">&#93;</span></a></sup> Almost all the claims made by Smith turned out to be lacking in evidence and Smith was alleged to be a <a href="/wiki/Confidence_trick" class="mw-redirect" title="Confidence trick">con artist</a> by <i><a href="/wiki/The_Observer" title="The Observer">The Observer</a></i>. However, <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> never issued a retraction or admitted to any error in judgment in initially publishing Smith's op-ed.<sup id="cite_ref-Telling_196-1" class="reference"><a href="#cite_note-Telling-196"><span class="cite-bracket">&#91;</span>196<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-197" class="reference"><a href="#cite_note-197"><span class="cite-bracket">&#91;</span>197<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-198" class="reference"><a href="#cite_note-198"><span class="cite-bracket">&#91;</span>198<span class="cite-bracket">&#93;</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Steven_Mandis_photo.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Steven_Mandis_photo.jpg/170px-Steven_Mandis_photo.jpg" decoding="async" width="170" height="255" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Steven_Mandis_photo.jpg/255px-Steven_Mandis_photo.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6d/Steven_Mandis_photo.jpg/340px-Steven_Mandis_photo.jpg 2x" data-file-width="427" data-file-height="640" /></a><figcaption>Steven Mandis</figcaption></figure> <p>In 2014, a book by former Goldman portfolio manager <a href="/wiki/Steven_George_Mandis" class="mw-redirect" title="Steven George Mandis">Steven George Mandis</a> was published entitled <i>What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences</i>. Mandis also wrote and defended a PhD dissertation about Goldman at <a href="/wiki/Columbia_University" title="Columbia University">Columbia University</a>.<sup id="cite_ref-HBR_199-0" class="reference"><a href="#cite_note-HBR-199"><span class="cite-bracket">&#91;</span>199<span class="cite-bracket">&#93;</span></a></sup> Mandis left in 2004 after working for the firm for 12 years.<sup id="cite_ref-200" class="reference"><a href="#cite_note-200"><span class="cite-bracket">&#91;</span>200<span class="cite-bracket">&#93;</span></a></sup> According to Mandis, there was an "organizational drift" in the company's evolution and Goldman came under a variety of pressures that resulted in slow, incremental changes to its culture and business practices. Those changes included becoming a <a href="/wiki/Public_company" title="Public company">public company</a>, which limited the personal risk of Goldman executives and shifted it to shareholders and put pressure on the company to grow, leading to <a href="/wiki/Conflicts_of_interest" class="mw-redirect" title="Conflicts of interest">conflicts of interest</a>.<sup id="cite_ref-201" class="reference"><a href="#cite_note-201"><span class="cite-bracket">&#91;</span>201<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Work_culture">Work culture</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=21" title="Edit section: Work culture"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2021, a group of first year bankers told managers that they are working 100 hours a week with 5 hours sleep at night and that they have been constantly experiencing workplace abuse that has seriously affected their mental health. In May 2022, Goldman Sachs implemented a more flexible vacation policy to help their employees "rest and recharge" whereby senior bankers get unlimited vacation days, and all employees are expected to take a minimum of 15 days vacation every year.<sup id="cite_ref-202" class="reference"><a href="#cite_note-202"><span class="cite-bracket">&#91;</span>202<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Gender_bias_lawsuit">Gender bias lawsuit</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=22" title="Edit section: Gender bias lawsuit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2010, two former female employees filed a lawsuit against Goldman Sachs for gender discrimination. Cristina Chen-Oster and Shanna Orlich claimed that the firm fostered an "uncorrected culture of sexual harassment and assault" causing women to either be "sexualized or ignored". The suit cited both cultural and pay discrimination including frequent client trips to strip clubs, client golf outings that excluded female employees, and the fact that female vice presidents made 21% less than their male counterparts.<sup id="cite_ref-203" class="reference"><a href="#cite_note-203"><span class="cite-bracket">&#91;</span>203<span class="cite-bracket">&#93;</span></a></sup> In March 2018, the judge ruled that the female employees may pursue their claims as a group in a class-action lawsuit against Goldman on gender bias, but the class action excludes their claim on sexual harassment.<sup id="cite_ref-204" class="reference"><a href="#cite_note-204"><span class="cite-bracket">&#91;</span>204<span class="cite-bracket">&#93;</span></a></sup> </p><p>In May 2023, Goldman Sachs agreed to pay $215&#160;million (£170.5&#160;million) to resolve claims made by nearly 2800 female staff. This settlement was made over accusations of the company's discriminatory practices, allegedly providing women with lower salaries and lesser opportunities. Government records have revealed that female employees at Goldman Sachs earned 20% less than their male counterparts, which is significantly higher than the 9.4% national gender pay gap. The settlement was reached a month before the scheduled trial of the class-action lawsuit.<sup id="cite_ref-205" class="reference"><a href="#cite_note-205"><span class="cite-bracket">&#91;</span>205<span class="cite-bracket">&#93;</span></a></sup> </p><p>On March 13, 2024, WSJ reported that roughly two-thirds of the women who were partners at the end of 2018 have left the firm or no longer have the title. No woman runs a major division or is seen as a credible candidate to succeed <a href="/wiki/David_M._Solomon" title="David M. Solomon">Solomon</a>. Only two of the eight executive officers at Goldman are women – in legal and accounting, non-revenue generating positions.<sup id="cite_ref-206" class="reference"><a href="#cite_note-206"><span class="cite-bracket">&#91;</span>206<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Advice_to_short_California_bonds_underwritten_by_the_firm">Advice to short California bonds underwritten by the firm</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=23" title="Edit section: Advice to short California bonds underwritten by the firm"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On November 11, 2008, the <i><a href="/wiki/Los_Angeles_Times" title="Los Angeles Times">Los Angeles Times</a></i> reported that Goldman Sachs had both earned $25&#160;million from underwriting California bonds, and advised other clients to <a href="/wiki/Short_(finance)" title="Short (finance)">short</a> those bonds.<sup id="cite_ref-207" class="reference"><a href="#cite_note-207"><span class="cite-bracket">&#91;</span>207<span class="cite-bracket">&#93;</span></a></sup> While some journalists criticized the contradictory actions,<sup id="cite_ref-208" class="reference"><a href="#cite_note-208"><span class="cite-bracket">&#91;</span>208<span class="cite-bracket">&#93;</span></a></sup> others pointed out that the opposite investment decisions undertaken by the underwriting side and the trading side of the bank were normal and in line with regulations regarding <a href="/wiki/Chinese_wall#Finance" title="Chinese wall">Chinese walls</a>, and in fact critics had demanded increased independence between underwriting and trading.<sup id="cite_ref-209" class="reference"><a href="#cite_note-209"><span class="cite-bracket">&#91;</span>209<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Personnel_&quot;revolving-door&quot;_with_U.S._government"><span id="Personnel_.22revolving-door.22_with_U.S._government"></span>Personnel "revolving-door" with U.S. government</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=24" title="Edit section: Personnel &quot;revolving-door&quot; with U.S. government"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Several people on the <a href="/wiki/List_of_former_employees_of_Goldman_Sachs" title="List of former employees of Goldman Sachs">list of former employees of Goldman Sachs</a> <a href="/wiki/Revolving_door_(politics)" title="Revolving door (politics)">have later worked in government positions</a>. Notable examples include <a href="/wiki/British_Prime_Minister" class="mw-redirect" title="British Prime Minister">British Prime Minister</a> <a href="/wiki/Rishi_Sunak" title="Rishi Sunak">Rishi Sunak</a>, former U.S. Secretaries of the Treasury <a href="/wiki/Steven_Mnuchin" title="Steven Mnuchin">Steven Mnuchin</a>, <a href="/wiki/Robert_Rubin" title="Robert Rubin">Robert Rubin</a>, and <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a>; U.S. Securities and Exchange Commission chairman <a href="/wiki/Gary_Gensler" title="Gary Gensler">Gary Gensler</a>; former Under Secretary of State <a href="/wiki/John_C._Whitehead" title="John C. Whitehead">John C. Whitehead</a>; former chief economic advisor <a href="/wiki/Gary_Cohn_(investment_banker)" class="mw-redirect" title="Gary Cohn (investment banker)">Gary Cohn</a>; <a href="/wiki/Governor_of_New_Jersey" title="Governor of New Jersey">Governor of New Jersey</a> <a href="/wiki/Phil_Murphy" title="Phil Murphy">Phil Murphy</a> and former <a href="/wiki/Governor_of_New_Jersey" title="Governor of New Jersey">Governor of New Jersey</a> <a href="/wiki/Jon_Corzine" title="Jon Corzine">Jon Corzine</a>; former <a href="/wiki/Prime_Minister_of_Italy" title="Prime Minister of Italy">Prime Minister of Italy</a> <a href="/wiki/Mario_Monti" title="Mario Monti">Mario Monti</a>; former <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> President and former Prime Minister of Italy <a href="/wiki/Mario_Draghi" title="Mario Draghi">Mario Draghi</a>; former <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a> and Bank of England Governor <a href="/wiki/Mark_Carney" title="Mark Carney">Mark Carney</a>; and the former <a href="/wiki/Prime_Minister_of_Australia" title="Prime Minister of Australia">Prime Minister of Australia</a> <a href="/wiki/Malcolm_Turnbull" title="Malcolm Turnbull">Malcolm Turnbull</a>. In addition, former Goldman employees have headed the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>, the <a href="/wiki/London_Stock_Exchange_Group" title="London Stock Exchange Group">London Stock Exchange Group</a>, the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, and competing banks such as <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> and <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a>. </p><p>During 2008 Goldman Sachs received criticism for an apparent <a href="/wiki/Revolving_door_(politics)" title="Revolving door (politics)">revolving door</a> relationship, in which its employees and consultants moved in and out of high-level U.S. Government positions, creating the potential for conflicts of interest and leading to the moniker "Government Sachs".<sup id="cite_ref-TheGuys_138-1" class="reference"><a href="#cite_note-TheGuys-138"><span class="cite-bracket">&#91;</span>138<span class="cite-bracket">&#93;</span></a></sup> Former Treasury Secretary <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> and former <a href="/wiki/United_States_Senator" class="mw-redirect" title="United States Senator">United States Senator</a> and former <a href="/wiki/Governor_of_New_Jersey" title="Governor of New Jersey">Governor of New Jersey</a> <a href="/wiki/Jon_Corzine" title="Jon Corzine">Jon Corzine</a> are former CEOs of Goldman Sachs along with current governor Murphy. Additional controversy attended the selection of former Goldman Sachs <a href="/wiki/Lobbyist" class="mw-redirect" title="Lobbyist">lobbyist</a> <a href="/wiki/Mark_A._Patterson" title="Mark A. Patterson">Mark A. Patterson</a> as chief of staff to Treasury Secretary <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a>, despite President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a>'s campaign promise that he would limit the influence of lobbyists in his administration.<sup id="cite_ref-210" class="reference"><a href="#cite_note-210"><span class="cite-bracket">&#91;</span>210<span class="cite-bracket">&#93;</span></a></sup> In February 2011, the <i><a href="/wiki/Washington_Examiner" title="Washington Examiner">Washington Examiner</a></i> reported that Goldman Sachs was "the company from which Obama raised the most money in 2008", and that its "CEO <a href="/wiki/Lloyd_Blankfein" title="Lloyd Blankfein">Lloyd Blankfein</a> has visited the White House 10 times".<sup id="cite_ref-211" class="reference"><a href="#cite_note-211"><span class="cite-bracket">&#91;</span>211<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Insider_trading_cases">Insider trading cases</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=25" title="Edit section: Insider trading cases"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1986, Goldman Sachs investment banker David Brown pleaded guilty to charges of passing inside information on a takeover deal that eventually was provided to <a href="/wiki/Ivan_Boesky" title="Ivan Boesky">Ivan Boesky</a>.<sup id="cite_ref-spreading_212-0" class="reference"><a href="#cite_note-spreading-212"><span class="cite-bracket">&#91;</span>212<span class="cite-bracket">&#93;</span></a></sup> In 1989, <a href="/wiki/Robert_M._Freeman" title="Robert M. Freeman">Robert M. Freeman</a>, who was a senior Partner, who was the Head of Risk Arbitrage, and who was a protégé of <a href="/wiki/Robert_Rubin" title="Robert Rubin">Robert Rubin</a>, pleaded guilty to <a href="/wiki/Insider_trading" title="Insider trading">insider trading</a>, for his own account and for the firm's account.<sup id="cite_ref-213" class="reference"><a href="#cite_note-213"><span class="cite-bracket">&#91;</span>213<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Rajat_Gupta_insider_trading_case">Rajat Gupta insider trading case</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=26" title="Edit section: Rajat Gupta insider trading case"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Raj_Rajaratnam/Galleon_Group,_Anil_Kumar,_and_Rajat_Gupta_insider_trading_cases" class="mw-redirect" title="Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta insider trading cases">Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta insider trading cases</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg/220px-Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg" decoding="async" width="220" height="207" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg/330px-Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg/440px-Rajat_Kumar_Gupta_-_World_Economic_Forum_Annual_Meeting_Davos_2010_crop.jpg 2x" data-file-width="3200" data-file-height="3006" /></a><figcaption>Rajat Gupta</figcaption></figure> <p>In April 2010, Goldman director <a href="/wiki/Rajat_Gupta" title="Rajat Gupta">Rajat Gupta</a> was named in an insider-trading case after allegedly informing <a href="/wiki/Raj_Rajaratnam" title="Raj Rajaratnam">Raj Rajaratnam</a> of <a href="/wiki/Galleon_Group" title="Galleon Group">Galleon Group</a> about the $5&#160;billion Berkshire Hathaway investment in Goldman during the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. Gupta had told Goldman the month before his involvement became public that he wouldn't seek re-election as a director.<sup id="cite_ref-214" class="reference"><a href="#cite_note-214"><span class="cite-bracket">&#91;</span>214<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-215" class="reference"><a href="#cite_note-215"><span class="cite-bracket">&#91;</span>215<span class="cite-bracket">&#93;</span></a></sup> The <a href="/wiki/United_States_Securities_and_Exchange_Commission" class="mw-redirect" title="United States Securities and Exchange Commission">United States Securities and Exchange Commission</a> (SEC) announced civil charges against Gupta covering the Berkshire investment as well as for providing confidential quarterly earnings information from Goldman and <a href="/wiki/Procter_%26_Gamble" title="Procter &amp; Gamble">Procter &amp; Gamble</a>, on which Gupta served as a member of the <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a>. Gupta was an investor in some of the Galleon hedge funds and he had other business interests with Rajaratnam. Rajaratnam used the information from Gupta to illegally profit in hedge fund trades; the information on Goldman made Rajaratnam's funds $17&#160;million richer and the Procter &amp; Gamble data created illegal profits of more than $570,000 for Galleon funds managed by others. Gupta denied the accusations. He was also a board member of <a href="/wiki/AMR_Corporation" title="AMR Corporation">AMR Corporation</a>.<sup id="cite_ref-216" class="reference"><a href="#cite_note-216"><span class="cite-bracket">&#91;</span>216<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-217" class="reference"><a href="#cite_note-217"><span class="cite-bracket">&#91;</span>217<span class="cite-bracket">&#93;</span></a></sup> </p><p>Gupta was convicted in June 2012 on <a href="/wiki/Insider_trading" title="Insider trading">insider trading</a> charges stemming from the cases on four criminal felony counts of <a href="/wiki/Conspiracy_(crime)" class="mw-redirect" title="Conspiracy (crime)">conspiracy</a> and <a href="/wiki/Securities_fraud" title="Securities fraud">securities fraud</a>. He was sentenced in October 2012 to two years in prison, an additional year on supervised release and ordered to pay $5&#160;million (~$6.56&#160;million in 2023) in fines.<sup id="cite_ref-218" class="reference"><a href="#cite_note-218"><span class="cite-bracket">&#91;</span>218<span class="cite-bracket">&#93;</span></a></sup> In January 2016, he was released from prison to serve his remaining sentence at home.<sup id="cite_ref-219" class="reference"><a href="#cite_note-219"><span class="cite-bracket">&#91;</span>219<span class="cite-bracket">&#93;</span></a></sup> Gupta challenged the conviction through the courts; it was upheld in 2019.<sup id="cite_ref-220" class="reference"><a href="#cite_note-220"><span class="cite-bracket">&#91;</span>220<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Abacus_synthetic_CDOs_and_SEC_lawsuit">Abacus synthetic CDOs and SEC lawsuit</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=27" title="Edit section: Abacus synthetic CDOs and SEC lawsuit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><span class="anchor" id="Abacus_CDO"></span> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Merrill_Lynch#CDO_controversies" class="mw-redirect" title="Merrill Lynch">Merrill Lynch §&#160;CDO controversies</a>, and <a href="/wiki/Magnetar_Capital" title="Magnetar Capital">Magnetar Capital</a></div> <p>Unlike many investors and investment bankers, Goldman Sachs anticipated the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>.<sup id="cite_ref-Bundled_221-0" class="reference"><a href="#cite_note-Bundled-221"><span class="cite-bracket">&#91;</span>221<span class="cite-bracket">&#93;</span></a></sup> Some of its traders became "bearish" on the housing boom beginning in 2004 and developed mortgage-related securities, originally intended to protect Goldman from investment losses in the housing market. In late 2006, Goldman management changed the firm's overall stance on the mortgage market from positive to negative. As the market began its downturn, Goldman "created even more of these securities", no longer just hedging or satisfying investor orders but, according to business journalist <a href="/wiki/Gretchen_Morgenson" title="Gretchen Morgenson">Gretchen Morgenson</a>, "enabling it to pocket huge profits" from the mortgage defaults and that Goldman "used the C.D.O.'s to place unusually large negative bets that were not mainly for hedging purposes".<sup id="cite_ref-Bundled_221-1" class="reference"><a href="#cite_note-Bundled-221"><span class="cite-bracket">&#91;</span>221<span class="cite-bracket">&#93;</span></a></sup> Authors Bethany McLean and Joe Nocera stated that "the firm's later insistence that it was merely a 'market maker' in these transactions – implying that it had no stake in the economic performance of the securities it was selling to clients – became less true over time"-<sup id="cite_ref-222" class="reference"><a href="#cite_note-222"><span class="cite-bracket">&#91;</span>222<span class="cite-bracket">&#93;</span></a></sup> </p><p>The investments were called <a href="/wiki/Synthetic_CDO" title="Synthetic CDO">synthetic CDOs</a> because unlike regular <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized debt obligations</a>, the principal and interest they paid out came not from mortgages or other loans, but from premiums to pay for insurance against mortgage defaults – the insurance known as "<a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swaps</a>". Goldman and some other hedge funds held a "short" position in the securities, paying the premiums, while the investors (insurance companies, pension funds, etc.) receiving the premiums were the "long" position. The longs were responsible for paying the insurance "claim" to Goldman and any other shorts if the mortgages or other loans defaulted. Through April 2007, Goldman issued over 20 CDOs in its "Abacus" series worth a total of $10.9&#160;billion (~$15.4&#160;billion in 2023).<sup id="cite_ref-NewYorkTimes2010April16StoryLouise_223-0" class="reference"><a href="#cite_note-NewYorkTimes2010April16StoryLouise-223"><span class="cite-bracket">&#91;</span>223<span class="cite-bracket">&#93;</span></a></sup> All together Goldman packaged, sold, and shorted a total of 47 synthetic CDOs, with an aggregate face value of $66&#160;billion between July 1, 2004, and May 31, 2007.<sup id="cite_ref-224" class="reference"><a href="#cite_note-224"><span class="cite-bracket">&#91;</span>224<span class="cite-bracket">&#93;</span></a></sup> </p><p>But while Goldman was praised for its foresight, some argued its bets against the securities it created gave it a vested interest in their failure. These securities performed very poorly for the long investors and by April 2010, at least US$5&#160;billion (~$6.82&#160;billion in 2023) worth of the securities either carried "junk" ratings or had defaulted.<sup id="cite_ref-225" class="reference"><a href="#cite_note-225"><span class="cite-bracket">&#91;</span>225<span class="cite-bracket">&#93;</span></a></sup> One CDO examined by critics which Goldman bet against but also sold to investors, was the $800&#160;million (~$1.16&#160;billion in 2023) Hudson Mezzanine CDO issued in 2006. In the Senate Permanent Subcommittee hearings, Goldman executives stated that the company was trying to remove subprime securities from its books. Unable to sell them directly, it included them in the underlying securities of the CDO and took the short side, but critics McLean and Nocera complained the CDO prospectus did not explain this but described its contents as "'assets sourced from the Street', making it sound as though Goldman randomly selected the securities, instead of specifically creating a hedge for its own book".<sup id="cite_ref-226" class="reference"><a href="#cite_note-226"><span class="cite-bracket">&#91;</span>226<span class="cite-bracket">&#93;</span></a></sup> The CDO did not perform well, and by March 2008 – just 18 months after its issue – so many borrowers had defaulted that holders of the security paid out "about US$310 million to Goldman and others who had bet against it".<sup id="cite_ref-Bundled_221-2" class="reference"><a href="#cite_note-Bundled-221"><span class="cite-bracket">&#91;</span>221<span class="cite-bracket">&#93;</span></a></sup> Goldman's head of European fixed-income sales lamented in an e-mail made public by the Senate Permanent Subcommittee on Investigations, the "real bad feeling across European sales about some of the trades we did with clients" who had invested in the CDO. "The damage this has done to our franchise is very significant."<sup id="cite_ref-227" class="reference"><a href="#cite_note-227"><span class="cite-bracket">&#91;</span>227<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="2010_SEC_civil_fraud_lawsuit">2010 SEC civil fraud lawsuit</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=28" title="Edit section: 2010 SEC civil fraud lawsuit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In April 2010, the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC) charged Goldman Sachs and one of its vice-presidents, Fabrice Tourre, with securities fraud. The SEC alleged that Goldman had told buyers of a <a href="/wiki/Synthetic_CDO" title="Synthetic CDO">synthetic CDO</a>, a type of investment, that the underlying assets in the investment had been picked by an independent CDO manager, ACA Management. In fact, <a href="/wiki/Paulson_%26_Co." title="Paulson &amp; Co.">Paulson &amp; Co.</a> a <a href="/wiki/Hedge_fund" title="Hedge fund">hedge fund</a> that wanted to bet against the investment had played a "significant role" in the selection,<sup id="cite_ref-FCIR-p192_142-1" class="reference"><a href="#cite_note-FCIR-p192-142"><span class="cite-bracket">&#91;</span>142<span class="cite-bracket">&#93;</span></a></sup> and the package of securities turned out to become "one of the worst-performing mortgage deals of the housing crisis" because "less than a year after the deal was completed, 100% of the bonds selected for Abacus had been downgraded".<sup id="cite_ref-WSJ2010April20LucchettiAaron_228-0" class="reference"><a href="#cite_note-WSJ2010April20LucchettiAaron-228"><span class="cite-bracket">&#91;</span>228<span class="cite-bracket">&#93;</span></a></sup> </p><p>The particular synthetic CDO that the SEC's 2010 fraud suit charged Goldman with misleading investors with was called Abacus 2007-AC1. Unlike many of the Abacus securities, 2007-AC1 did not have Goldman Sachs as a short seller, in fact, Goldman Sachs lost money on the deal.<sup id="cite_ref-7pillars_229-0" class="reference"><a href="#cite_note-7pillars-229"><span class="cite-bracket">&#91;</span>229<span class="cite-bracket">&#93;</span></a></sup> That position was taken by the customer (<a href="/wiki/John_Paulson" title="John Paulson">John Paulson</a>) who hired Goldman to issue the security (according to the SEC's complaint). Paulson and his employees selected 90 BBB-rated mortgage bonds<sup id="cite_ref-WSJ2010April20LucchettiAaron_228-1" class="reference"><a href="#cite_note-WSJ2010April20LucchettiAaron-228"><span class="cite-bracket">&#91;</span>228<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Reuters2010April16WilchinsDan_230-0" class="reference"><a href="#cite_note-Reuters2010April16WilchinsDan-230"><span class="cite-bracket">&#91;</span>230<span class="cite-bracket">&#93;</span></a></sup> that they believed were most likely to lose value and so the best bet to buy insurance for.<sup id="cite_ref-settles_143-1" class="reference"><a href="#cite_note-settles-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> Paulson and the manager of the CDO, ACA Management, worked on the portfolio of 90 bonds to be insured (ACA allegedly unaware of Paulson's short position), coming to an agreement in late February 2007.<sup id="cite_ref-Reuters2010April16WilchinsDan_230-1" class="reference"><a href="#cite_note-Reuters2010April16WilchinsDan-230"><span class="cite-bracket">&#91;</span>230<span class="cite-bracket">&#93;</span></a></sup> Paulson paid Goldman approximately US$15&#160;million for its work in the deal.<sup id="cite_ref-231" class="reference"><a href="#cite_note-231"><span class="cite-bracket">&#91;</span>231<span class="cite-bracket">&#93;</span></a></sup> Paulson ultimately made a US$1 billion profit from the short investments, the profits coming from the losses of the investors and their insurers. These were primarily <a href="/wiki/IKB_Deutsche_Industriebank" title="IKB Deutsche Industriebank">IKB Deutsche Industriebank</a> (US$150 million loss), and the investors and insurers of another US$900 million – ACA Financial Guaranty Corp,<sup id="cite_ref-Reuters2010April19SalmonFelix_232-0" class="reference"><a href="#cite_note-Reuters2010April19SalmonFelix-232"><span class="cite-bracket">&#91;</span>232<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/ABN_AMRO" title="ABN AMRO">ABN AMRO</a>, and the <a href="/wiki/Royal_Bank_of_Scotland" title="Royal Bank of Scotland">Royal Bank of Scotland</a>.<sup id="cite_ref-sec21489_233-0" class="reference"><a href="#cite_note-sec21489-233"><span class="cite-bracket">&#91;</span>233<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-NewYorkTimes2010April22ThomasLandon_234-0" class="reference"><a href="#cite_note-NewYorkTimes2010April22ThomasLandon-234"><span class="cite-bracket">&#91;</span>234<span class="cite-bracket">&#93;</span></a></sup> </p><p>The SEC alleged that Goldman "materially misstated and omitted facts in disclosure documents" about the financial security,<sup id="cite_ref-FCIR-p192_142-2" class="reference"><a href="#cite_note-FCIR-p192-142"><span class="cite-bracket">&#91;</span>142<span class="cite-bracket">&#93;</span></a></sup> including the fact that it had "permitted a client that was betting against the mortgage market [the hedge fund manager Paulson &amp; Co.] to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party", ACA Management.<sup id="cite_ref-sec21489_233-1" class="reference"><a href="#cite_note-sec21489-233"><span class="cite-bracket">&#91;</span>233<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-235" class="reference"><a href="#cite_note-235"><span class="cite-bracket">&#91;</span>235<span class="cite-bracket">&#93;</span></a></sup> The SEC further alleged that "Tourre also misled ACA into believing ... that Paulson's interests in the collateral section [sic] process were aligned with ACA's, when, in reality, Paulson's interests were sharply conflicting".<sup id="cite_ref-sec21489_233-2" class="reference"><a href="#cite_note-sec21489-233"><span class="cite-bracket">&#91;</span>233<span class="cite-bracket">&#93;</span></a></sup> </p><p>In reply, Goldman issued a statement saying the SEC's charges were "unfounded in law and fact", and in later statements maintained that it had not structured the portfolio to lose money,<sup id="cite_ref-FurtherComments_236-0" class="reference"><a href="#cite_note-FurtherComments-236"><span class="cite-bracket">&#91;</span>236<span class="cite-bracket">&#93;</span></a></sup> that it had provided extensive disclosure to the long investors in the CDO, that it had lost $90&#160;million, that ACA selected the portfolio without Goldman suggesting Paulson was to be a long investor, that it did not disclose the identities of a buyer to a seller, and vice versa, as it was not normal business practice for a market maker,<sup id="cite_ref-FurtherComments_236-1" class="reference"><a href="#cite_note-FurtherComments-236"><span class="cite-bracket">&#91;</span>236<span class="cite-bracket">&#93;</span></a></sup> and that ACA was itself the largest purchaser of the Abacus pool, investing US$951&#160;million. Goldman also stated that any investor losses resulted from the overall negative performance of the entire sector, rather than from a particular security in the CDO.<sup id="cite_ref-FurtherComments_236-2" class="reference"><a href="#cite_note-FurtherComments-236"><span class="cite-bracket">&#91;</span>236<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-WSJ2010April19CorkeryMichael_237-0" class="reference"><a href="#cite_note-WSJ2010April19CorkeryMichael-237"><span class="cite-bracket">&#91;</span>237<span class="cite-bracket">&#93;</span></a></sup> While some journalists and analysts have called these statements misleading,<sup id="cite_ref-Reuters2010April19SalmonFelix_232-1" class="reference"><a href="#cite_note-Reuters2010April19SalmonFelix-232"><span class="cite-bracket">&#91;</span>232<span class="cite-bracket">&#93;</span></a></sup> others believed Goldman's defense was strong and the SEC's case was weak.<sup id="cite_ref-238" class="reference"><a href="#cite_note-238"><span class="cite-bracket">&#91;</span>238<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-239" class="reference"><a href="#cite_note-239"><span class="cite-bracket">&#91;</span>239<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-240" class="reference"><a href="#cite_note-240"><span class="cite-bracket">&#91;</span>240<span class="cite-bracket">&#93;</span></a></sup> </p><p>Some experts on securities law such as <a href="/wiki/Duke_University_School_of_Law" title="Duke University School of Law">Duke University</a> law professor James Cox, believed the suit had merit because Goldman was aware of the relevance of Paulson's involvement and took steps to downplay it. Others, including <a href="/wiki/Wayne_State_University_Law_School" title="Wayne State University Law School">Wayne State University Law School</a> law professor Peter Henning, noted that the major purchasers were sophisticated investors capable of accurately assessing the risks involved, even without knowledge of the part played by Paulson.<sup id="cite_ref-WSJ2010April19JonesAshby_241-0" class="reference"><a href="#cite_note-WSJ2010April19JonesAshby-241"><span class="cite-bracket">&#91;</span>241<span class="cite-bracket">&#93;</span></a></sup> </p><p>Critics of Goldman Sachs point out that Paulson went to Goldman Sachs after being turned down for ethical reasons by another investment bank, <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> who he had asked to build a CDO. Ira Wagner, the head of Bear Stearns's CDO Group in 2007, told the <a href="/wiki/Financial_Crisis_Inquiry_Commission" title="Financial Crisis Inquiry Commission">Financial Crisis Inquiry Commission</a> that having the short investors select the referenced collateral as a serious conflict of interest and the structure of the deal Paulson was proposing encouraged Paulson to pick the worst assets.<sup id="cite_ref-242" class="reference"><a href="#cite_note-242"><span class="cite-bracket">&#91;</span>242<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Fiderer_243-0" class="reference"><a href="#cite_note-Fiderer-243"><span class="cite-bracket">&#91;</span>243<span class="cite-bracket">&#93;</span></a></sup> Describing Bear Stearns's reasoning, one author compared the deal to "a bettor asking a football owner to bench a star quarterback to improve the odds of his wager against the team".<sup id="cite_ref-Zuckerman_244-0" class="reference"><a href="#cite_note-Zuckerman-244"><span class="cite-bracket">&#91;</span>244<span class="cite-bracket">&#93;</span></a></sup> Goldman claimed it lost $90&#160;million, critics maintain it was simply unable (not due to a lack of trying) to shed its position before the underlying securities defaulted.<sup id="cite_ref-7pillars_229-1" class="reference"><a href="#cite_note-7pillars-229"><span class="cite-bracket">&#91;</span>229<span class="cite-bracket">&#93;</span></a></sup> </p><p>Critics also question whether the deal was ethical, even if it was legal.<sup id="cite_ref-devils-ethics-2_245-0" class="reference"><a href="#cite_note-devils-ethics-2-245"><span class="cite-bracket">&#91;</span>245<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-chron_246-0" class="reference"><a href="#cite_note-chron-246"><span class="cite-bracket">&#91;</span>246<span class="cite-bracket">&#93;</span></a></sup> Goldman had considerable advantages over its long customers. According to McLean and Nocera, there were dozens of securities being insured in the CDO – for example, another ABACUS<sup id="cite_ref-247" class="reference"><a href="#cite_note-247"><span class="cite-bracket">&#91;</span>247<span class="cite-bracket">&#93;</span></a></sup> – had 130 credits from several different mortgage originators, commercial mortgage-backed securities, debt from Sallie Mae, credit cards, etc. Goldman bought mortgages to create securities, which made it "far more likely than its clients to have early knowledge" that the <a href="/wiki/Housing_bubble" title="Housing bubble">housing bubble</a> was deflating and the mortgage originators like <a href="/wiki/New_Century" class="mw-redirect" title="New Century">New Century</a> had begun to falsify documentation and sell mortgages to customers unable to pay the mortgage-holders back<sup id="cite_ref-McLean-272_248-0" class="reference"><a href="#cite_note-McLean-272-248"><span class="cite-bracket">&#91;</span>248<span class="cite-bracket">&#93;</span></a></sup> – which is why the fine print on at least one ABACUS prospectus warned long investors that the 'Protection Buyer' (Goldman) 'may have information, including material, non-public information' which it was not providing to the long investors.<sup id="cite_ref-McLean-272_248-1" class="reference"><a href="#cite_note-McLean-272-248"><span class="cite-bracket">&#91;</span>248<span class="cite-bracket">&#93;</span></a></sup> </p><p>According to an article in the <i><a href="/wiki/Houston_Chronicle" title="Houston Chronicle">Houston Chronicle</a></i>, critics also worried that Abacus might undermine the position of the United States "as a safe harbor for the world's investors" and that "The involvement of European interests as losers in this allegedly fixed game has attracted the attention of that region's political leaders, most notably British Prime Minister Gordon Brown, who has accused Goldman of "moral bankruptcy". This is, in short, a big global story ... Is what Goldman Sachs did with its Abacus investment vehicle illegal? That will be for the courts to decide, ... But it doesn't take a judge and jury to conclude that, legalities aside, this was just wrong."<sup id="cite_ref-chron_246-1" class="reference"><a href="#cite_note-chron-246"><span class="cite-bracket">&#91;</span>246<span class="cite-bracket">&#93;</span></a></sup> </p><p>On July 15, 2010, Goldman settled out of court, agreeing to pay the SEC and investors US$550&#160;million, including $300&#160;million to the U.S. government and $250&#160;million to investors, one of the largest penalties ever paid by a Wall Street firm.<sup id="cite_ref-settles_143-2" class="reference"><a href="#cite_note-settles-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> The company did not admit or deny wrongdoing, but did admit that its marketing materials for the investment "contained incomplete information", and agreed to change some of its business practices regarding mortgage investments.<sup id="cite_ref-settles_143-3" class="reference"><a href="#cite_note-settles-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Charges_against_Fabrice_Tourre">Charges against Fabrice Tourre</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=29" title="Edit section: Charges against Fabrice Tourre"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The settlement in July 2010 did not cover charges against Goldman vice president and salesman for Abacus, Fabrice Tourre.<sup id="cite_ref-7pillars_229-2" class="reference"><a href="#cite_note-7pillars-229"><span class="cite-bracket">&#91;</span>229<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-settles_143-4" class="reference"><a href="#cite_note-settles-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> Tourre unsuccessfully sought a dismissal of the suit,<sup id="cite_ref-249" class="reference"><a href="#cite_note-249"><span class="cite-bracket">&#91;</span>249<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-250" class="reference"><a href="#cite_note-250"><span class="cite-bracket">&#91;</span>250<span class="cite-bracket">&#93;</span></a></sup> which went to trial in 2013.<sup id="cite_ref-251" class="reference"><a href="#cite_note-251"><span class="cite-bracket">&#91;</span>251<span class="cite-bracket">&#93;</span></a></sup> On August 1, a federal jury found Tourre liable on six of seven counts, including that he misled investors about the mortgage deal. He was found not liable on the most specific charge, that he deliberately made an untrue or misleading statement.<sup id="cite_ref-252" class="reference"><a href="#cite_note-252"><span class="cite-bracket">&#91;</span>252<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-253" class="reference"><a href="#cite_note-253"><span class="cite-bracket">&#91;</span>253<span class="cite-bracket">&#93;</span></a></sup> Tourre was not subject to criminal charges or jail time.<sup id="cite_ref-254" class="reference"><a href="#cite_note-254"><span class="cite-bracket">&#91;</span>254<span class="cite-bracket">&#93;</span></a></sup> He was fined $650,000 and forced to return a $175,000 bonus.<sup id="cite_ref-255" class="reference"><a href="#cite_note-255"><span class="cite-bracket">&#91;</span>255<span class="cite-bracket">&#93;</span></a></sup> Tourre then pursued a career in academia.<sup id="cite_ref-256" class="reference"><a href="#cite_note-256"><span class="cite-bracket">&#91;</span>256<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Alleged_commodity_price_manipulation">Alleged commodity price manipulation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=30" title="Edit section: Alleged commodity price manipulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a></div> <p>A provision of the 1999 financial deregulation law, the <a href="/wiki/Gramm-Leach-Bliley_Act" class="mw-redirect" title="Gramm-Leach-Bliley Act">Gramm-Leach-Bliley Act</a>, allows commercial banks to enter into any business activity that is "complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally".<sup id="cite_ref-devious_257-0" class="reference"><a href="#cite_note-devious-257"><span class="cite-bracket">&#91;</span>257<span class="cite-bracket">&#93;</span></a></sup> Since the passing of the laws, Goldman Sachs and other investment banks such as Morgan Stanley and JPMorgan Chase have branched out into ownership of a wide variety of enterprises including raw materials, such as food products, zinc, copper, tin, nickel and, aluminum. </p><p>Some critics, such as <a href="/wiki/Matt_Taibbi" title="Matt Taibbi">Matt Taibbi</a>, believe that allowing a company to both "control the supply of crucial physical commodities, and also trade in the financial products that might be related to those markets", is "akin to letting casino owners who take book on NFL games during the week also coach all the teams on Sundays".<sup id="cite_ref-devious_257-1" class="reference"><a href="#cite_note-devious-257"><span class="cite-bracket">&#91;</span>257<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Goldman_Sachs_Commodity_Index_and_the_2005–2008_Food_Bubble"><span id="Goldman_Sachs_Commodity_Index_and_the_2005.E2.80.932008_Food_Bubble"></span>Goldman Sachs Commodity Index and the 2005–2008 Food Bubble</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=31" title="Edit section: Goldman Sachs Commodity Index and the 2005–2008 Food Bubble"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Frederick Kaufman, a contributing editor of <i><a href="/wiki/Harper%27s_Magazine" title="Harper&#39;s Magazine">Harper's Magazine</a></i>, argued in a 2010 article that Goldman's creation of the Goldman Sachs Commodity Index (now the <a href="/wiki/S%26P_GSCI" title="S&amp;P GSCI">S&amp;P GSCI</a>) helped passive investors such as pension funds, mutual funds and others engage in food price <a href="/wiki/Speculation" title="Speculation">speculation</a> by betting on financial products based on the commodity index. These financial products disturbed the normal relationship between <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a>, making prices more volatile and defeating the price stabilization mechanism of the futures exchange.<sup id="cite_ref-258" class="reference"><a href="#cite_note-258"><span class="cite-bracket">&#91;</span>258<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-259" class="reference"><a href="#cite_note-259"><span class="cite-bracket">&#91;</span>259<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-260" class="reference"><a href="#cite_note-260"><span class="cite-bracket">&#91;</span>260<span class="cite-bracket">&#93;</span></a></sup> </p><p>A June 2010 article in <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i> defended commodity investors and oil index-tracking funds, citing a report by the <a href="/wiki/Organisation_for_Economic_Co-operation_and_Development" class="mw-redirect" title="Organisation for Economic Co-operation and Development">Organisation for Economic Co-operation and Development</a> that found that commodities without futures markets and ignored by index-tracking funds also saw price rises during the period.<sup id="cite_ref-261" class="reference"><a href="#cite_note-261"><span class="cite-bracket">&#91;</span>261<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Alleged_manipulation_of_aluminum_price_and_supply">Alleged manipulation of aluminum price and supply</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=32" title="Edit section: Alleged manipulation of aluminum price and supply"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Aluminium_price-fixing_conspiracy" title="Aluminium price-fixing conspiracy">Aluminium price-fixing conspiracy</a></div> <p>Although it was described by others as just a <a href="/wiki/Conspiracy_theory" title="Conspiracy theory">conspiracy theory</a>,<sup id="cite_ref-silly_262-0" class="reference"><a href="#cite_note-silly-262"><span class="cite-bracket">&#91;</span>262<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-263" class="reference"><a href="#cite_note-263"><span class="cite-bracket">&#91;</span>263<span class="cite-bracket">&#93;</span></a></sup> in a July 2013 article, <a href="/wiki/David_Kocieniewski" title="David Kocieniewski">David Kocieniewski</a>, a journalist with <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>, accused Goldman Sachs and other Wall Street firms of "capitalizing on loosened federal regulations" to manipulate "a variety of commodities markets", particularly aluminum, citing "financial records, regulatory documents, and interviews with people involved in the activities".<sup id="cite_ref-Shuffle_139-1" class="reference"><a href="#cite_note-Shuffle-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup> After Goldman Sachs purchased aluminum warehousing company Metro International in 2010, the wait of warehouse customers for delivery of aluminum supplies to their factories – to make beer cans, home siding, and other products – went from an average of 6 weeks to more than 16 months.<sup id="cite_ref-Zamansky_150-1" class="reference"><a href="#cite_note-Zamansky-150"><span class="cite-bracket">&#91;</span>150<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Shuffle_139-2" class="reference"><a href="#cite_note-Shuffle-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup> The premium on all aluminum sold in the spot market doubled, with industry analysts blaming the lengthy delays at Metro International, costing American consumers more than $5&#160;billion from 2010 to 2013.<sup id="cite_ref-Shuffle_139-3" class="reference"><a href="#cite_note-Shuffle-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup> Goldman's ownership of a quarter of the national supply of aluminum – a million and a half tons – in a network of 27 Metro International warehouses in Detroit, Michigan, was blamed.<sup id="cite_ref-Shuffle_139-4" class="reference"><a href="#cite_note-Shuffle-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Stanley_264-0" class="reference"><a href="#cite_note-Stanley-264"><span class="cite-bracket">&#91;</span>264<span class="cite-bracket">&#93;</span></a></sup> To avoid hoarding and price manipulation, the London Metal Exchange requires that "at least 3,000 tons of that metal must be moved out each day". According to the article, Goldman dealt with this requirement by moving the aluminum – not to factories, but "from one warehouse to another".<sup id="cite_ref-Shuffle_139-5" class="reference"><a href="#cite_note-Shuffle-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup> </p><p>In August 2013, Goldman Sachs was subpoenaed by the federal <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> as part of an investigation into complaints that Goldman-owned metals warehouses had "intentionally created delays and inflated the price of aluminum".<sup id="cite_ref-265" class="reference"><a href="#cite_note-265"><span class="cite-bracket">&#91;</span>265<span class="cite-bracket">&#93;</span></a></sup> </p><p>According to Lydia DePillis of Wonkblog, when Goldman bought the warehouses it "started paying traders extra to bring their metal" to Goldman's warehouses "rather than anywhere else. The longer it stays, the more rent Goldman can charge, which is then passed on to the buyer in the form of a premium."<sup id="cite_ref-DePillis_266-0" class="reference"><a href="#cite_note-DePillis-266"><span class="cite-bracket">&#91;</span>266<span class="cite-bracket">&#93;</span></a></sup> The effect is "amplified" by another company, <a href="/wiki/Glencore" title="Glencore">Glencore</a>, which is "doing the same thing in its warehouse in <a href="/wiki/Vlissingen" title="Vlissingen">Vlissingen</a>".<sup id="cite_ref-DePillis_266-1" class="reference"><a href="#cite_note-DePillis-266"><span class="cite-bracket">&#91;</span>266<span class="cite-bracket">&#93;</span></a></sup> </p><p>Columnist Matt Levine, writing for <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>, described the <a href="/wiki/Conspiracy_theory" title="Conspiracy theory">conspiracy theory</a> as "pretty silly", but said that it was a rational outcome of an irrational and inefficient system which Goldman Sachs may not have properly understood.<sup id="cite_ref-silly_262-1" class="reference"><a href="#cite_note-silly-262"><span class="cite-bracket">&#91;</span>262<span class="cite-bracket">&#93;</span></a></sup> </p><p>In December 2014, Goldman Sachs sold its aluminum warehousing business to Ruben Brothers.<sup id="cite_ref-267" class="reference"><a href="#cite_note-267"><span class="cite-bracket">&#91;</span>267<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-268" class="reference"><a href="#cite_note-268"><span class="cite-bracket">&#91;</span>268<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-269" class="reference"><a href="#cite_note-269"><span class="cite-bracket">&#91;</span>269<span class="cite-bracket">&#93;</span></a></sup> </p><p>In March 2015, the legal case against Goldman Sachs, JPMorgan Chase, Glencore, the two investment banks' warehousing businesses, and the London Metal Exchange in various combinations – of violating U.S. anti-trust laws, was dismissed by <a href="/wiki/United_States_District_Court_for_the_Southern_District_of_New_York" title="United States District Court for the Southern District of New York">United States District Court for the Southern District of New York</a> Judge <a href="/wiki/Katherine_B._Forrest" title="Katherine B. Forrest">Katherine B. Forrest</a> in <a href="/wiki/Manhattan" title="Manhattan">Manhattan</a> for lack of evidence and other reasons.<sup id="cite_ref-270" class="reference"><a href="#cite_note-270"><span class="cite-bracket">&#91;</span>270<span class="cite-bracket">&#93;</span></a></sup> The lawsuit was revived in 2019 after the 2nd U.S. Circuit Court of Appeals in Manhattan said the previous decision was in error. That case was dismissed by judge <a href="/wiki/Paul_A._Engelmayer" title="Paul A. Engelmayer">Paul A. Engelmayer</a> in 2021 although <a href="/wiki/Reynolds_Consumer_Products" class="mw-redirect" title="Reynolds Consumer Products">Reynolds Consumer Products</a> and two other plaintiffs that had directly transacted with the defendants were allowed to pursue the case.<sup id="cite_ref-271" class="reference"><a href="#cite_note-271"><span class="cite-bracket">&#91;</span>271<span class="cite-bracket">&#93;</span></a></sup> Those purchasers settled with Goldman and JPMorgan Chase in 2022.<sup id="cite_ref-272" class="reference"><a href="#cite_note-272"><span class="cite-bracket">&#91;</span>272<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Oil_futures_speculation">Oil futures speculation</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=33" title="Edit section: Oil futures speculation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Investment banks, including Goldman, have also been accused of driving up the price of <a href="/wiki/Gasoline" title="Gasoline">gasoline</a> by speculating on the oil <a href="/wiki/Futures_exchange" title="Futures exchange">futures exchange</a>. In August 2011, "confidential documents" were leaked "detailing the positions"<sup id="cite_ref-Sheppard_273-0" class="reference"><a href="#cite_note-Sheppard-273"><span class="cite-bracket">&#91;</span>273<span class="cite-bracket">&#93;</span></a></sup> in the oil futures market of several investment banks, including Goldman Sachs, <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>, <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>, <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>, and <a href="/wiki/Barclays" title="Barclays">Barclays</a>, just before the peak in gasoline prices in the summer of 2008. The presence of positions by investment banks on the market was significant for the fact that the banks have deep pockets, and so the means to significantly sway prices, and unlike traditional market participants, neither produced oil nor ever took physical possession of actual barrels of oil they bought and sold. Journalist Kate Sheppard of <a href="/wiki/Mother_Jones_(magazine)" title="Mother Jones (magazine)">Mother Jones</a> called it "a development that many say is artificially raising the price of crude".<sup id="cite_ref-Sheppard_273-1" class="reference"><a href="#cite_note-Sheppard-273"><span class="cite-bracket">&#91;</span>273<span class="cite-bracket">&#93;</span></a></sup> However, another source stated that, "Just before crude oil hit its record high in mid-2008, 15 of the world's largest banks were betting that prices would fall, according to private trading data..."<sup id="cite_ref-sanders_274-0" class="reference"><a href="#cite_note-sanders-274"><span class="cite-bracket">&#91;</span>274<span class="cite-bracket">&#93;</span></a></sup> </p><p>In April 2011, a couple of observers – Brad Johnson of the blog Climate Progress,<sup id="cite_ref-blame_275-0" class="reference"><a href="#cite_note-blame-275"><span class="cite-bracket">&#91;</span>275<span class="cite-bracket">&#93;</span></a></sup> founded by <a href="/wiki/Joseph_J._Romm" class="mw-redirect" title="Joseph J. Romm">Joseph J. Romm</a>, and Alain Sherter of <a href="/wiki/CBS_MoneyWatch" title="CBS MoneyWatch">CBS MoneyWatch</a><sup id="cite_ref-Sherter_276-0" class="reference"><a href="#cite_note-Sherter-276"><span class="cite-bracket">&#91;</span>276<span class="cite-bracket">&#93;</span></a></sup> – noted that Goldman Sachs was warning investors of a dangerous spike in the <a href="/wiki/Price_of_oil" title="Price of oil">price of oil</a>. Climate Progress quoted Goldman as warning "that the price of oil has grown out of control due to excessive speculation" in petroleum futures, and that "net speculative positions are four times as high as in June 2008", when the price of oil peaked.<sup id="cite_ref-sanders_274-1" class="reference"><a href="#cite_note-sanders-274"><span class="cite-bracket">&#91;</span>274<span class="cite-bracket">&#93;</span></a></sup> </p><p>It stated that, "Goldman Sachs told its clients that it believed speculators like itself had artificially driven the price of oil at least $20 higher than supply and demand dictate."<sup id="cite_ref-blame_275-1" class="reference"><a href="#cite_note-blame-275"><span class="cite-bracket">&#91;</span>275<span class="cite-bracket">&#93;</span></a></sup> Sherter noted that Goldman's concern over speculation did not prevent it (along with other speculators) from lobbying against regulations by the Commodity Futures Trading Commission to establish "position limits", which would cap the number of futures contracts a trader can hold, and thus prevent speculation.<sup id="cite_ref-Sherter_276-1" class="reference"><a href="#cite_note-Sherter-276"><span class="cite-bracket">&#91;</span>276<span class="cite-bracket">&#93;</span></a></sup> </p><p> According to <a href="/wiki/Joseph_P._Kennedy_II" title="Joseph P. Kennedy II">Joseph P. Kennedy II</a>, by 2012, prices on the oil commodity market had become influenced by "hedge funds and bankers" pumping "billions of purely speculative dollars into commodity exchanges, chasing a limited number of barrels and driving up the price".<sup id="cite_ref-Gambling_277-0" class="reference"><a href="#cite_note-Gambling-277"><span class="cite-bracket">&#91;</span>277<span class="cite-bracket">&#93;</span></a></sup> The problem started, according to Kennedy, in 1991, when </p><blockquote><p>just a few years after oil futures began trading on the <a href="/wiki/New_York_Mercantile_Exchange" title="New York Mercantile Exchange">New York Mercantile Exchange</a>, Goldman Sachs made an argument to the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> that Wall Street dealers who put down big bets on oil should be considered legitimate hedgers and granted an exemption from regulatory limits on their trades. The commission granted an exemption that ultimately allowed Goldman Sachs to process billions of dollars in speculative oil trades. Other exemptions followed,<sup id="cite_ref-Gambling_277-1" class="reference"><a href="#cite_note-Gambling-277"><span class="cite-bracket">&#91;</span>277<span class="cite-bracket">&#93;</span></a></sup></p></blockquote><p> and "by 2008, eight investment banks accounted for 32% of the total oil futures market".<sup id="cite_ref-Gambling_277-2" class="reference"><a href="#cite_note-Gambling-277"><span class="cite-bracket">&#91;</span>277<span class="cite-bracket">&#93;</span></a></sup> </p><div class="mw-heading mw-heading3"><h3 id="Improper_securities_lending_practices">Improper securities lending practices</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=34" title="Edit section: Improper securities lending practices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In January 2016, Goldman Sachs agreed to pay $15&#160;million after it was found that a team of Goldman employees, between 2008 and 2013, "granted locates" by arranging to borrow securities to settle short sales without adequate review. However, U.S. regulation for short selling requires brokerages to enter an agreement to borrow securities on behalf of customers or to have "reasonable grounds" for believing that it can borrow the security before entering contracts to complete the sale. Additionally, Goldman Sachs gave "incomplete and unclear" responses to information requests from SEC compliance examiners in 2013 about the firm's securities lending practices.<sup id="cite_ref-Reuters2016January14BarlynSuzanne_278-0" class="reference"><a href="#cite_note-Reuters2016January14BarlynSuzanne-278"><span class="cite-bracket">&#91;</span>278<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Conspiring_to_allow_$1_billion_in_bribes_to_obtain_business_from_1MDB_Malaysian_sovereign_wealth_fund_(2015–2020)"><span id="Conspiring_to_allow_.241_billion_in_bribes_to_obtain_business_from_1MDB_Malaysian_sovereign_wealth_fund_.282015.E2.80.932020.29"></span>Conspiring to allow $1&#160;billion in bribes to obtain business from 1MDB Malaysian sovereign wealth fund (2015–2020)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=35" title="Edit section: Conspiring to allow $1 billion in bribes to obtain business from 1MDB Malaysian sovereign wealth fund (2015–2020)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/1Malaysia_Development_Berhad_scandal" title="1Malaysia Development Berhad scandal">1Malaysia Development Berhad scandal</a></div> <p>In July 2009, <a href="/wiki/Prime_Minister_of_Malaysia" title="Prime Minister of Malaysia">Prime Minister of Malaysia</a> <a href="/wiki/Najib_Razak" title="Najib Razak">Najib Razak</a> set up a sovereign wealth fund, <a href="/wiki/1Malaysia_Development_Berhad" title="1Malaysia Development Berhad">1Malaysia Development Berhad</a> (1MDB).<sup id="cite_ref-279" class="reference"><a href="#cite_note-279"><span class="cite-bracket">&#91;</span>279<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-280" class="reference"><a href="#cite_note-280"><span class="cite-bracket">&#91;</span>280<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-281" class="reference"><a href="#cite_note-281"><span class="cite-bracket">&#91;</span>281<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2015, U.S. prosecutors began examining the role of Goldman in helping 1MDB raise more than $6&#160;billion (~$7.54&#160;billion in 2023). The 1MDB bond deals were said to generate "above-average" commissions and fees for Goldman amounting close to $600&#160;million or more than 9% of the proceeds.<sup id="cite_ref-282" class="reference"><a href="#cite_note-282"><span class="cite-bracket">&#91;</span>282<span class="cite-bracket">&#93;</span></a></sup> </p><p>Beginning in 2016, Goldman was investigated for a $3&#160;billion (~$3.73&#160;billion in 2023) bond created by the bank for 1MDB. U.S. Prosecutors investigated whether the bank failed to comply with the <a href="/wiki/Bank_Secrecy_Act" title="Bank Secrecy Act">Bank Secrecy Act</a>, which requires financial institutions to report suspicious transactions to regulators.<sup id="cite_ref-283" class="reference"><a href="#cite_note-283"><span class="cite-bracket">&#91;</span>283<span class="cite-bracket">&#93;</span></a></sup> In November 2018, Goldman's former chairman of Southeast Asia, Tim Leissner, admitted that more than US$200&#160;million (~$239&#160;million in 2023) in proceeds from 1MDB bonds went into the accounts controlled by him and a relative, bypassing the company's compliance rules.<sup id="cite_ref-284" class="reference"><a href="#cite_note-284"><span class="cite-bracket">&#91;</span>284<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-285" class="reference"><a href="#cite_note-285"><span class="cite-bracket">&#91;</span>285<span class="cite-bracket">&#93;</span></a></sup> Leissner and another former Goldman banker, Roger Ng, together with Malaysian financier <a href="/wiki/Jho_Low" title="Jho Low">Jho Low</a> were charged with money laundering.<sup id="cite_ref-286" class="reference"><a href="#cite_note-286"><span class="cite-bracket">&#91;</span>286<span class="cite-bracket">&#93;</span></a></sup> Goldman chief executive David Solomon felt "horrible" about the ex-staff breaking the law by going around the policies<sup id="cite_ref-287" class="reference"><a href="#cite_note-287"><span class="cite-bracket">&#91;</span>287<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-288" class="reference"><a href="#cite_note-288"><span class="cite-bracket">&#91;</span>288<span class="cite-bracket">&#93;</span></a></sup> and apologized to Malaysians for Leissner's role in the 1MDB scandal.<sup id="cite_ref-289" class="reference"><a href="#cite_note-289"><span class="cite-bracket">&#91;</span>289<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-290" class="reference"><a href="#cite_note-290"><span class="cite-bracket">&#91;</span>290<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-291" class="reference"><a href="#cite_note-291"><span class="cite-bracket">&#91;</span>291<span class="cite-bracket">&#93;</span></a></sup> </p><p>On December 17, 2018, Malaysia filed criminal charges against subsidiaries of Goldman and their former employees Leissner and Ng, alleging their commission of misleading statements to dishonestly misappropriate US$2.7&#160;billion from the proceeds of 1MDB bonds arranged and underwritten by Goldman in 2012 and 2013.<sup id="cite_ref-292" class="reference"><a href="#cite_note-292"><span class="cite-bracket">&#91;</span>292<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-293" class="reference"><a href="#cite_note-293"><span class="cite-bracket">&#91;</span>293<span class="cite-bracket">&#93;</span></a></sup> </p><p>On July 24, 2020, it was announced that the Malaysian government would receive US$2.5&#160;billion in cash from Goldman Sachs,<sup id="cite_ref-294" class="reference"><a href="#cite_note-294"><span class="cite-bracket">&#91;</span>294<span class="cite-bracket">&#93;</span></a></sup> and a guarantee from the bank they would also return US$1.4&#160;billion in assets linked to 1MDB bonds.<sup id="cite_ref-295" class="reference"><a href="#cite_note-295"><span class="cite-bracket">&#91;</span>295<span class="cite-bracket">&#93;</span></a></sup> Put together this was substantially less than the US$7.5&#160;billion that had been previously demanded by the Malaysian finance minister. At the same time, the Malaysian government agreed to drop all criminal charges against the bank and that it would cease legal proceedings against 17 current and former Goldman directors. Some commentators argued that Goldman secured a very favorable deal.<sup id="cite_ref-296" class="reference"><a href="#cite_note-296"><span class="cite-bracket">&#91;</span>296<span class="cite-bracket">&#93;</span></a></sup> Despite the settlement, Malaysian prime minister called it unfair to the country as the settled amount was not sufficient in September 2023,<sup id="cite_ref-297" class="reference"><a href="#cite_note-297"><span class="cite-bracket">&#91;</span>297<span class="cite-bracket">&#93;</span></a></sup> and Goldman had in the following month sued Malaysia in a London arbitration court over the settlement reached by both parties.<sup id="cite_ref-298" class="reference"><a href="#cite_note-298"><span class="cite-bracket">&#91;</span>298<span class="cite-bracket">&#93;</span></a></sup> </p><p>In October 2020, the Malaysian subsidiary of Goldman Sachs admitted to mistakes in auditing its subsidiary and agreed to pay more than $2.9&#160;billion (~$3.36&#160;billion in 2023) in fines.<sup id="cite_ref-nyt-1mdb_124-1" class="reference"><a href="#cite_note-nyt-1mdb-124"><span class="cite-bracket">&#91;</span>124<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-299" class="reference"><a href="#cite_note-299"><span class="cite-bracket">&#91;</span>299<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-300" class="reference"><a href="#cite_note-300"><span class="cite-bracket">&#91;</span>300<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-301" class="reference"><a href="#cite_note-301"><span class="cite-bracket">&#91;</span>301<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Financing_of_Venezuela_despite_human_rights_violations_(2017)"><span id="Financing_of_Venezuela_despite_human_rights_violations_.282017.29"></span>Financing of Venezuela despite human rights violations (2017)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=36" title="Edit section: Financing of Venezuela despite human rights violations (2017)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In May 2017, Goldman Sachs purchased $2.8&#160;billion (~$3.42&#160;billion in 2023) of <a href="/wiki/PDVSA" title="PDVSA">PDVSA</a> 2022 bonds from the <a href="/wiki/Central_Bank_of_Venezuela" title="Central Bank of Venezuela">Central Bank of Venezuela</a> during the <a href="/wiki/2017_Venezuelan_protests" title="2017 Venezuelan protests">2017 Venezuelan protests</a>,<sup id="cite_ref-Venezuela_111-1" class="reference"><a href="#cite_note-Venezuela-111"><span class="cite-bracket">&#91;</span>111<span class="cite-bracket">&#93;</span></a></sup> when the country was suffering from malnutrition and hyperinflation.<sup id="cite_ref-hunger_302-0" class="reference"><a href="#cite_note-hunger-302"><span class="cite-bracket">&#91;</span>302<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-condemns_303-0" class="reference"><a href="#cite_note-condemns-303"><span class="cite-bracket">&#91;</span>303<span class="cite-bracket">&#93;</span></a></sup> Venezuelan politicians and protesters in New York opposed to <a href="/wiki/President_of_Venezuela" title="President of Venezuela">President of Venezuela</a> <a href="/wiki/Nicol%C3%A1s_Maduro" title="Nicolás Maduro">Nicolás Maduro</a> accused Goldman of being of complicit of <a href="/wiki/Human_rights" title="Human rights">human rights</a> abuses under the government and declared that the financing would fuel hunger in Venezuela by depriving the government of foreign exchange to import food, leading the securities to be dubbed "hunger bonds."<sup id="cite_ref-hunger_302-1" class="reference"><a href="#cite_note-hunger-302"><span class="cite-bracket">&#91;</span>302<span class="cite-bracket">&#93;</span></a></sup> The opposition-led <a href="/wiki/National_Assembly_(Venezuela)" class="mw-redirect" title="National Assembly (Venezuela)">National Assembly</a> voted to ask the <a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a> to investigate the deal, which they called "immoral, opaque, and hypocritical given the socialist government's anti-Wall Street rhetoric".<sup id="cite_ref-condemns_303-1" class="reference"><a href="#cite_note-condemns-303"><span class="cite-bracket">&#91;</span>303<span class="cite-bracket">&#93;</span></a></sup> National Assembly president <a href="/wiki/Julio_Borges" title="Julio Borges">Julio Borges</a> said that the funds would "strengthen the brutal repression" used against the protestors.<sup id="cite_ref-304" class="reference"><a href="#cite_note-304"><span class="cite-bracket">&#91;</span>304<span class="cite-bracket">&#93;</span></a></sup> Sheila Patel, CEO of Goldman Sachs Asset Management's international division, said that the incident was a learning experience that taught the bank to focus on <a href="/wiki/Environmental,_social,_and_corporate_governance" class="mw-redirect" title="Environmental, social, and corporate governance">environmental, social, and corporate governance</a> issues.<sup id="cite_ref-305" class="reference"><a href="#cite_note-305"><span class="cite-bracket">&#91;</span>305<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Financial_performance">Financial performance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=37" title="Edit section: Financial performance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <tbody><tr> <th>Year </th> <th>2000 </th> <th>2001 </th> <th>2002 </th> <th>2003 </th> <th>2004 </th> <th>2005 </th> <th>2006 </th> <th>2007 </th> <th>2008 </th> <th>2009 </th> <th>2010 </th> <th>2011 </th> <th>2012 </th> <th>2013 </th> <th>2014 </th> <th>2015 </th> <th>2016 </th> <th>2017 </th> <th>2018 </th> <th>2019 </th> <th>2020 </th> <th>2021 </th> <th>2022 </th> <th>2023 </th></tr> <tr> <td><a href="/wiki/Revenue" title="Revenue">Revenue</a> </td> <td>16.590 </td> <td>15.811 </td> <td>13.986 </td> <td>16.012 </td> <td>20.951 </td> <td>25.228 </td> <td>37.665 </td> <td>45.987 </td> <td>37.665 </td> <td>22.222 </td> <td>39.161 </td> <td>28.811 </td> <td>34.163 </td> <td>34.206 </td> <td>34.528 </td> <td>33.820 </td> <td>30.790 </td> <td>32.730 </td> <td>36.616 </td> <td>36.546 </td> <td>44.560 </td> <td>59.339 </td> <td>47.365 </td> <td>46.254 </td></tr> <tr> <td><a href="/wiki/Net_income" title="Net income">Net income</a> </td> <td>3.067 </td> <td>2.310 </td> <td>2.114 </td> <td>3.005 </td> <td>4.553 </td> <td>5.609 </td> <td>9.398 </td> <td>11.407 </td> <td>2.041 </td> <td>12.192 </td> <td>7.713 </td> <td>2.510 </td> <td>7.292 </td> <td>7.726 </td> <td>8.077 </td> <td>5.568 </td> <td>7.087 </td> <td>3.685 </td> <td>9.860 </td> <td>7.897 </td> <td>8.915 </td> <td>21.151 </td> <td>10.764 </td> <td>7.907 </td></tr> <tr> <td><a href="/wiki/Asset" title="Asset">Assets</a> </td> <td>290 </td> <td>312 </td> <td>356 </td> <td>404 </td> <td>531 </td> <td>707 </td> <td>838 </td> <td>1,120 </td> <td>885 </td> <td>849 </td> <td>911 </td> <td>923 </td> <td>939 </td> <td>912 </td> <td>855 </td> <td>861 </td> <td>861 </td> <td>917 </td> <td>932 </td> <td>992 </td> <td>1,163 </td> <td>1,464 </td> <td>1,442 </td> <td>1,642 </td></tr> <tr> <td><a href="/wiki/Workforce" title="Workforce">Headcount</a> </td> <td>22.7 </td> <td>22.7 </td> <td>19.7 </td> <td>19.5 </td> <td>20.7 </td> <td>23.6 </td> <td>26.5 </td> <td>30.5 </td> <td>30.1 </td> <td>32.5 </td> <td>35.7 </td> <td>33.3 </td> <td>32.4 </td> <td>32.9 </td> <td>34.0 </td> <td>36.8 </td> <td>34.4 </td> <td>36.6 </td> <td>36.6 </td> <td>38.3 </td> <td>40.5 </td> <td>43.9 </td> <td>48.5 </td> <td>45.3 </td></tr></tbody></table> <p><small><b>Note</b>: Financial data in billions of US dollars and employee data in thousands. The data is sourced from the company's SEC <a href="/wiki/Form_10-K" title="Form 10-K">Form 10-K</a> from 2000 to 2023.</small><sup id="cite_ref-306" class="reference"><a href="#cite_note-306"><span class="cite-bracket">&#91;</span>306<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Ownership">Ownership</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=38" title="Edit section: Ownership"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 10 largest shareholders of Goldman Sachs as of August 2024 were:<sup id="cite_ref-307" class="reference"><a href="#cite_note-307"><span class="cite-bracket">&#91;</span>307<span class="cite-bracket">&#93;</span></a></sup> </p> <ul><li><a href="/wiki/The_Vanguard_Group" title="The Vanguard Group">The Vanguard Group</a> (8.96%)</li> <li><a href="/wiki/BlackRock" title="BlackRock">BlackRock</a> (7.33%)</li> <li><a href="/wiki/State_Street_Corporation" title="State Street Corporation">State Street Corporation</a> (6.15%)</li> <li><a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> (2.26%)</li> <li><a href="/wiki/Capital_World_Investors" class="mw-redirect" title="Capital World Investors">Capital World Investors</a> (2.08%)</li> <li><a href="/wiki/Geode_Capital_Management" title="Geode Capital Management">Geode Capital Management</a> (2.94%)</li> <li><a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a> (1.94%)</li> <li><a href="/wiki/Fisher_Investments" title="Fisher Investments">Fisher Asset Management</a> (1.86%)</li> <li><a href="/wiki/Dodge_%26_Cox" title="Dodge &amp; Cox">Dodge &amp; Cox</a> (1.72%)</li> <li><a href="/wiki/T._Rowe_Price" title="T. Rowe Price">T. Rowe Price</a> (1.60%)</li></ul> <div class="mw-heading mw-heading2"><h2 id="Political_contributions">Political contributions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=39" title="Edit section: Political contributions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to <a href="/wiki/OpenSecrets" title="OpenSecrets">OpenSecrets</a>, Goldman Sachs and its employees collectively gave $3.3&#160;million in the <a href="/wiki/2022_United_States_elections" title="2022 United States elections">2022 United States elections</a> to various candidates, <a href="/wiki/Leadership_PAC" class="mw-redirect" title="Leadership PAC">leadership PACs</a>, political parties, <a href="/wiki/527_group" class="mw-redirect" title="527 group">527 groups</a>, and outside spending entities benefiting both major American political parties. The largest beneficiary in 2022 was <a href="/wiki/David_McCormick" title="David McCormick">David McCormick</a>, former CEO of <a href="/wiki/Bridgewater_Associates" title="Bridgewater Associates">Bridgewater Associates</a>, who received $336,000 in contributions.<sup id="cite_ref-308" class="reference"><a href="#cite_note-308"><span class="cite-bracket">&#91;</span>308<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Management">Management</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=40" title="Edit section: Management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Officers_and_directors">Officers and directors</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=41" title="Edit section: Officers and directors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Non-employee members of the <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a> of the company are <a href="/wiki/M._Michele_Burns" title="M. Michele Burns">M. Michele Burns</a>, Mark Flaherty, Kimberley Harris, <a href="/wiki/Kevin_Johnson_(businessman)" title="Kevin Johnson (businessman)">Kevin Johnson</a>, <a href="/wiki/Ellen_J._Kullman" title="Ellen J. Kullman">Ellen J. Kullman</a>, <a href="/wiki/Lakshmi_Mittal" title="Lakshmi Mittal">Lakshmi Mittal</a>, <a href="/wiki/Adebayo_Ogunlesi" title="Adebayo Ogunlesi">Adebayo Ogunlesi</a>, <a href="/wiki/Peter_Oppenheimer" title="Peter Oppenheimer">Peter Oppenheimer</a>, <a href="/wiki/Jan_E._Tighe" title="Jan E. Tighe">Jan E. Tighe</a>, <a href="/wiki/Jessica_Uhl" title="Jessica Uhl">Jessica Uhl</a>, and <a href="/wiki/David_Viniar" title="David Viniar">David Viniar</a>.<sup id="cite_ref-14A_309-0" class="reference"><a href="#cite_note-14A-309"><span class="cite-bracket">&#91;</span>309<span class="cite-bracket">&#93;</span></a></sup> Non-employee directors receive annual compensation of $100,000 in cash and $350,000 in restricted stock, with an extra $25,000 for committee chairpersons.<sup id="cite_ref-14A_309-1" class="reference"><a href="#cite_note-14A-309"><span class="cite-bracket">&#91;</span>309<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="List_of_chairmen_and_CEOs">List of chairmen and CEOs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=42" title="Edit section: List of chairmen and CEOs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ol><li><a href="/wiki/Marcus_Goldman" title="Marcus Goldman">Marcus Goldman</a> (1869–1894)</li> <li><a href="/wiki/Samuel_Sachs" title="Samuel Sachs">Samuel Sachs</a> (1894–1928)</li> <li><a href="/wiki/Waddill_Catchings" title="Waddill Catchings">Waddill Catchings</a> (1928–1930)</li> <li><a href="/wiki/Sidney_Weinberg" title="Sidney Weinberg">Sidney Weinberg</a> (1930–1969)</li> <li><a href="/wiki/Gus_Levy" title="Gus Levy">Gus Levy</a> (1969–1976)</li> <li><a href="/wiki/John_C._Whitehead" title="John C. Whitehead">John C. Whitehead</a> and <a href="/wiki/John_L._Weinberg" title="John L. Weinberg">John L. Weinberg</a> (1976–1985)</li> <li><a href="/wiki/John_L._Weinberg" title="John L. Weinberg">John L. Weinberg</a> (1985–1990)</li> <li><a href="/wiki/Robert_Rubin" title="Robert Rubin">Robert Rubin</a> (1990–1992)</li> <li><a href="/wiki/Stephen_Friedman_(PFIAB)" class="mw-redirect" title="Stephen Friedman (PFIAB)">Stephen Friedman</a> (1992–1994)</li> <li><a href="/wiki/Jon_Corzine" title="Jon Corzine">Jon Corzine</a> (1994–1998)</li> <li><a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> (1999–2006)</li> <li><a href="/wiki/Lloyd_Blankfein" title="Lloyd Blankfein">Lloyd Blankfein</a> (2006–2018); Senior chairman (2019–present)</li> <li><a href="/wiki/David_M._Solomon" title="David M. Solomon">David M. Solomon</a> (2018–present)</li></ol> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=43" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_former_employees_of_Goldman_Sachs" title="List of former employees of Goldman Sachs">List of former employees of Goldman Sachs</a></li> <li><a href="/wiki/Goldman_Sachs_Foundation" title="Goldman Sachs Foundation">Goldman Sachs Foundation</a> - philanthropic initiatives of the company</li></ul> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;flex:0 1 auto;padding:0.15em 0;column-gap:1em;align-items:baseline;margin:0;list-style:none}.mw-parser-output .portal-bar-content-related{margin:0;list-style:none}.mw-parser-output .portal-bar-item{display:inline-block;margin:0.15em 0.2em;min-height:24px;line-height:24px}@media screen and (max-width:768px){.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;flex-flow:column wrap;align-items:baseline}.mw-parser-output .portal-bar-header{text-align:center;flex:0;padding-left:0.5em;margin:0 auto}.mw-parser-output .portal-bar-related{font-size:100%;align-items:flex-start}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;align-items:center;flex:0;column-gap:1em;border-top:1px solid #a2a9b1;margin:0 auto;list-style:none}.mw-parser-output .portal-bar-content-related{border-top:none;margin:0;list-style:none}}.mw-parser-output .navbox+link+.portal-bar,.mw-parser-output .navbox+style+.portal-bar,.mw-parser-output .navbox+link+.portal-bar-bordered,.mw-parser-output .navbox+style+.portal-bar-bordered,.mw-parser-output .sister-bar+link+.portal-bar,.mw-parser-output .sister-bar+style+.portal-bar,.mw-parser-output .portal-bar+.navbox-styles+.navbox,.mw-parser-output .portal-bar+.navbox-styles+.sister-bar{margin-top:-1px}</style><div class="portal-bar noprint metadata noviewer portal-bar-bordered" role="navigation" aria-label="Portals"><span class="portal-bar-header"><a href="/wiki/Wikipedia:Contents/Portals" title="Wikipedia:Contents/Portals">Portals</a>:</span><ul class="portal-bar-content"><li class="portal-bar-item"><span class="nowrap"><span class="mw-image-border" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_New_York_City.svg/21px-Flag_of_New_York_City.svg.png" decoding="async" width="21" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_New_York_City.svg/32px-Flag_of_New_York_City.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_New_York_City.svg/42px-Flag_of_New_York_City.svg.png 2x" data-file-width="500" data-file-height="300" /></span></span> </span><a href="/wiki/Portal:New_York_City" title="Portal:New York City">New York City</a></li><li class="portal-bar-item"><span class="nowrap"><span typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/19px-All-currency-symbol.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/29px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/38px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span> </span><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks</a></li></ul></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=44" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-AR-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-AR_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-AR_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation 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a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output 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November 9, 1936. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201023122152/http://content.time.com/time/magazine/article/0,9171,770464,00.html">Archived</a> from the original on October 23, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Time+magazine&amp;rft.atitle=Business+%26+Finance%3A+Cash+%26+Comeback&amp;rft.date=1936-11-09&amp;rft_id=https%3A%2F%2Fcontent.time.com%2Ftime%2Fsubscriber%2Farticle%2F0%2C33009%2C770464%2C00.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBeattie" class="citation web cs1">Beattie, Andrew. <a rel="nofollow" class="external text" href="https://www.forbes.com/2010/05/21/goldman-sachs-fraud-case-personal-finance-gs.html#1b2ef41476b3">"The Evolution Of Goldman Sachs"</a>. <i>Forbes</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180722160258/https://www.forbes.com/2010/05/21/goldman-sachs-fraud-case-personal-finance-gs.html#1b2ef41476b3">Archived</a> from the original on July 22, 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">February 11,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Forbes&amp;rft.atitle=The+Evolution+Of+Goldman+Sachs&amp;rft.aulast=Beattie&amp;rft.aufirst=Andrew&amp;rft_id=https%3A%2F%2Fwww.forbes.com%2F2010%2F05%2F21%2Fgoldman-sachs-fraud-case-personal-finance-gs.html%231b2ef41476b3&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEndlich1999" class="citation book cs1">Endlich, Lisa (1999). <i>Goldman Sachs: The Culture Of Success</i>. A.A. Knopf. p.&#160;34. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9780679450801" title="Special:BookSources/9780679450801"><bdi>9780679450801</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Goldman+Sachs%3A+The+Culture+Of+Success&amp;rft.pages=34&amp;rft.pub=A.A.+Knopf&amp;rft.date=1999&amp;rft.isbn=9780679450801&amp;rft.aulast=Endlich&amp;rft.aufirst=Lisa&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Cohan2012-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-Cohan2012_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-9"><sup><i><b>j</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-10"><sup><i><b>k</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-11"><sup><i><b>l</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-12"><sup><i><b>m</b></i></sup></a> <a href="#cite_ref-Cohan2012_12-13"><sup><i><b>n</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliam_D._Cohan2012" class="citation book cs1">William D. Cohan (2012). <i>Money and Power: How Goldman Sachs Came to Rule the World</i>. Penguin Random House. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9780241954065" title="Special:BookSources/9780241954065"><bdi>9780241954065</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Money+and+Power%3A+How+Goldman+Sachs+Came+to+Rule+the+World&amp;rft.pub=Penguin+Random+House&amp;rft.date=2012&amp;rft.isbn=9780241954065&amp;rft.au=William+D.+Cohan&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-brief-13"><span class="mw-cite-backlink">^ <a href="#cite_ref-brief_13-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-brief_13-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-brief_13-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-brief_13-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-brief_13-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-brief_13-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-brief_13-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-brief_13-7"><sup><i><b>h</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/our-firm/history/a-brief-history-of-gs.pdf">"A Brief History of Goldman Sachs"</a> <span class="cs1-format">(PDF)</span>. <i>Goldman Sachs</i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Goldman+Sachs&amp;rft.atitle=A+Brief+History+of+Goldman+Sachs&amp;rft_id=https%3A%2F%2Fwww.goldmansachs.com%2Four-firm%2Fhistory%2Fa-brief-history-of-gs.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/photo-essays/2011-07-20/goldman-sachs-the-good-the-bad-and-the-ugly">"Goldman Sachs, the Good, the Bad, and the Ugly"</a></span>. Bloomberg News. July 20, 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190331104330/https://www.bloomberg.com/news/photo-essays/2011-07-20/goldman-sachs-the-good-the-bad-and-the-ugly">Archived</a> from the original on March 31, 2019.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman+Sachs%2C+the+Good%2C+the+Bad%2C+and+the+Ugly&amp;rft.date=2011-07-20&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Fphoto-essays%2F2011-07-20%2Fgoldman-sachs-the-good-the-bad-and-the-ugly&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEndlich2000" class="citation book cs1">Endlich, Lisa (2000). <i>Goldman Sachs: The Culture Of Success</i>. Simon &amp; Schuster. p.&#160;62. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9780684869681" title="Special:BookSources/9780684869681"><bdi>9780684869681</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Goldman+Sachs%3A+The+Culture+Of+Success&amp;rft.pages=62&amp;rft.pub=Simon+%26+Schuster&amp;rft.date=2000&amp;rft.isbn=9780684869681&amp;rft.aulast=Endlich&amp;rft.aufirst=Lisa&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEndlich1999" class="citation book cs1"><a href="/wiki/Lisa_Endlich" title="Lisa Endlich">Endlich, Lisa</a> (1999). <i>Goldman Sachs: The Culture Of Success</i>. A.A. Knopf. p.&#160;18. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9780679450801" title="Special:BookSources/9780679450801"><bdi>9780679450801</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Goldman+Sachs%3A+The+Culture+Of+Success&amp;rft.pages=18&amp;rft.pub=A.A.+Knopf&amp;rft.date=1999&amp;rft.isbn=9780679450801&amp;rft.aulast=Endlich&amp;rft.aufirst=Lisa&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhitman1969" class="citation news cs1">Whitman, Alden (July 24, 1969). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1969/07/24/archives/sidney-j-weinberg-dies-at-77-mr-wall-street-of-finance-sidney-j.html">"Sidney J. Weinberg Dies at 77; 'Mr. Wall Street' of Finance; Sidney J. Weinberg, Known as 'Mr. Wall Street,' Is Dead at 77"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Sidney+J.+Weinberg+Dies+at+77%3B+%27Mr.+Wall+Street%27+of+Finance%3B+Sidney+J.+Weinberg%2C+Known+as+%27Mr.+Wall+Street%2C%27+Is+Dead+at+77&amp;rft.date=1969-07-24&amp;rft.aulast=Whitman&amp;rft.aufirst=Alden&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F1969%2F07%2F24%2Farchives%2Fsidney-j-weinberg-dies-at-77-mr-wall-street-of-finance-sidney-j.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-cohan_wpost2012-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-cohan_wpost2012_18-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCohan2012" class="citation news cs1">Cohan, William D. (March 16, 2012). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.washingtonpost.com/opinions/goldman-sachss-long-history-of-duping-its-clients/2012/03/15/gIQAVlu3GS_story.html">"Goldman Sachs's long history of duping its clients"</a></span>. <i>The Washington Post</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201109190908/https://www.washingtonpost.com/opinions/goldman-sachss-long-history-of-duping-its-clients/2012/03/15/gIQAVlu3GS_story.html">Archived</a> from the original on November 9, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Washington+Post&amp;rft.atitle=Goldman+Sachs%27s+long+history+of+duping+its+clients&amp;rft.date=2012-03-16&amp;rft.aulast=Cohan&amp;rft.aufirst=William+D.&amp;rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fopinions%2Fgoldman-sachss-long-history-of-duping-its-clients%2F2012%2F03%2F15%2FgIQAVlu3GS_story.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHahn1993" class="citation web cs1">Hahn, Thomas K. (1993). Timothy Q. Cook; Robert K. Laroche (eds.). <a rel="nofollow" class="external text" href="https://www.richmondfed.org/~/media/richmondfedorg/publications/research/special_reports/instruments_of_the_money_market/pdf/full_publication.pdf">"Instruments of the Money Market"</a> <span class="cs1-format">(PDF)</span> (Seventh&#160;ed.). <a href="/wiki/Richmond,_Virginia" title="Richmond, Virginia">Richmond, Virginia</a>: Federal Reserve Bank of Richmond. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201125001943/https://www.richmondfed.org/~/media/richmondfedorg/publications/research/special_reports/instruments_of_the_money_market/pdf/full_publication.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on November 25, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">April 7,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Instruments+of+the+Money+Market&amp;rft.place=Richmond%2C+Virginia&amp;rft.edition=Seventh&amp;rft.pub=Federal+Reserve+Bank+of+Richmond&amp;rft.date=1993&amp;rft.aulast=Hahn&amp;rft.aufirst=Thomas+K.&amp;rft_id=https%3A%2F%2Fwww.richmondfed.org%2F~%2Fmedia%2Frichmondfedorg%2Fpublications%2Fresearch%2Fspecial_reports%2Finstruments_of_the_money_market%2Fpdf%2Ffull_publication.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFColchester2016" class="citation news cs1">Colchester, Max (April 11, 2016). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/who-loses-the-most-from-brexit-try-goldman-sachs-1460403274">"Who Loses the Most From 'Brexit'? Try Goldman Sachs"</a>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201108095658/https://www.wsj.com/articles/who-loses-the-most-from-brexit-try-goldman-sachs-1460403274">Archived</a> from the original on November 8, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Who+Loses+the+Most+From+%27Brexit%27%3F+Try+Goldman+Sachs&amp;rft.date=2016-04-11&amp;rft.issn=0099-9660&amp;rft.aulast=Colchester&amp;rft.aufirst=Max&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fwho-loses-the-most-from-brexit-try-goldman-sachs-1460403274&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGiroux2013" class="citation book cs1">Giroux, Gary (2013). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=gxNMAgAAQBAJ"><i>Accounting Fraud: Maneuvering and Manipulation, Past and Present</i></a>. Business Expert Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-1606496299" title="Special:BookSources/978-1606496299"><bdi>978-1606496299</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170408085303/https://books.google.com/books?id=gxNMAgAAQBAJ">Archived</a> from the original on April 8, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Accounting+Fraud%3A+Maneuvering+and+Manipulation%2C+Past+and+Present&amp;rft.pub=Business+Expert+Press&amp;rft.date=2013&amp;rft.isbn=978-1606496299&amp;rft.aulast=Giroux&amp;rft.aufirst=Gary&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DgxNMAgAAQBAJ&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThomas2006" class="citation news cs1">Thomas, Landon Jr. (August 9, 2006). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2006/08/09/business/09weinberg.html">"John L. Weinberg, 81, Former Leader of Goldman, Dies"</a></span>. <i>The New York Times</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201121075533/https://www.nytimes.com/2006/08/09/business/09weinberg.html">Archived</a> from the original on November 21, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=John+L.+Weinberg%2C+81%2C+Former+Leader+of+Goldman%2C+Dies&amp;rft.date=2006-08-09&amp;rft.issn=0362-4331&amp;rft.aulast=Thomas&amp;rft.aufirst=Landon+Jr.&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2006%2F08%2F09%2Fbusiness%2F09weinberg.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaer2015" class="citation news cs1">Baer, Justin (December 12, 2015). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/in-wake-of-financial-crisis-goldman-goes-it-alone-1423711981">"In Wake of Financial Crisis, Goldman Goes It Alone"</a></span>. Wall Street Journal. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801042635/https://www.wsj.com/articles/in-wake-of-financial-crisis-goldman-goes-it-alone-1423711981">Archived</a> from the original on August 1, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=In+Wake+of+Financial+Crisis%2C+Goldman+Goes+It+Alone&amp;rft.date=2015-12-12&amp;rft.issn=0099-9660&amp;rft.aulast=Baer&amp;rft.aufirst=Justin&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fin-wake-of-financial-crisis-goldman-goes-it-alone-1423711981&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2013/12/06/as-rivals-fade-goldman-sachs-stands-firm-on-commodities.html">"As rivals fade, Goldman Sachs stands firm on commodities"</a>. CNBC. December 6, 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201129115336/https://www.cnbc.com/2013/12/06/as-rivals-fade-goldman-sachs-stands-firm-on-commodities.html">Archived</a> from the original on November 29, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=As+rivals+fade%2C+Goldman+Sachs+stands+firm+on+commodities&amp;rft.date=2013-12-06&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2013%2F12%2F06%2Fas-rivals-fade-goldman-sachs-stands-firm-on-commodities.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.institutionalinvestor.com/article/b179g8x6qjcf74/85-broad-street---goldman-sachs">"85 Broad Street – Goldman Sachs"</a>. <i>Institutional Investor</i>. March 12, 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221003082029/https://www.institutionalinvestor.com/article/b179g8x6qjcf74/85-broad-street---goldman-sachs">Archived</a> from the original on October 3, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 9,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Institutional+Investor&amp;rft.atitle=85+Broad+Street+%E2%80%93+Goldman+Sachs&amp;rft.date=2018-03-12&amp;rft_id=https%3A%2F%2Fwww.institutionalinvestor.com%2Farticle%2Fb179g8x6qjcf74%2F85-broad-street---goldman-sachs&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://observer.com/2009/12/the-house-that-goldman-built/">"The House That Goldman Built"</a>. Observer. December 9, 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230109140105/https://observer.com/2009/12/the-house-that-goldman-built/">Archived</a> from the original on January 9, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">January 9,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=The+House+That+Goldman+Built&amp;rft.pub=Observer&amp;rft.date=2009-12-09&amp;rft_id=https%3A%2F%2Fobserver.com%2F2009%2F12%2Fthe-house-that-goldman-built%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSloan1995" class="citation news cs1"><a href="/wiki/Allan_Sloan" title="Allan Sloan">Sloan, Allan</a> (September 19, 1995). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/archive/business/1995/09/19/pitching-them-high-and-inside-in-the-rockefeller-center-deal/7794b49c-3489-448e-a33c-4d8a691034f6/">"PITCHING THEM HIGH AND INSIDE IN THE ROCKEFELLER CENTER DEAL"</a>. <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0190-8286">0190-8286</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210208043020/https://www.washingtonpost.com/archive/business/1995/09/19/pitching-them-high-and-inside-in-the-rockefeller-center-deal/7794b49c-3489-448e-a33c-4d8a691034f6/">Archived</a> from the original on February 8, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Washington+Post&amp;rft.atitle=PITCHING+THEM+HIGH+AND+INSIDE+IN+THE+ROCKEFELLER+CENTER+DEAL&amp;rft.date=1995-09-19&amp;rft.issn=0190-8286&amp;rft.aulast=Sloan&amp;rft.aufirst=Allan&amp;rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Farchive%2Fbusiness%2F1995%2F09%2F19%2Fpitching-them-high-and-inside-in-the-rockefeller-center-deal%2F7794b49c-3489-448e-a33c-4d8a691034f6%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCoy1997" class="citation web cs1">McCoy, Patricia (1997). <a rel="nofollow" class="external text" href="https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=1395&amp;context=cilj">"Levers of Law Reform: Public Goods and Russian Banking"</a>. Cornell Law School. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201022190041/https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=1395&amp;context=cilj">Archived</a> from the original on October 22, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Levers+of+Law+Reform%3A+Public+Goods+and+Russian+Banking&amp;rft.pub=Cornell+Law+School&amp;rft.date=1997&amp;rft.aulast=McCoy&amp;rft.aufirst=Patricia&amp;rft_id=https%3A%2F%2Fscholarship.law.cornell.edu%2Fcgi%2Fviewcontent.cgi%3Farticle%3D1395%26context%3Dcilj&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-humbled-29"><span class="mw-cite-backlink">^ <a href="#cite_ref-humbled_29-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-humbled_29-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-humbled_29-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/analysis-and-features/goldman-sachs-humbled-1192852.html">"Goldman Sachs humbled"</a>. <i>The Independent</i>. December 17, 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201116055405/https://www.independent.co.uk/news/business/analysis-and-features/goldman-sachs-humbled-1192852.html">Archived</a> from the original on November 16, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Independent&amp;rft.atitle=Goldman+Sachs+humbled&amp;rft.date=2008-12-17&amp;rft_id=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fanalysis-and-features%2Fgoldman-sachs-humbled-1192852.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/our-firm/history/moments/1994-emerging-markets.html">"Goldman Sachs Expands its Footprint in Emerging Markets"</a>. Goldman Sachs.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs+Expands+its+Footprint+in+Emerging+Markets&amp;rft.pub=Goldman+Sachs&amp;rft_id=https%3A%2F%2Fwww.goldmansachs.com%2Four-firm%2Fhistory%2Fmoments%2F1994-emerging-markets.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-goldman-board-idUSBRE93315P20130404">"Former Goldman head Stephen Friedman retires from board"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. April 4, 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201103184956/https://www.reuters.com/article/us-goldman-board-idUSBRE93315P20130404">Archived</a> from the original on November 3, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Former+Goldman+head+Stephen+Friedman+retires+from+board&amp;rft.date=2013-04-04&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-goldman-board-idUSBRE93315P20130404&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.princeton.edu/~ota/disk2/1990/9015/9015.PDF">"Electronic Bulls and Bears: U.S. Securities Markets and Information Technology"</a> <span class="cs1-format">(PDF)</span>. September 1990.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Electronic+Bulls+and+Bears%3A+U.S.+Securities+Markets+and+Information+Technology&amp;rft.date=1990-09&amp;rft_id=https%3A%2F%2Fwww.princeton.edu%2F~ota%2Fdisk2%2F1990%2F9015%2F9015.PDF&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1994/03/01/business/goldman-sachs-in-china.html">"Goldman, Sachs in China"</a>. <i>New York Times</i>. March 1, 1994. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200903093219/https://www.nytimes.com/1994/03/01/business/goldman-sachs-in-china.html">Archived</a> from the original on September 3, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=New+York+Times&amp;rft.atitle=Goldman%2C+Sachs+in+China&amp;rft.date=1994-03-01&amp;rft.issn=0362-4331&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F1994%2F03%2F01%2Fbusiness%2Fgoldman-sachs-in-china.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-NewYorkTimes1994September14RamirezAnthony-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-NewYorkTimes1994September14RamirezAnthony_34-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRamirez1994" class="citation news cs1">Ramirez, Anthony (September 14, 1994). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1994/09/14/business/chairman-of-goldman-will-retire.html">"Chairman of Goldman Will Retire"</a></span>. <i>New York Times</i>. No.&#160;Business. p.&#160;D1. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200903163853/https://www.nytimes.com/1994/09/14/business/chairman-of-goldman-will-retire.html">Archived</a> from the original on September 3, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">May 9,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=New+York+Times&amp;rft.atitle=Chairman+of+Goldman+Will+Retire&amp;rft.issue=Business&amp;rft.pages=D1&amp;rft.date=1994-09-14&amp;rft.aulast=Ramirez&amp;rft.aufirst=Anthony&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F1994%2F09%2F14%2Fbusiness%2Fchairman-of-goldman-will-retire.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-NewYorkTimes1995March2BradsherKeith-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-NewYorkTimes1995March2BradsherKeith_35-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBradsher1995" class="citation news cs1">Bradsher, Keith (March 2, 1995). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1995/03/02/business/house-votes-to-request-clinton-data-on-mexico.html">"House Votes to Request Clinton Data on Mexico"</a></span>. <i>New York Times</i>. No.&#160;Business. United States. p.&#160;D2. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201106031150/https://www.nytimes.com/1995/03/02/business/house-votes-to-request-clinton-data-on-mexico.html">Archived</a> from the original on November 6, 2020<span class="reference-accessdate">. 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July 28, 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125161003/http://www.economist.com/blogs/freeexchange/2009/07/like_everyone_else_goldman_was">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Economist&amp;rft.atitle=Like+everyone+else%2C+Goldman+was+in+trouble&amp;rft.date=2009-07-28&amp;rft_id=https%3A%2F%2Fwww.economist.com%2Fblogs%2Ffreeexchange%2F2009%2F07%2Flike_everyone_else_goldman_was&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.mcclatchydc.com/news/politics-government/article24561376.html">"How Goldman secretly bet on the U.S. housing crash"</a></span>. McClatchy. November 1, 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170410183150/http://www.mcclatchydc.com/news/politics-government/article24561376.html">Archived</a> from the original on April 10, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=How+Goldman+secretly+bet+on+the+U.S.+housing+crash&amp;rft.date=2009-11-01&amp;rft_id=https%3A%2F%2Fwww.mcclatchydc.com%2Fnews%2Fpolitics-government%2Farticle24561376.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://usatoday30.usatoday.com/money/economy/2009-04-14-tarp-repay-bank-bailout_N.htm">"Goldman Sachs to return $10B of bailout money"</a>. <i><a href="/wiki/USA_Today" title="USA Today">USA Today</a></i>. April 15, 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190129220350/http://usatoday30.usatoday.com/money/economy/2009-04-14-tarp-repay-bank-bailout_N.htm">Archived</a> from the original on January 29, 2019.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=USA+Today&amp;rft.atitle=Goldman+Sachs+to+return+%2410B+of+bailout+money&amp;rft.date=2009-04-15&amp;rft_id=http%3A%2F%2Fusatoday30.usatoday.com%2Fmoney%2Feconomy%2F2009-04-14-tarp-repay-bank-bailout_N.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://dealbook.nytimes.com/2009/06/17/jpmorgan-repays-treasury-as-tarp-exits-continue/">"JPMorgan and 9 Other Banks Repay TARP Money"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. 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June 17, 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190310080912/https://dealbook.nytimes.com/2009/06/17/jpmorgan-repays-treasury-as-tarp-exits-continue/">Archived</a> from the original on March 10, 2019.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=JPMorgan+and+9+Other+Banks+Repay+TARP+Money&amp;rft.issue=DealBook&amp;rft.date=2009-06-17&amp;rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F2009%2F06%2F17%2Fjpmorgan-repays-treasury-as-tarp-exits-continue%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-FinancialTimes2010December10AllowayTracy-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-FinancialTimes2010December10AllowayTracy_59-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAlloway2010" class="citation news cs1">Alloway, Tracy (December 10, 2010). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://ftalphaville.ft.com/2010/12/10/433571/goldmans-uneasy-subprime-short/">"Goldman's uneasy subprime short"</a></span>. 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U.S. Securities and Exchange Commission. September 23, 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140816030946/http://www.sec.gov/Archives/edgar/data/886982/000095012308011720/y71480exv3w1.htm">Archived</a> from the original on August 16, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">May 18,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Berkshire+Hathaway+to+Invest+%245+billion+in+Goldman+Sachs&amp;rft.pub=U.S.+Securities+and+Exchange+Commission&amp;rft.date=2008-09-23&amp;rft_id=https%3A%2F%2Fwww.sec.gov%2FArchives%2Fedgar%2Fdata%2F886982%2F000095012308011720%2Fy71480exv3w1.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-68"><span class="mw-cite-backlink"><b><a href="#cite_ref-68">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSloan2007" class="citation news cs1">Sloan, Allan (October 16, 2007). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2007/10/15/AR2007101501435.html">"An Unsavory Slice of Subprime"</a>. <i>The Washington Post</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191001183858/http://www.washingtonpost.com/wp-dyn/content/article/2007/10/15/AR2007101501435.html">Archived</a> from the original on October 1, 2019<span class="reference-accessdate">. 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Retrieved <span class="nowrap">March 19,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs+Pays+%241.1+Billion+to+Redeem+TARP+Warrants%3A+US+Taxpayers+Make+23+Percent+Return&amp;rft.pub=Business+Wire&amp;rft.date=2009-07-22&amp;rft_id=http%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20090722005842%2Fen%2FGoldman-Sachs-Pays-1.1-Billion-Redeem-TARP&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span><br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2009/07/22/goldman-sachs-pays-11-billion-to-redeem-warrants.html">"Goldman Sachs Pays $1.1 Billion to Redeem Warrants"</a>. <a href="/wiki/CNBC" title="CNBC">CNBC</a>. 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href="https://www.bloomberg.com/news/articles/2017-02-05/goldman-sale-reignites-conspiracy-theories-in-danish-parliament">"Goldman Sale Reignites Conspiracy Theories in Danish Parliament"</a>. <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170406190208/https://www.bloomberg.com/news/articles/2017-02-05/goldman-sale-reignites-conspiracy-theories-in-danish-parliament">Archived</a> from the original on April 6, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sale+Reignites+Conspiracy+Theories+in+Danish+Parliament&amp;rft.pub=Bloomberg+L.P.&amp;rft.date=2017-02-05&amp;rft.aulast=Levring&amp;rft.aufirst=Peter&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2017-02-05%2Fgoldman-sale-reignites-conspiracy-theories-in-danish-parliament&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-100"><span class="mw-cite-backlink"><b><a href="#cite_ref-100">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPLECHINGER2017" class="citation news cs1">PLECHINGER, MAZ (December 10, 2017). <a rel="nofollow" class="external text" href="https://energywatch.com/EnergyNews/Utilities/article9943886.ece">"Goldman Sachs bids final farewell to Dong"</a>. <i>Energy Watch Group</i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Energy+Watch+Group&amp;rft.atitle=Goldman+Sachs+bids+final+farewell+to+Dong&amp;rft.date=2017-12-10&amp;rft.aulast=PLECHINGER&amp;rft.aufirst=MAZ&amp;rft_id=https%3A%2F%2Fenergywatch.com%2FEnergyNews%2FUtilities%2Farticle9943886.ece&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-101"><span class="mw-cite-backlink"><b><a href="#cite_ref-101">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHodges2014" class="citation news cs1">Hodges, Jeremy (August 19, 2014). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2014-08-19/goldman-sachs-drops-bid-to-throw-out-libyan-wealth-fund-suit.html">"Goldman Sachs Drops Bid to End Libyan Wealth Fund Suit"</a></span>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150105054528/http://www.bloomberg.com/news/2014-08-19/goldman-sachs-drops-bid-to-throw-out-libyan-wealth-fund-suit.html">Archived</a> from the original on January 5, 2015.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Sachs+Drops+Bid+to+End+Libyan+Wealth+Fund+Suit&amp;rft.date=2014-08-19&amp;rft.aulast=Hodges&amp;rft.aufirst=Jeremy&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2014-08-19%2Fgoldman-sachs-drops-bid-to-throw-out-libyan-wealth-fund-suit.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-102"><span class="mw-cite-backlink"><b><a href="#cite_ref-102">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFontevecchia2011" class="citation news cs1">Fontevecchia, Agustino (May 31, 2011). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/afontevecchia/2011/05/31/goldman-sachs-lost-98-of-libyas-1-3b-sovereign-wealth-fund-investment/">"Goldman Sachs Lost 98% of Libya's $1.3B Sovereign Wealth Fund Investment"</a>. <i><a href="/wiki/Forbes" title="Forbes">Forbes</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170208215553/http://www.forbes.com/sites/afontevecchia/2011/05/31/goldman-sachs-lost-98-of-libyas-1-3b-sovereign-wealth-fund-investment/">Archived</a> from the original on February 8, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Forbes&amp;rft.atitle=Goldman+Sachs+Lost+98%25+of+Libya%27s+%241.3B+Sovereign+Wealth+Fund+Investment&amp;rft.date=2011-05-31&amp;rft.aulast=Fontevecchia&amp;rft.aufirst=Agustino&amp;rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fafontevecchia%2F2011%2F05%2F31%2Fgoldman-sachs-lost-98-of-libyas-1-3b-sovereign-wealth-fund-investment%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-103"><span class="mw-cite-backlink"><b><a href="#cite_ref-103">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAnderson2014" class="citation news cs1">Anderson, Jenny (January 30, 2014). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://dealbook.nytimes.com/2014/01/30/libyan-investment-fund-files-suit-against-goldman/">"Libyan Investment Fund Sues Goldman Over Loss"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140219172235/http://dealbook.nytimes.com/2014/01/30/libyan-investment-fund-files-suit-against-goldman/">Archived</a> from the original on February 19, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Libyan+Investment+Fund+Sues+Goldman+Over+Loss&amp;rft.date=2014-01-30&amp;rft.aulast=Anderson&amp;rft.aufirst=Jenny&amp;rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F2014%2F01%2F30%2Flibyan-investment-fund-files-suit-against-goldman%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-104"><span class="mw-cite-backlink"><b><a href="#cite_ref-104">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRankin2014" class="citation news cs1">Rankin, Jennifer (November 24, 2014). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2014/nov/24/goldman-sachs-libya-high-court">"High court judge orders Goldman Sachs to disclose Libya profits"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125161043/https://www.theguardian.com/business/2014/nov/24/goldman-sachs-libya-high-court">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Guardian&amp;rft.atitle=High+court+judge+orders+Goldman+Sachs+to+disclose+Libya+profits&amp;rft.date=2014-11-24&amp;rft.aulast=Rankin&amp;rft.aufirst=Jennifer&amp;rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2014%2Fnov%2F24%2Fgoldman-sachs-libya-high-court&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-105"><span class="mw-cite-backlink"><b><a href="#cite_ref-105">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBinhamCroft2014" class="citation news cs1">Binham, Caroline; Croft, Jane (September 19, 2014). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.ft.com/content/b2d79034-4021-11e4-936b-00144feabdc0">"Goldman admits cultivating ties with Gaddafi-era Libya fund"</a></span>. <i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i>. Nikkei. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160219/https://www.ft.com/content/b2d79034-4021-11e4-936b-00144feabdc0">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Financial+Times&amp;rft.atitle=Goldman+admits+cultivating+ties+with+Gaddafi-era+Libya+fund&amp;rft.date=2014-09-19&amp;rft.aulast=Binham&amp;rft.aufirst=Caroline&amp;rft.au=Croft%2C+Jane&amp;rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fb2d79034-4021-11e4-936b-00144feabdc0&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-106"><span class="mw-cite-backlink"><b><a href="#cite_ref-106">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBray2016" class="citation news cs1">Bray, Chad (October 15, 2016). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2016/10/15/business/dealbook/goldman-sachs-libya-sovereign-wealth-fund.html">"Goldman Sachs Didn't Trick Libyan Fund, Judge Says"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Sachs+Didn%27t+Trick+Libyan+Fund%2C+Judge+Says&amp;rft.date=2016-10-15&amp;rft.aulast=Bray&amp;rft.aufirst=Chad&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2016%2F10%2F15%2Fbusiness%2Fdealbook%2Fgoldman-sachs-libya-sovereign-wealth-fund.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-107"><span class="mw-cite-backlink"><b><a href="#cite_ref-107">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoore2015" class="citation news cs1">Moore, Michael J. (August 13, 2015). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2015-08-13/goldman-sachs-to-buy-ge-bank-unit-with-16-billion-of-deposits">"Goldman Sachs to Acquire GE Capital Bank's on-line deposit platform"</a>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201108134803/http://www.bloomberg.com/news/articles/2015-08-13/goldman-sachs-to-buy-ge-bank-unit-with-16-billion-of-deposits">Archived</a> from the original on November 8, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">March 7,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Sachs+to+Acquire+GE+Capital+Bank%27s+on-line+deposit+platform&amp;rft.date=2015-08-13&amp;rft.aulast=Moore&amp;rft.aufirst=Michael+J.&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2015-08-13%2Fgoldman-sachs-to-buy-ge-bank-unit-with-16-billion-of-deposits&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-108"><span class="mw-cite-backlink"><b><a href="#cite_ref-108">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliams-Grut2016" class="citation news cs1">Williams-Grut, Oscar (April 25, 2016). <a rel="nofollow" class="external text" href="http://www.businessinsider.com/goldman-sachs-launches-online-saving-account-gsbank-2016-4">"Goldman Sachs is launching a bank account for ordinary people – not just the super rich"</a>. <i><a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200806142058/https://www.businessinsider.com/goldman-sachs-launches-online-saving-account-gsbank-2016-4">Archived</a> from the original on August 6, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">April 25,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Business+Insider&amp;rft.atitle=Goldman+Sachs+is+launching+a+bank+account+for+ordinary+people+%E2%80%93+not+just+the+super+rich&amp;rft.date=2016-04-25&amp;rft.aulast=Williams-Grut&amp;rft.aufirst=Oscar&amp;rft_id=http%3A%2F%2Fwww.businessinsider.com%2Fgoldman-sachs-launches-online-saving-account-gsbank-2016-4&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-109"><span class="mw-cite-backlink"><b><a href="#cite_ref-109">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSweet2016" class="citation news cs1">Sweet, Ken (October 13, 2016). <a rel="nofollow" class="external text" href="https://www.usnews.com/news/business/articles/2016-10-13/goldman-sachs-launches-personal-loan-service">"Goldman Sachs launches personal loan service"</a>. <a href="/wiki/U.S._News_%26_World_Report" title="U.S. News &amp; World Report">U.S. News &amp; World Report</a>. <a href="/wiki/Associated_Press" title="Associated Press">Associated Press</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801083541/https://www.usnews.com/news/business/articles/2016-10-13/goldman-sachs-launches-personal-loan-service">Archived</a> from the original on August 1, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">May 18,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman+Sachs+launches+personal+loan+service&amp;rft.date=2016-10-13&amp;rft.aulast=Sweet&amp;rft.aufirst=Ken&amp;rft_id=https%3A%2F%2Fwww.usnews.com%2Fnews%2Fbusiness%2Farticles%2F2016-10-13%2Fgoldman-sachs-launches-personal-loan-service&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-110"><span class="mw-cite-backlink"><b><a href="#cite_ref-110">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoyer2016" class="citation news cs1">Moyer, Liz (March 14, 2016). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2016/03/15/business/dealbook/goldman-sachs-to-buy-honest-dollar-a-small-plan-start-up.html">"Goldman Sachs to Buy Honest Dollar, a Small Plan Start-Up"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201216230517/https://www.nytimes.com/2016/03/15/business/dealbook/goldman-sachs-to-buy-honest-dollar-a-small-plan-start-up.html">Archived</a> from the original on December 16, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Sachs+to+Buy+Honest+Dollar%2C+a+Small+Plan+Start-Up&amp;rft.date=2016-03-14&amp;rft.aulast=Moyer&amp;rft.aufirst=Liz&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2016%2F03%2F15%2Fbusiness%2Fdealbook%2Fgoldman-sachs-to-buy-honest-dollar-a-small-plan-start-up.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Venezuela-111"><span class="mw-cite-backlink">^ <a href="#cite_ref-Venezuela_111-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Venezuela_111-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVyasKurmanaev2017" class="citation news cs1">Vyas, Kejal; Kurmanaev, Anatoly (May 28, 2017). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-sachs-bought-venezuelan-oil-co-bonds-last-week-1496020176">"Goldman Sachs Bought Venezuela's State Oil Company's Bonds Last Week"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/Caracas,_Venezuela" class="mw-redirect" title="Caracas, Venezuela">Caracas, Venezuela</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210107044131/https://www.wsj.com/articles/goldman-sachs-bought-venezuelan-oil-co-bonds-last-week-1496020176">Archived</a> from the original on January 7, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Sachs+Bought+Venezuela%27s+State+Oil+Company%27s+Bonds+Last+Week&amp;rft.date=2017-05-28&amp;rft.issn=0099-9660&amp;rft.aulast=Vyas&amp;rft.aufirst=Kejal&amp;rft.au=Kurmanaev%2C+Anatoly&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-sachs-bought-venezuelan-oil-co-bonds-last-week-1496020176&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-112"><span class="mw-cite-backlink"><b><a href="#cite_ref-112">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFResnick-Ault2018" class="citation news cs1">Resnick-Ault, Jessica (April 16, 2018). <a rel="nofollow" class="external text" href="http://www.businessinsider.com/r-goldman-sachs-buys-personal-finance-start-up-clarity-money-2018-4">"Goldman Sachs bought a money-management app"</a>. <a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a>. <a href="/wiki/Reuters" title="Reuters">Reuters</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210203222427/https://www.businessinsider.com/r-goldman-sachs-buys-personal-finance-start-up-clarity-money-2018-4">Archived</a> from the original on February 3, 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">April 16,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman+Sachs+bought+a+money-management+app&amp;rft.date=2018-04-16&amp;rft.aulast=Resnick-Ault&amp;rft.aufirst=Jessica&amp;rft_id=http%3A%2F%2Fwww.businessinsider.com%2Fr-goldman-sachs-buys-personal-finance-start-up-clarity-money-2018-4&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-113"><span class="mw-cite-backlink"><b><a href="#cite_ref-113">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBeckerman2018" class="citation news cs1">Beckerman, Josh (July 12, 2018). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-sachs-merchant-banking-to-buy-boyd-corp-from-genstar-capital-1531393390">"Goldman Sachs Merchant Banking to Buy Boyd Corp. From Genstar Capital"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801021717/https://www.wsj.com/articles/goldman-sachs-merchant-banking-to-buy-boyd-corp-from-genstar-capital-1531393390">Archived</a> from the original on August 1, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Sachs+Merchant+Banking+to+Buy+Boyd+Corp.+From+Genstar+Capital&amp;rft.date=2018-07-12&amp;rft.issn=0099-9660&amp;rft.aulast=Beckerman&amp;rft.aufirst=Josh&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-sachs-merchant-banking-to-buy-boyd-corp-from-genstar-capital-1531393390&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-114"><span class="mw-cite-backlink"><b><a href="#cite_ref-114">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEgan2019" class="citation news cs1">Egan, Matt (May 16, 2019). <a rel="nofollow" class="external text" href="https://www.cnn.com/2019/05/16/investing/goldman-sachs-acquisition-united-capital/index.html">"Goldman Sachs makes biggest acquisition in nearly 20 years"</a>. <i><a href="/wiki/CNN" title="CNN">CNN</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210128203523/https://www.cnn.com/2019/05/16/investing/goldman-sachs-acquisition-united-capital/index.html">Archived</a> from the original on January 28, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CNN&amp;rft.atitle=Goldman+Sachs+makes+biggest+acquisition+in+nearly+20+years&amp;rft.date=2019-05-16&amp;rft.aulast=Egan&amp;rft.aufirst=Matt&amp;rft_id=https%3A%2F%2Fwww.cnn.com%2F2019%2F05%2F16%2Finvesting%2Fgoldman-sachs-acquisition-united-capital%2Findex.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-115"><span class="mw-cite-backlink"><b><a href="#cite_ref-115">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSon2019" class="citation news cs1">Son, Hugh (March 25, 2019). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2019/03/25/apple-unveils-new-credit-card-the-apple-card.html">"Apple unveils new no-fee credit card: The Apple Card"</a>. <i><a href="/wiki/CNBC" title="CNBC">CNBC</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190325190729/https://www.cnbc.com/2019/03/25/apple-unveils-new-credit-card-the-apple-card.html">Archived</a> from the original on March 25, 2019.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CNBC&amp;rft.atitle=Apple+unveils+new+no-fee+credit+card%3A+The+Apple+Card&amp;rft.date=2019-03-25&amp;rft.aulast=Son&amp;rft.aufirst=Hugh&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2019%2F03%2F25%2Fapple-unveils-new-credit-card-the-apple-card.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-:4-116"><span class="mw-cite-backlink"><b><a href="#cite_ref-:4_116-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSon2019" class="citation web cs1">Son, Hugh (May 28, 2019). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2019/05/28/goldman-rival-pulled-out-of-apple-card-on-fears-it-was-money-loser.html">"A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser"</a>. <i>CNBC</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220702203749/https://www.cnbc.com/2019/05/28/goldman-rival-pulled-out-of-apple-card-on-fears-it-was-money-loser.html">Archived</a> from the original on July 2, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">July 2,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=CNBC&amp;rft.atitle=A+Goldman+Sachs+rival+pulled+out+of+the+Apple+Card+deal+on+fears+it+will+be+a+money+loser&amp;rft.date=2019-05-28&amp;rft.aulast=Son&amp;rft.aufirst=Hugh&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2019%2F05%2F28%2Fgoldman-rival-pulled-out-of-apple-card-on-fears-it-was-money-loser.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-117"><span class="mw-cite-backlink"><b><a href="#cite_ref-117">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSon2019" class="citation web cs1">Son, Hugh (August 14, 2019). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2019/08/14/goldman-sachs-may-lose-money-on-the-apple-card-in-the-next-recession.html">"Goldman Sachs may lose money on the Apple Card in the next recession, Nomura says"</a>. <i>CNBC</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220702203749/https://www.cnbc.com/2019/08/14/goldman-sachs-may-lose-money-on-the-apple-card-in-the-next-recession.html">Archived</a> from the original on July 2, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">July 2,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=CNBC&amp;rft.atitle=Goldman+Sachs+may+lose+money+on+the+Apple+Card+in+the+next+recession%2C+Nomura+says&amp;rft.date=2019-08-14&amp;rft.aulast=Son&amp;rft.aufirst=Hugh&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2019%2F08%2F14%2Fgoldman-sachs-may-lose-money-on-the-apple-card-in-the-next-recession.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-118"><span class="mw-cite-backlink"><b><a href="#cite_ref-118">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2019/mar/28/city-watchdog-fines-goldman-sachs-misreporting-transactions">City watchdog fines Goldman Sachs £34.4m for misreporting</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190329172813/https://www.theguardian.com/business/2019/mar/28/city-watchdog-fines-goldman-sachs-misreporting-transactions">Archived</a> March 29, 2019, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>Guardian</i>, March 28, 2019.</span> </li> <li id="cite_note-119"><span class="mw-cite-backlink"><b><a href="#cite_ref-119">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStevens2019" class="citation news cs1">Stevens, Pippa (December 16, 2019). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2019/12/16/goldman-sachs-targets-750-billion-for-climate-transition-projects.html">"Goldman Sachs to spend $750 billion on climate transition projects and curb fossil fuel lending"</a>. <i>CNBC</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210219124908/https://www.cnbc.com/2019/12/16/goldman-sachs-targets-750-billion-for-climate-transition-projects.html">Archived</a> from the original on February 19, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CNBC&amp;rft.atitle=Goldman+Sachs+to+spend+%24750+billion+on+climate+transition+projects+and+curb+fossil+fuel+lending&amp;rft.date=2019-12-16&amp;rft.aulast=Stevens&amp;rft.aufirst=Pippa&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2019%2F12%2F16%2Fgoldman-sachs-targets-750-billion-for-climate-transition-projects.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-120"><span class="mw-cite-backlink"><b><a href="#cite_ref-120">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWagnerStein2020" class="citation news cs1">Wagner, Josh; Stein, Joel (August 21, 2020). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2020/08/21/business/goldman-sachs-font.html">"Goldman Sachs Has Money. It Has Power. And Now It Has a Font"</a>. <i>The New York Times</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201223181104/https://www.nytimes.com/2020/08/21/business/goldman-sachs-font.html">Archived</a> from the original on December 23, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">August 21,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Sachs+Has+Money.+It+Has+Power.+And+Now+It+Has+a+Font&amp;rft.date=2020-08-21&amp;rft.issn=0362-4331&amp;rft.aulast=Wagner&amp;rft.aufirst=Josh&amp;rft.au=Stein%2C+Joel&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2020%2F08%2F21%2Fbusiness%2Fgoldman-sachs-font.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-121"><span class="mw-cite-backlink"><b><a href="#cite_ref-121">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/news/83728/top-10-fcpa-enforcement-actions-disgraced-goldman-sachs-tops-the-list">"TOP 10 FCPA Enforcement Actions, Disgraced Goldman Sachs Tops the List"</a>. Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210113100852/https://www.swfinstitute.org/news/83728/top-10-fcpa-enforcement-actions-disgraced-goldman-sachs-tops-the-list">Archived</a> from the original on January 13, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=TOP+10+FCPA+Enforcement+Actions%2C+Disgraced+Goldman+Sachs+Tops+the+List&amp;rft.pub=Sovereign+Wealth+Fund+Institute&amp;rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fnews%2F83728%2Ftop-10-fcpa-enforcement-actions-disgraced-goldman-sachs-tops-the-list&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-122"><span class="mw-cite-backlink"><b><a href="#cite_ref-122">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSon2020" class="citation news cs1">Son, Hugh (July 24, 2020). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2020/07/24/goldman-sachs-agrees-to-3point9-billion-deal-with-malaysia-to-settle-criminal-probe-into-1mdb-scandal.html">"Goldman Sachs agrees to $3.9 billion deal with Malaysia to settle criminal probe into 1MDB scandal"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201030060507/https://www.cnbc.com/2020/07/24/goldman-sachs-agrees-to-3point9-billion-deal-with-malaysia-to-settle-criminal-probe-into-1mdb-scandal.html">Archived</a> from the original on October 30, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">January 15,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman+Sachs+agrees+to+%243.9+billion+deal+with+Malaysia+to+settle+criminal+probe+into+1MDB+scandal&amp;rft.date=2020-07-24&amp;rft.aulast=Son&amp;rft.aufirst=Hugh&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2020%2F07%2F24%2Fgoldman-sachs-agrees-to-3point9-billion-deal-with-malaysia-to-settle-criminal-probe-into-1mdb-scandal.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-123"><span class="mw-cite-backlink"><b><a href="#cite_ref-123">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSon2020" class="citation news cs1">Son, Hugh (October 22, 2020). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2020/10/22/goldman-sachs-agrees-to-pay-more-than-2point9-billion-to-resolve-probes-into-its-1mdb-scandal-.html">"Goldman Sachs agrees to pay more than $2.9 billion to resolve probes into its 1MDB scandal"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210129064653/https://www.cnbc.com/2020/10/22/goldman-sachs-agrees-to-pay-more-than-2point9-billion-to-resolve-probes-into-its-1mdb-scandal-.html">Archived</a> from the original on January 29, 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">October 23,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman+Sachs+agrees+to+pay+more+than+%242.9+billion+to+resolve+probes+into+its+1MDB+scandal&amp;rft.date=2020-10-22&amp;rft.aulast=Son&amp;rft.aufirst=Hugh&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2020%2F10%2F22%2Fgoldman-sachs-agrees-to-pay-more-than-2point9-billion-to-resolve-probes-into-its-1mdb-scandal-.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-nyt-1mdb-124"><span class="mw-cite-backlink">^ <a href="#cite_ref-nyt-1mdb_124-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-nyt-1mdb_124-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoldstein2020" class="citation news cs1">Goldstein, Matthew (October 20, 2020). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2020/10/20/business/goldman-sachs-1mdb-malaysia.html">"Goldman Sachs Is Said to Admit Mistakes in 1MDB Scandal"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210124010050/https://www.nytimes.com/2020/10/20/business/goldman-sachs-1mdb-malaysia.html">Archived</a> from the original on January 24, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Sachs+Is+Said+to+Admit+Mistakes+in+1MDB+Scandal&amp;rft.date=2020-10-20&amp;rft.aulast=Goldstein&amp;rft.aufirst=Matthew&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2020%2F10%2F20%2Fbusiness%2Fgoldman-sachs-1mdb-malaysia.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-125"><span class="mw-cite-backlink"><b><a href="#cite_ref-125">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFElsesser" class="citation web cs1">Elsesser, Kim. <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/kimelsesser/2020/01/23/goldman-sachs-wont-take-companies-public-if-they-have-all-male-corporate-boards/">"Goldman Sachs Won't Take Companies Public If They Have All-Male Corporate Boards"</a>. <i><a href="/wiki/Forbes" title="Forbes">Forbes</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230314150640/https://www.forbes.com/sites/kimelsesser/2020/01/23/goldman-sachs-wont-take-companies-public-if-they-have-all-male-corporate-boards/">Archived</a> from the original on March 14, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">March 14,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Forbes&amp;rft.atitle=Goldman+Sachs+Won%27t+Take+Companies+Public+If+They+Have+All-Male+Corporate+Boards&amp;rft.aulast=Elsesser&amp;rft.aufirst=Kim&amp;rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fkimelsesser%2F2020%2F01%2F23%2Fgoldman-sachs-wont-take-companies-public-if-they-have-all-male-corporate-boards%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-126"><span class="mw-cite-backlink"><b><a href="#cite_ref-126">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://fortune.com/2022/04/05/goldman-sachs-placed-50th-diverse-director-board-diversity/">"Goldman Sachs' board diversity pledge pays off with 50 diverse directors"</a>. <i>Fortune</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230314151213/https://fortune.com/2022/04/05/goldman-sachs-placed-50th-diverse-director-board-diversity/">Archived</a> from the original on March 14, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">March 14,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Fortune&amp;rft.atitle=Goldman+Sachs%27+board+diversity+pledge+pays+off+with+50+diverse+directors&amp;rft_id=https%3A%2F%2Ffortune.com%2F2022%2F04%2F05%2Fgoldman-sachs-placed-50th-diverse-director-board-diversity%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-127"><span class="mw-cite-backlink"><b><a href="#cite_ref-127">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDummett2021" class="citation news cs1">Dummett, Ben (August 19, 2021). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-sachs-to-acquire-european-asset-manager-for-1-9-billion-11629364151">"Goldman Sachs to Acquire European Asset Manager for $1.9 Billion"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210819143555/https://www.wsj.com/articles/goldman-sachs-to-acquire-european-asset-manager-for-1-9-billion-11629364151">Archived</a> from the original on August 19, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Sachs+to+Acquire+European+Asset+Manager+for+%241.9+Billion&amp;rft.date=2021-08-19&amp;rft.aulast=Dummett&amp;rft.aufirst=Ben&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-sachs-to-acquire-european-asset-manager-for-1-9-billion-11629364151&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-128"><span class="mw-cite-backlink"><b><a href="#cite_ref-128">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2021/09/15/goldman-sachs-is-acquiring-buy-now-pay-later-fintech-greensky-for-2point2-billion-.html">"Goldman Sachs is acquiring buy now, pay later fintech GreenSky for $2.2 billion"</a>. <i>CNBC</i>. September 15, 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220408021632/https://www.cnbc.com/2021/09/15/goldman-sachs-is-acquiring-buy-now-pay-later-fintech-greensky-for-2point2-billion-.html">Archived</a> from the original on April 8, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">April 8,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CNBC&amp;rft.atitle=Goldman+Sachs+is+acquiring+buy+now%2C+pay+later+fintech+GreenSky+for+%242.2+billion&amp;rft.date=2021-09-15&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2021%2F09%2F15%2Fgoldman-sachs-is-acquiring-buy-now-pay-later-fintech-greensky-for-2point2-billion-.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-129"><span class="mw-cite-backlink"><b><a href="#cite_ref-129">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNatarajan2022" class="citation news cs1">Natarajan, Sridhar (March 10, 2022). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2022-03-10/goldman-sachs-to-exit-russia-in-wall-street-s-first-pullout">"Goldman Sachs to Exit Russia in Wall Street's First Pullout"</a>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220515074824/https://www.bloomberg.com/news/articles/2022-03-10/goldman-sachs-to-exit-russia-in-wall-street-s-first-pullout">Archived</a> from the original on May 15, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">March 10,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Sachs+to+Exit+Russia+in+Wall+Street%27s+First+Pullout&amp;rft.date=2022-03-10&amp;rft.aulast=Natarajan&amp;rft.aufirst=Sridhar&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-03-10%2Fgoldman-sachs-to-exit-russia-in-wall-street-s-first-pullout&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-130"><span class="mw-cite-backlink"><b><a href="#cite_ref-130">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nsbanking.com/news/goldman-sachs-to-acquire-nextcapital-group/">"Goldman Sachs to Acquire NextCapital Group"</a>. <i>NS Banking</i>. March 29, 2022. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220620212942/https://www.nsbanking.com/news/goldman-sachs-to-acquire-nextcapital-group/">Archived</a> from the original on June 20, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">March 30,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=NS+Banking&amp;rft.atitle=Goldman+Sachs+to+Acquire+NextCapital+Group&amp;rft.date=2022-03-29&amp;rft_id=https%3A%2F%2Fwww.nsbanking.com%2Fnews%2Fgoldman-sachs-to-acquire-nextcapital-group%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-131"><span class="mw-cite-backlink"><b><a href="#cite_ref-131">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMishra2022" class="citation web cs1">Mishra, Parikshit (June 13, 2022). <a rel="nofollow" class="external text" href="https://fortune.com/2022/06/13/goldman-sachs-first-trade-derivative-linked-to-ether/">"Goldman Sachs just executed its first trade of derivative linked to Ether"</a>. <i><a href="/wiki/Fortune_(magazine)" title="Fortune (magazine)">Fortune</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220615152658/https://fortune.com/2022/06/13/goldman-sachs-first-trade-derivative-linked-to-ether/">Archived</a> from the original on June 15, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">June 16,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Fortune&amp;rft.atitle=Goldman+Sachs+just+executed+its+first+trade+of+derivative+linked+to+Ether&amp;rft.date=2022-06-13&amp;rft.aulast=Mishra&amp;rft.aufirst=Parikshit&amp;rft_id=https%3A%2F%2Ffortune.com%2F2022%2F06%2F13%2Fgoldman-sachs-first-trade-derivative-linked-to-ether%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-132"><span class="mw-cite-backlink"><b><a href="#cite_ref-132">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.mclaren.com/racing/partners/goldman-sachs/mclaren-racing-announces-multi-year-partnership-goldman-sachs/">"McLaren Racing – McLaren Racing announces multi-year partnership with Goldman Sachs"</a>. <i>www.mclaren.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221118125827/https://www.mclaren.com/racing/partners/goldman-sachs/mclaren-racing-announces-multi-year-partnership-goldman-sachs/">Archived</a> from the original on November 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">November 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=www.mclaren.com&amp;rft.atitle=McLaren+Racing+%E2%80%93+McLaren+Racing+announces+multi-year+partnership+with+Goldman+Sachs&amp;rft_id=https%3A%2F%2Fwww.mclaren.com%2Fracing%2Fpartners%2Fgoldman-sachs%2Fmclaren-racing-announces-multi-year-partnership-goldman-sachs%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-133"><span class="mw-cite-backlink"><b><a href="#cite_ref-133">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-62885047">"Financial giant Goldman Sachs set for hundreds of layoffs"</a>. BBC News. September 13, 2022. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220914043527/https://www.bbc.com/news/business-62885047">Archived</a> from the original on September 14, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">September 13,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Financial+giant+Goldman+Sachs+set+for+hundreds+of+layoffs&amp;rft.date=2022-09-13&amp;rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-62885047&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-134"><span class="mw-cite-backlink"><b><a href="#cite_ref-134">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSon2024" class="citation web cs1">Son, Hugh (February 2, 2024). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2024/02/02/goldman-sachs-backed-electricity-firm-to-reach-more-americans-homes.html">"A Goldman Sachs-backed electricity firm is making a play to reach more Americans' homes"</a>. <i>CNBC</i><span class="reference-accessdate">. Retrieved <span class="nowrap">February 12,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=CNBC&amp;rft.atitle=A+Goldman+Sachs-backed+electricity+firm+is+making+a+play+to+reach+more+Americans%27+homes&amp;rft.date=2024-02-02&amp;rft.aulast=Son&amp;rft.aufirst=Hugh&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2024%2F02%2F02%2Fgoldman-sachs-backed-electricity-firm-to-reach-more-americans-homes.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-135"><span class="mw-cite-backlink"><b><a href="#cite_ref-135">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPodishetti2024" class="citation news cs1">Podishetti, Akash (January 23, 2024). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240124072316/https://economictimes.indiatimes.com/markets/stocks/news/bulk-deal-goldman-sachs-other-marquee-funds-buy-stakes-in-medi-assist-healthcare-post-listing/articleshow/107090086.cms">"Bulk deal: Goldman Sachs, other marquee funds buy stakes in Medi Assist Healthcare post-listing"</a>. <i>The Economic Times</i>. Archived from <a rel="nofollow" class="external text" href="https://economictimes.indiatimes.com/markets/stocks/news/bulk-deal-goldman-sachs-other-marquee-funds-buy-stakes-in-medi-assist-healthcare-post-listing/articleshow/107090086.cms">the original</a> on January 24, 2024<span class="reference-accessdate">. Retrieved <span class="nowrap">February 25,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Economic+Times&amp;rft.atitle=Bulk+deal%3A+Goldman+Sachs%2C+other+marquee+funds+buy+stakes+in+Medi+Assist+Healthcare+post-listing&amp;rft.date=2024-01-23&amp;rft.aulast=Podishetti&amp;rft.aufirst=Akash&amp;rft_id=https%3A%2F%2Feconomictimes.indiatimes.com%2Fmarkets%2Fstocks%2Fnews%2Fbulk-deal-goldman-sachs-other-marquee-funds-buy-stakes-in-medi-assist-healthcare-post-listing%2Farticleshow%2F107090086.cms&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-topexec-136"><span class="mw-cite-backlink">^ <a href="#cite_ref-topexec_136-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-topexec_136-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHall2012" class="citation news cs1">Hall, John (March 14, 2012). <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/news/top-goldman-sachs-executive-quits-over-culture-of-toxic-greed-7566430.html">"Top Goldman executive quits over culture of 'toxic' greed"</a>. <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180728132755/https://www.independent.co.uk/news/business/news/top-goldman-sachs-executive-quits-over-culture-of-toxic-greed-7566430.html">Archived</a> from the original on July 28, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Daily+Telegraph&amp;rft.atitle=Top+Goldman+executive+quits+over+culture+of+%27toxic%27+greed&amp;rft.date=2012-03-14&amp;rft.aulast=Hall&amp;rft.aufirst=John&amp;rft_id=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fnews%2Ftop-goldman-sachs-executive-quits-over-culture-of-toxic-greed-7566430.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-137"><span class="mw-cite-backlink"><b><a href="#cite_ref-137">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarper2013" class="citation news cs1">Harper, Christine (February 6, 2013). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2013-02-06/goldman-sachs-shouldn-t-work-for-russia-human-rights-group-says">"Goldman Sachs Shouldn't Work for Russia, Human Rights Group Says"</a></span>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170226201216/https://www.bloomberg.com/news/articles/2013-02-06/goldman-sachs-shouldn-t-work-for-russia-human-rights-group-says">Archived</a> from the original on February 26, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Sachs+Shouldn%27t+Work+for+Russia%2C+Human+Rights+Group+Says&amp;rft.date=2013-02-06&amp;rft.aulast=Harper&amp;rft.aufirst=Christine&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2013-02-06%2Fgoldman-sachs-shouldn-t-work-for-russia-human-rights-group-says&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-TheGuys-138"><span class="mw-cite-backlink">^ <a href="#cite_ref-TheGuys_138-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-TheGuys_138-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCreswellWhite2008" class="citation news cs1">Creswell, Julie; White, Ben (October 17, 2008). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/10/19/business/19gold.html">"The Guys From 'Government Sachs'<span class="cs1-kern-right"></span>"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140220160810/http://www.nytimes.com/2008/10/19/business/19gold.html">Archived</a> from the original on February 20, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=The+Guys+From+%27Government+Sachs%27&amp;rft.date=2008-10-17&amp;rft.aulast=Creswell&amp;rft.aufirst=Julie&amp;rft.au=White%2C+Ben&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F19%2Fbusiness%2F19gold.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Shuffle-139"><span class="mw-cite-backlink">^ <a href="#cite_ref-Shuffle_139-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Shuffle_139-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Shuffle_139-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Shuffle_139-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Shuffle_139-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Shuffle_139-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKocieniewski2013" class="citation news cs1">Kocieniewski, David (July 20, 2013). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html">"A Shuffle of Aluminum, but to Banks, Pure Gold"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140117200136/http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html">Archived</a> from the original on January 17, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=A+Shuffle+of+Aluminum%2C+but+to+Banks%2C+Pure+Gold&amp;rft.date=2013-07-20&amp;rft.aulast=Kocieniewski&amp;rft.aufirst=David&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2013%2F07%2F21%2Fbusiness%2Fa-shuffle-of-aluminum-but-to-banks-pure-gold.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-140"><span class="mw-cite-backlink"><b><a href="#cite_ref-140">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKaraianSorkin2021" class="citation news cs1"><a href="/wiki/Andrew_Ross_Sorkin" title="Andrew Ross Sorkin">Karaian, Jason</a>; Sorkin, Andrew Ross (March 19, 2021). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2021/03/19/business/goldman-sachs-analysts-workplace-complaint.html">"<span class="cs1-kern-left"></span>'I'm in a really dark place': Complaints at Goldman Sachs set off a workplace debate"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210916055629/https://www.nytimes.com/2021/03/19/business/goldman-sachs-analysts-workplace-complaint.html">Archived</a> from the original on September 16, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=%27I%27m+in+a+really+dark+place%27%3A+Complaints+at+Goldman+Sachs+set+off+a+workplace+debate.&amp;rft.date=2021-03-19&amp;rft.issn=0362-4331&amp;rft.aulast=Karaian&amp;rft.aufirst=Jason&amp;rft.au=Sorkin%2C+Andrew+Ross&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2021%2F03%2F19%2Fbusiness%2Fgoldman-sachs-analysts-workplace-complaint.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-141"><span class="mw-cite-backlink"><b><a href="#cite_ref-141">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGhosh" class="citation news cs1">Ghosh, Palash. <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/palashghosh/2021/03/18/goldman-sachs-first-year-analysts-face-100-hour-weeks-abusive-behavior-stress-survey-says/">"Goldman Sachs First-Year Analysts Face 100-Hour Weeks, Abusive Behavior, Stress: Survey Says"</a>. <i>Forbes</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210916055628/https://www.forbes.com/sites/palashghosh/2021/03/18/goldman-sachs-first-year-analysts-face-100-hour-weeks-abusive-behavior-stress-survey-says/">Archived</a> from the original on September 16, 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">September 16,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Forbes&amp;rft.atitle=Goldman+Sachs+First-Year+Analysts+Face+100-Hour+Weeks%2C+Abusive+Behavior%2C+Stress%3A+Survey+Says&amp;rft.aulast=Ghosh&amp;rft.aufirst=Palash&amp;rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fpalashghosh%2F2021%2F03%2F18%2Fgoldman-sachs-first-year-analysts-face-100-hour-weeks-abusive-behavior-stress-survey-says%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-FCIR-p192-142"><span class="mw-cite-backlink">^ <a href="#cite_ref-FCIR-p192_142-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FCIR-p192_142-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FCIR-p192_142-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><i><a rel="nofollow" class="external text" href="https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf">Financial Crisis Inquiry Report</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180906112326/https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf">Archived</a> September 6, 2018, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></i>, by the Financial Crisis Inquiry Commission, 2011, p.192</span> </li> <li id="cite_note-settles-143"><span class="mw-cite-backlink">^ <a href="#cite_ref-settles_143-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-settles_143-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-settles_143-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-settles_143-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-settles_143-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2010/07/15/goldman-to-settle-with-s-e-c-for-550-million/">"Goldman Settles With S.E.C. for $550 Million"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. July 15, 2010. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170708080025/https://dealbook.nytimes.com/2010/07/15/goldman-to-settle-with-s-e-c-for-550-million/">Archived</a> from the original on July 8, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Settles+With+S.E.C.+for+%24550+Million&amp;rft.date=2010-07-15&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2010%2F07%2F15%2Fgoldman-to-settle-with-s-e-c-for-550-million%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-NYTMorgenson23dec2009-144"><span class="mw-cite-backlink"><b><a href="#cite_ref-NYTMorgenson23dec2009_144-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMorgensonStory2009" class="citation news cs1">Morgenson, Gretchen; Story, Louise (December 23, 2009). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/12/24/business/24trading.html">"Banks Bundled Bad Debt, Bet Against It and Won"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Banks+Bundled+Bad+Debt%2C+Bet+Against+It+and+Won&amp;rft.date=2009-12-23&amp;rft.aulast=Morgenson&amp;rft.aufirst=Gretchen&amp;rft.au=Story%2C+Louise&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2009%2F12%2F24%2Fbusiness%2F24trading.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-145"><span class="mw-cite-backlink"><b><a href="#cite_ref-145">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/media-relations/in-the-news/archive/04-13-2011-statement-in-response-to-report-by-senate-perm-sub.html">"Statement in Response to Report by the Senate Permanent Subcommittee on Investigations"</a> (Press release). Goldman Sachs. April 13, 2011.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Statement+in+Response+to+Report+by+the+Senate+Permanent+Subcommittee+on+Investigations&amp;rft.pub=Goldman+Sachs&amp;rft.date=2011-04-13&amp;rft_id=https%3A%2F%2Fwww.goldmansachs.com%2Fmedia-relations%2Fin-the-news%2Farchive%2F04-13-2011-statement-in-response-to-report-by-senate-perm-sub.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-146"><span class="mw-cite-backlink"><b><a href="#cite_ref-146">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcLeanNocera" class="citation book cs1"><a href="/wiki/Bethany_McLean" title="Bethany McLean">McLean, Bethany</a>; <a href="/wiki/Joe_Nocera" title="Joe Nocera">Nocera, Joe</a>. <i><a href="/wiki/All_the_Devils_Are_Here:_The_Hidden_History_of_the_Financial_Crisis" class="mw-redirect" title="All the Devils Are Here: The Hidden History of the Financial Crisis">All the Devils Are Here: The Hidden History of the Financial Crisis</a></i>. p.&#160;153.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=All+the+Devils+Are+Here%3A+The+Hidden+History+of+the+Financial+Crisis&amp;rft.pages=153&amp;rft.aulast=McLean&amp;rft.aufirst=Bethany&amp;rft.au=Nocera%2C+Joe&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Devils-TARP-147"><span class="mw-cite-backlink">^ <a href="#cite_ref-Devils-TARP_147-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Devils-TARP_147-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Devils-TARP_147-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" 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Online"</a>. <i><a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140304200714/http://www.businessinsider.com/matt-taibbis-vampire-squid-take-down-of-goldman-sachs-is-finally-online-2009-7">Archived</a> from the original on March 4, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Business+Insider&amp;rft.atitle=Matt+Taibbi%27s+%22Vampire+Squid%22+Takedown+Of+Goldman+Sachs+Is+Finally+Online&amp;rft.date=2009-07-16&amp;rft.aulast=Carney&amp;rft.aufirst=John&amp;rft_id=https%3A%2F%2Fwww.businessinsider.com%2Fmatt-taibbis-vampire-squid-take-down-of-goldman-sachs-is-finally-online-2009-7&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Taibbi-149"><span class="mw-cite-backlink"><b><a href="#cite_ref-Taibbi_149-0">^</a></b></span> 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title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Rolling+Stone&amp;rft.atitle=The+Great+American+Bubble+Machine&amp;rft.date=2009-07-09&amp;rft.aulast=Taibbi&amp;rft.aufirst=Matt&amp;rft_id=https%3A%2F%2Fwww.rollingstone.com%2Fpolitics%2Fnews%2Fthe-great-american-bubble-machine-20100405&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Zamansky-150"><span class="mw-cite-backlink">^ <a href="#cite_ref-Zamansky_150-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Zamansky_150-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZamansky2013" class="citation news cs1">Zamansky, Jake (August 8, 2013). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external 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href="#cite_ref-151">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRoose2011" class="citation news cs1">Roose, Kevin (December 13, 2011). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2011/12/13/the-long-life-of-the-vampire-squid-metaphor/">"The Long Life of the Vampire Squid"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131204210641/http://dealbook.nytimes.com/2011/12/13/the-long-life-of-the-vampire-squid-metaphor/">Archived</a> from the original on December 4, 2013.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=The+Long+Life+of+the+Vampire+Squid&amp;rft.date=2011-12-13&amp;rft.aulast=Roose&amp;rft.aufirst=Kevin&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2011%2F12%2F13%2Fthe-long-life-of-the-vampire-squid-metaphor%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-152"><span class="mw-cite-backlink"><b><a href="#cite_ref-152">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTouryalai2011" class="citation news cs1">Touryalai, Halah (April 14, 2011). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/halahtouryalai/2011/04/14/criminal-charges-loom-for-goldman-sachs-after-scathing-senate-report/">"Criminal Charges Loom For Goldman Sachs 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href="https://www.forbes.com/sites/halahtouryalai/2011/04/14/criminal-charges-loom-for-goldman-sachs-after-scathing-senate-report/">"Criminal Charges Loom For Goldman Sachs After Scathing Senate Report"</a>. <i><a href="/wiki/Forbes" title="Forbes">Forbes</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160416/http://www.forbes.com/sites/halahtouryalai/2011/04/14/criminal-charges-loom-for-goldman-sachs-after-scathing-senate-report/">Archived</a> from the original on January 25, 2017<span class="reference-accessdate">. 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April 7, 2009.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Inspector+to+Audit+A.I.G.%27s+Counterparty+Payouts&amp;rft.date=2009-04-07&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2009%2F04%2F07%2Finspector-to-audit-aigs-counterparty-payouts%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-162"><span class="mw-cite-backlink"><b><a href="#cite_ref-162">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2009/03/26/cuomo-widens-his-aig-investigation/">"Cuomo Widens His A.I.G. 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March 26, 2009.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Cuomo+Widens+His+A.I.G.+Investigation&amp;rft.date=2009-03-26&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2009%2F03%2F26%2Fcuomo-widens-his-aig-investigation%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-163"><span class="mw-cite-backlink"><b><a href="#cite_ref-163">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMandel2009" class="citation web cs1">Mandel, Michael (March 15, 2009). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2009-03-14/german-and-french-banks-got-36-billion-from-aig-bailout">"German and French banks got $36 billion from AIG Bailout"</a>. <i><a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a></i></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Bloomberg+L.P.&amp;rft.atitle=German+and+French+banks+got+%2436+billion+from+AIG+Bailout&amp;rft.date=2009-03-15&amp;rft.aulast=Mandel&amp;rft.aufirst=Michael&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2009-03-14%2Fgerman-and-french-banks-got-36-billion-from-aig-bailout&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-164"><span class="mw-cite-backlink"><b><a href="#cite_ref-164">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJavers2009" class="citation news cs1">Javers, Eamon (March 15, 2009). <a rel="nofollow" class="external text" href="https://www.politico.com/story/2009/03/aig-ships-billions-in-bailout-abroad-020039">"AIG ships billions in bailout abroad"</a>. <i><a href="/wiki/Politico" title="Politico">Politico</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Politico&amp;rft.atitle=AIG+ships+billions+in+bailout+abroad&amp;rft.date=2009-03-15&amp;rft.aulast=Javers&amp;rft.aufirst=Eamon&amp;rft_id=https%3A%2F%2Fwww.politico.com%2Fstory%2F2009%2F03%2Faig-ships-billions-in-bailout-abroad-020039&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-165"><span class="mw-cite-backlink"><b><a href="#cite_ref-165">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWalsh2009" class="citation news cs1">Walsh, Mary Williams (March 15, 2009). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/03/16/business/16rescue.html">"A.I.G. Lists Banks It Paid With U.S. Bailout Funds"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=A.I.G.+Lists+Banks+It+Paid+With+U.S.+Bailout+Funds&amp;rft.date=2009-03-15&amp;rft.aulast=Walsh&amp;rft.aufirst=Mary+Williams&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2009%2F03%2F16%2Fbusiness%2F16rescue.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-166"><span class="mw-cite-backlink"><b><a href="#cite_ref-166">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFox2008" class="citation magazine cs1">Fox, Justin (September 16, 2008). <a rel="nofollow" class="external text" href="https://content.time.com/time/business/article/0,8599,1841699,00.html">"Why the Government Wouldn't Let AIG Fail"</a>. <i><a href="/wiki/Time_(magazine)" title="Time (magazine)">Time</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Time&amp;rft.atitle=Why+the+Government+Wouldn%27t+Let+AIG+Fail&amp;rft.date=2008-09-16&amp;rft.aulast=Fox&amp;rft.aufirst=Justin&amp;rft_id=https%3A%2F%2Fcontent.time.com%2Ftime%2Fbusiness%2Farticle%2F0%2C8599%2C1841699%2C00.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-167"><span class="mw-cite-backlink"><b><a href="#cite_ref-167">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTerry2009" class="citation news cs1">Terry, Jordan (November 20, 2009). <a rel="nofollow" class="external text" href="https://www.theatlantic.com/business/archive/2009/11/the-media-is-wrong-about-goldman-sachs-aig/30565/">"The Media is Wrong about Goldman Sachs, AIG"</a>. <i><a href="/wiki/The_Atlantic" title="The Atlantic">The Atlantic</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170905003149/https://www.theatlantic.com/business/archive/2009/11/the-media-is-wrong-about-goldman-sachs-aig/30565/">Archived</a> from the original on September 5, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Atlantic&amp;rft.atitle=The+Media+is+Wrong+about+Goldman+Sachs%2C+AIG&amp;rft.date=2009-11-20&amp;rft.aulast=Terry&amp;rft.aufirst=Jordan&amp;rft_id=https%3A%2F%2Fwww.theatlantic.com%2Fbusiness%2Farchive%2F2009%2F11%2Fthe-media-is-wrong-about-goldman-sachs-aig%2F30565%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-168"><span class="mw-cite-backlink"><b><a href="#cite_ref-168">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2009/03/20/goldman-maintains-it-had-no-aig-exposure/">"Goldman Maintains It Had No A.I.G. Exposure"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. March 20, 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110423120456/http://dealbook.nytimes.com/2009/03/20/goldman-maintains-it-had-no-aig-exposure/">Archived</a> from the original on April 23, 2011.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Maintains+It+Had+No+A.I.G.+Exposure&amp;rft.date=2009-03-20&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2009%2F03%2F20%2Fgoldman-maintains-it-had-no-aig-exposure%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-169"><span class="mw-cite-backlink"><b><a href="#cite_ref-169">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvan_Praag2009" class="citation news cs1">van Praag, Lucas (April 14, 2009). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB123967007321015621">"Goldman Protected Its Clients From AIG's Weakness"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151018094520/http://www.wsj.com/articles/SB123967007321015621">Archived</a> from the original on October 18, 2015.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Protected+Its+Clients+From+AIG%27s+Weakness&amp;rft.date=2009-04-14&amp;rft.issn=0099-9660&amp;rft.aulast=van+Praag&amp;rft.aufirst=Lucas&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB123967007321015621&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-170"><span class="mw-cite-backlink"><b><a href="#cite_ref-170">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWeisenthal2009" class="citation news cs1">Weisenthal, Joe (April 14, 2009). <a rel="nofollow" class="external text" href="https://www.businessinsider.com/goldman-cfo-doesnt-get-why-everyone-is-so-obsessed-with-aig-2009-4">"Goldman CFO Doesn't Get Why Everyone Is So Obsessed With AIG"</a>. <i><a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170905003645/http://www.businessinsider.com/goldman-cfo-doesnt-get-why-everyone-is-so-obsessed-with-aig-2009-4">Archived</a> from the original on September 5, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Business+Insider&amp;rft.atitle=Goldman+CFO+Doesn%27t+Get+Why+Everyone+Is+So+Obsessed+With+AIG&amp;rft.date=2009-04-14&amp;rft.aulast=Weisenthal&amp;rft.aufirst=Joe&amp;rft_id=https%3A%2F%2Fwww.businessinsider.com%2Fgoldman-cfo-doesnt-get-why-everyone-is-so-obsessed-with-aig-2009-4&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-171"><span class="mw-cite-backlink"><b><a href="#cite_ref-171">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" 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href="#cite_ref-172">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFvan_Praag2009" class="citation news cs1">van Praag, Lucas (April 14, 2009). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB123967007321015621">"Goldman Protected Its Clients From AIG's Weakness"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Protected+Its+Clients+From+AIG%27s+Weakness&amp;rft.date=2009-04-14&amp;rft.aulast=van+Praag&amp;rft.aufirst=Lucas&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB123967007321015621&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-173"><span class="mw-cite-backlink"><b><a href="#cite_ref-173">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/free-exchange/2009/04/14/did-we-need-to-bail-out-aig">"Did we need to bail out AIG?"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. April 14, 2009.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Economist&amp;rft.atitle=Did+we+need+to+bail+out+AIG%3F&amp;rft.date=2009-04-14&amp;rft_id=https%3A%2F%2Fwww.economist.com%2Ffree-exchange%2F2009%2F04%2F14%2Fdid-we-need-to-bail-out-aig&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-174"><span class="mw-cite-backlink"><b><a href="#cite_ref-174">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://news.wpcarey.asu.edu/20090706-cost-capital-goldman-sachs-extreme-makeover">"The cost of capital: Goldman Sachs' extreme makeover"</a>. <i><a href="/wiki/Arizona_State_University" title="Arizona State University">Arizona State University</a></i>. 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Barr, Alistair (March 20, 2009). <a rel="nofollow" class="external text" href="https://www.marketwatch.com/story/goldman-rejected-offers-settle-aig-trades-discount-goldman">"Goldman rejected settling of AIG trades at discount"</a>. <i><a href="/wiki/MarketWatch" title="MarketWatch">MarketWatch</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170313042313/http://www.marketwatch.com/story/goldman-rejected-offers-settle-aig-trades-discount-goldman">Archived</a> from the original on March 13, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=MarketWatch&amp;rft.atitle=Goldman+rejected+settling+of+AIG+trades+at+discount&amp;rft.date=2009-03-20&amp;rft.aulast=Morcroft&amp;rft.aufirst=Greg&amp;rft.au=Barr%2C+Alistair&amp;rft_id=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fgoldman-rejected-offers-settle-aig-trades-discount-goldman&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-177"><span class="mw-cite-backlink"><b><a href="#cite_ref-177">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTaibbi2010" class="citation book cs1"><a href="/wiki/Matt_Taibbi" title="Matt Taibbi">Taibbi, Matt</a> (2010). <a href="/wiki/Griftopia" title="Griftopia"><i>Griftopia</i></a>. <a href="/wiki/Spiegel_%26_Grau" title="Spiegel &amp; Grau">Spiegel &amp; Grau</a>. p.&#160;<a rel="nofollow" class="external text" href="https://archive.org/details/griftopiabubblem0000taib/page/248">248</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0385529952" title="Special:BookSources/978-0385529952"><bdi>978-0385529952</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Griftopia&amp;rft.pages=248&amp;rft.pub=Spiegel+%26+Grau&amp;rft.date=2010&amp;rft.isbn=978-0385529952&amp;rft.aulast=Taibbi&amp;rft.aufirst=Matt&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-178"><span class="mw-cite-backlink"><b><a href="#cite_ref-178">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndrewsWalsh2008" class="citation news cs1">Andrews, Edmund; 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van Natta Jr., Don (August 8, 2009). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/08/09/business/09paulson.html">"Paulson's Calls to Goldman Tested Ethics"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Paulson%27s+Calls+to+Goldman+Tested+Ethics&amp;rft.date=2009-08-08&amp;rft.aulast=Morgenson&amp;rft.aufirst=Gretchen&amp;rft.au=van+Natta+Jr.%2C+Don&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2009%2F08%2F09%2Fbusiness%2F09paulson.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-180"><span class="mw-cite-backlink"><b><a href="#cite_ref-180">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://casetext.com/case/60223-trust-v-goldman-2">"60223 Trust v. 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LEHMAN BROS., INC.</i></cite>&#32;(<a href="/wiki/United_States_District_Court_for_the_Southern_District_of_New_York" title="United States District Court for the Southern District of New York">United States District Court for the Southern District of New York</a>&#32;2004),&#32;<a rel="nofollow" class="external text" href="https://casetext.com/case/fogarazzo-v-lehman-bros-inc-sdny-2004">Text</a>.</span> </li> <li id="cite_note-182"><span class="mw-cite-backlink"><b><a href="#cite_ref-182">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNocera2013" class="citation news cs1">Nocera, Joe (March 9, 2013). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2013/03/10/opinion/sunday/nocera-rigging-the-ipo-game.html">"Rigging the I.P.O. 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February 3, 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110206233029/http://www.thenation.com/slideshow/158255/slide-show-8-corporations-owe-you-money">Archived</a> from the original on February 6, 2011.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Nation&amp;rft.atitle=Slide+Show%3A+8+Corporations+That+Owe+You+Money&amp;rft.date=2011-02-03&amp;rft_id=https%3A%2F%2Fwww.thenation.com%2Farticle%2Farchive%2Fslide-show-8-corporations-owe-you-money%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-187"><span class="mw-cite-backlink"><b><a href="#cite_ref-187">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFReich2015" class="citation news cs1"><a href="/wiki/Robert_Reich" title="Robert Reich">Reich, Robert</a> (August 3, 2015). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.thenation.com/article/archive/goldmans-greek-gambit/">"How Goldman Sachs Profited From the Greek Debt Crisis"</a></span>. <i><a href="/wiki/The_Nation" title="The Nation">The Nation</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Nation&amp;rft.atitle=How+Goldman+Sachs+Profited+From+the+Greek+Debt+Crisis&amp;rft.date=2015-08-03&amp;rft.aulast=Reich&amp;rft.aufirst=Robert&amp;rft_id=https%3A%2F%2Fwww.thenation.com%2Farticle%2Farchive%2Fgoldmans-greek-gambit%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-188"><span class="mw-cite-backlink"><b><a href="#cite_ref-188">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBalzli2010" class="citation news cs1">Balzli, Beat (February 8, 2010). <a rel="nofollow" class="external text" href="https://www.spiegel.de/international/europe/greek-debt-crisis-how-goldman-sachs-helped-greece-to-mask-its-true-debt-a-676634.html">"How Goldman Sachs Helped Greece to Mask its True Debt"</a>. <i>Der Spiegel</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110701140628/http://www.spiegel.de/international/europe/0,1518,676634,00.html">Archived</a> from the original on July 1, 2011.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Der+Spiegel&amp;rft.atitle=How+Goldman+Sachs+Helped+Greece+to+Mask+its+True+Debt&amp;rft.date=2010-02-08&amp;rft.aulast=Balzli&amp;rft.aufirst=Beat&amp;rft_id=https%3A%2F%2Fwww.spiegel.de%2Finternational%2Feurope%2Fgreek-debt-crisis-how-goldman-sachs-helped-greece-to-mask-its-true-debt-a-676634.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-189"><span class="mw-cite-backlink"><b><a href="#cite_ref-189">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAversa2010" class="citation news cs1">Aversa, Jeannine (February 25, 2010). <a rel="nofollow" class="external text" href="https://usatoday30.usatoday.com/money/economy/2010-02-25-bernanke-fed-greece_N.htm">"Fed chief: We're looking into firms betting on Greek default"</a>. <i><a href="/wiki/USA_Today" title="USA Today">USA Today</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125161035/http://usatoday30.usatoday.com/money/economy/2010-02-25-bernanke-fed-greece_N.htm">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=USA+Today&amp;rft.atitle=Fed+chief%3A+We%27re+looking+into+firms+betting+on+Greek+default&amp;rft.date=2010-02-25&amp;rft.aulast=Aversa&amp;rft.aufirst=Jeannine&amp;rft_id=https%3A%2F%2Fusatoday30.usatoday.com%2Fmoney%2Feconomy%2F2010-02-25-bernanke-fed-greece_N.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-190"><span class="mw-cite-backlink"><b><a href="#cite_ref-190">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCastleKitsantonis2011" class="citation news cs1">Castle, Stephen; 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class="mw-cite-backlink"><b><a href="#cite_ref-192">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCollins2015" class="citation news cs1">Collins, Stephen (May 20, 2015). <a rel="nofollow" class="external text" href="https://www.irishtimes.com/news/politics/goldman-sachs-chairman-peter-sutherland-retires-1.2220241">"Goldman Sachs chairman Peter Sutherland retires"</a>. <i><a href="/wiki/Irish_Times" class="mw-redirect" title="Irish Times">Irish Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180318183303/https://www.irishtimes.com/news/politics/goldman-sachs-chairman-peter-sutherland-retires-1.2220241">Archived</a> from the original on March 18, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Irish+Times&amp;rft.atitle=Goldman+Sachs+chairman+Peter+Sutherland+retires&amp;rft.date=2015-05-20&amp;rft.aulast=Collins&amp;rft.aufirst=Stephen&amp;rft_id=https%3A%2F%2Fwww.irishtimes.com%2Fnews%2Fpolitics%2Fgoldman-sachs-chairman-peter-sutherland-retires-1.2220241&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Leaving-193"><span class="mw-cite-backlink"><b><a href="#cite_ref-Leaving_193-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmith2012" class="citation news cs1">Smith, Greg (March 14, 2012). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html">"Why I Am Leaving Goldman Sachs"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120314122421/http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html">Archived</a> from the original on March 14, 2012.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Why+I+Am+Leaving+Goldman+Sachs&amp;rft.date=2012-03-14&amp;rft.aulast=Smith&amp;rft.aufirst=Greg&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2012%2F03%2F14%2Fopinion%2Fwhy-i-am-leaving-goldman-sachs.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-194"><span class="mw-cite-backlink"><b><a href="#cite_ref-194">^</a></b></span> 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title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Economist&amp;rft.atitle=A+noisy+exit&amp;rft.date=2012-03-14&amp;rft.aulast=Schumpeter&amp;rft.aufirst=Joseph&amp;rft_id=https%3A%2F%2Fwww.economist.com%2Fschumpeter%2F2012%2F03%2F14%2Fa-noisy-exit&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-195"><span class="mw-cite-backlink"><b><a href="#cite_ref-195">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/news/finance-and-economics/21565219-insider%E2%80%99s-take-goldman-sachs-strikes-nerve-mammon-and-muppets">"Of Mammon and muppets"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. 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href="/wiki/Steven_George_Mandis" class="mw-redirect" title="Steven George Mandis">Mandis, Steven G.</a> (October 1, 2013). <a rel="nofollow" class="external text" href="https://hbr.org/product/what-happened-to-goldman-sachs-an-insider-s-story-of-organizational-drift-and-its-unintended-consequences/an/11798E-KND-ENG">"What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences"</a>. <i><a href="/wiki/Harvard_Business_Review" title="Harvard Business Review">Harvard Business Review</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170905005838/https://hbr.org/product/what-happened-to-goldman-sachs-an-insider-s-story-of-organizational-drift-and-its-unintended-consequences/an/11798E-KND-ENG">Archived</a> from the original on September 5, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Harvard+Business+Review&amp;rft.atitle=What+Happened+to+Goldman+Sachs%3A+An+Insider%27s+Story+of+Organizational+Drift+and+Its+Unintended+Consequences&amp;rft.date=2013-10-01&amp;rft.aulast=Mandis&amp;rft.aufirst=Steven+G.&amp;rft_id=https%3A%2F%2Fhbr.org%2Fproduct%2Fwhat-happened-to-goldman-sachs-an-insider-s-story-of-organizational-drift-and-its-unintended-consequences%2Fan%2F11798E-KND-ENG&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-200"><span class="mw-cite-backlink"><b><a href="#cite_ref-200">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrady2013" class="citation news cs1">Brady, Diane (September 25, 2013). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2013-09-25/goldman-sachs-insider-tale-doubles-as-phd-thesis">"Goldman Sachs Insider Tale Doubles as PhD Thesis"</a>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160642/https://www.bloomberg.com/news/articles/2013-09-25/goldman-sachs-insider-tale-doubles-as-phd-thesis">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Sachs+Insider+Tale+Doubles+as+PhD+Thesis&amp;rft.date=2013-09-25&amp;rft.aulast=Brady&amp;rft.aufirst=Diane&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2013-09-25%2Fgoldman-sachs-insider-tale-doubles-as-phd-thesis&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-201"><span class="mw-cite-backlink"><b><a href="#cite_ref-201">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLattman2013" class="citation news cs1">Lattman, Peter (September 30, 2013). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2013/09/30/goldman-as-case-study-not-hero-or-villain/">"An Ex-Trader, Now a Sociologist, Looks at the Changes in Goldman"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170818221149/https://dealbook.nytimes.com/2013/09/30/goldman-as-case-study-not-hero-or-villain/">Archived</a> from the original on August 18, 2017.</cite><span 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Retrieved <span class="nowrap">August 29,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Independent&amp;rft.atitle=Goldman+Sachs+lawsuit%3A+Wall+Street+giant+is+a+%27boys+club+where+drinking%2C+strip+clubs+and+sexism+tolerated%27&amp;rft.date=2014-07-03&amp;rft.aulast=McSherry&amp;rft.aufirst=Mark&amp;rft_id=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fnews%2Fgoldman-sachs-lawsuit-wall-street-giant-is-a-boys-club-where-drinking-strip-clubs-and-sexism-9582743.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-204"><span class="mw-cite-backlink"><b><a href="#cite_ref-204">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStempelThomas2018" class="citation news cs1">Stempel, Jonathan; Thomas, Susan (March 30, 2018). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-goldman-sachs-bias-lawsuit-idUSKBN1H61SN">"U.S. judge certifies Goldman Sachs gender bias class action"</a>. 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(April 28, 2010). <a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2010/04/28/the-goldman-e-mails-or-how-to-sell-junk/">"The Goldman E-Mails, or How to Sell Junk"</a>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=The+Goldman+E-Mails%2C+or+How+to+Sell+Junk&amp;rft.date=2010-04-28&amp;rft.aulast=NICHOLSON&amp;rft.aufirst=CHRIS+V.&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2010%2F04%2F28%2Fthe-goldman-e-mails-or-how-to-sell-junk%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-WSJ2010April20LucchettiAaron-228"><span class="mw-cite-backlink">^ <a href="#cite_ref-WSJ2010April20LucchettiAaron_228-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-WSJ2010April20LucchettiAaron_228-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLucchettiNg2010" class="citation news cs1">Lucchetti, Aaron; Ng, Serena (April 20, 2010). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052748703757504575194521257607284">"Abacus Deal: As Bad as They Come"</a></span>. <i>The Wall Street Journal. Eastern Edition</i>. No.&#160;Business. United States: Wall Street Journal. Dow Jones &amp; Company Inc. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150311151219/http://www.wsj.com/articles/SB10001424052748703757504575194521257607284">Archived</a> from the original on March 11, 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">February 26,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal.+Eastern+Edition&amp;rft.atitle=Abacus+Deal%3A+As+Bad+as+They+Come&amp;rft.issue=Business&amp;rft.date=2010-04-20&amp;rft.issn=0099-9660&amp;rft.aulast=Lucchetti&amp;rft.aufirst=Aaron&amp;rft.au=Ng%2C+Serena&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052748703757504575194521257607284&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-7pillars-229"><span class="mw-cite-backlink">^ <a href="#cite_ref-7pillars_229-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-7pillars_229-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-7pillars_229-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhalenTan_Bhala" class="citation web cs1">Whalen, Philip; Tan Bhala, Kara. <a rel="nofollow" class="external text" href="http://sevenpillarsinstitute.org/case-studies/goldman-sachs-and-the-abacus-deal">"Goldman Sachs and The ABACUS Deal"</a>. <a href="/wiki/Seven_Pillars_Institute" title="Seven Pillars Institute">Seven Pillars Institute</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140306214617/http://sevenpillarsinstitute.org/case-studies/goldman-sachs-and-the-abacus-deal">Archived</a> from the original on March 6, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">February 27,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs+and+The+ABACUS+Deal&amp;rft.pub=Seven+Pillars+Institute&amp;rft.aulast=Whalen&amp;rft.aufirst=Philip&amp;rft.au=Tan+Bhala%2C+Kara&amp;rft_id=http%3A%2F%2Fsevenpillarsinstitute.org%2Fcase-studies%2Fgoldman-sachs-and-the-abacus-deal&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Reuters2010April16WilchinsDan-230"><span class="mw-cite-backlink">^ <a href="#cite_ref-Reuters2010April16WilchinsDan_230-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Reuters2010April16WilchinsDan_230-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilchinsBrettell2010" class="citation news cs1">Wilchins, Dan; Brettell, Karen (April 16, 2010). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-goldmansachs-abacus-factbox/factbox-how-goldmans-abacus-deal-worked-idUSTRE63F5CZ20100416">"Factbox: How Goldman's ABACUS deal worked"</a>. No.&#160;Business News. New York: Reuters. Thomson Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170915070644/https://www.reuters.com/article/us-goldmansachs-abacus-factbox/factbox-how-goldmans-abacus-deal-worked-idUSTRE63F5CZ20100416">Archived</a> from the original on September 15, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">February 9,</span> 2014</span>. <q><i>Hedge fund manager John Paulson tells Goldman Sachs in late 2006 he wants to bet against risky subprime mortgages using derivatives. The risky mortgage bonds that Paulson wanted to short were essentially subprime home loans that had been repackaged into bonds. The bonds were rated "BBB", meaning that as the home loans defaulted, these bonds would be among the first to feel the pain.</i></q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Factbox%3A+How+Goldman%27s+ABACUS+deal+worked&amp;rft.issue=Business+News&amp;rft.date=2010-04-16&amp;rft.aulast=Wilchins&amp;rft.aufirst=Dan&amp;rft.au=Brettell%2C+Karen&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-goldmansachs-abacus-factbox%2Ffactbox-how-goldmans-abacus-deal-worked-idUSTRE63F5CZ20100416&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-231"><span class="mw-cite-backlink"><b><a href="#cite_ref-231">^</a></b></span> <span class="reference-text">The $15&#160;million has been described as "rent" for the Abacus name. <br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBethany_McLeanJoe_Nocera" class="citation book cs1">Bethany McLean; Joe Nocera. <i>All the Devils Are Here: The Hidden History of the Financial Crisis</i>. p.&#160;279. <q>Paulson knocked on Goldman's door at a fortuitous moment. The firm had begun thinking about 'ABACUS-renal strategies' ... By that, he meant that Goldman would 'rent' – for a hefty fee – the Abacus brand to a hedge fund that wanted to make a massive short bet. ... Paulson paid Goldman $15 million to rent the Abacus name.</q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=All+the+Devils+Are+Here%3A+The+Hidden+History+of+the+Financial+Crisis&amp;rft.pages=279&amp;rft.au=Bethany+McLean&amp;rft.au=Joe+Nocera&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Reuters2010April19SalmonFelix-232"><span class="mw-cite-backlink">^ <a href="#cite_ref-Reuters2010April19SalmonFelix_232-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Reuters2010April19SalmonFelix_232-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSalmon2010" class="citation news cs1">Salmon, Felix (April 19, 2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100422005800/http://blogs.reuters.com/felix-salmon/2010/04/19/goldmans-misleading-statement-on-aca/">"Goldman's misleading statement on ACA"</a>. No.&#160;Blogs. Reuters. Thomson Reuters. Archived from <a rel="nofollow" class="external text" href="http://blogs.reuters.com/felix-salmon/2010/04/19/goldmans-misleading-statement-on-aca/">the original</a> on April 22, 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">August 14,</span> 2010</span>. <q>when Goldman wrapped the super-senior tranche of the Abacus deal, it did so with ABN Amro, a too-big-to-fail bank, and not with ACA. ABN Amro then laid off that risk onto ACA but was on the hook for all of it if ACA went bust. As, of course, it did.</q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman%27s+misleading+statement+on+ACA&amp;rft.issue=Blogs&amp;rft.date=2010-04-19&amp;rft.aulast=Salmon&amp;rft.aufirst=Felix&amp;rft_id=http%3A%2F%2Fblogs.reuters.com%2Ffelix-salmon%2F2010%2F04%2F19%2Fgoldmans-misleading-statement-on-aca%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-sec21489-233"><span class="mw-cite-backlink">^ <a href="#cite_ref-sec21489_233-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-sec21489_233-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-sec21489_233-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/litigation/complaints/2010/comp21489.pdf">"Securities and Exchange Commission vs Goldman Sachs &amp; Co &amp; Fabrice Tourre, Complaint (Securities Fraud)"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>. April 16, 2010. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100520173821/http://www.sec.gov/litigation/complaints/2010/comp21489.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on May 20, 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">April 17,</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Securities+and+Exchange+Commission+vs+Goldman+Sachs+%26+Co+%26+Fabrice+Tourre%2C+Complaint+%28Securities+Fraud%29&amp;rft.pub=U.S.+Securities+and+Exchange+Commission&amp;rft.date=2010-04-16&amp;rft_id=https%3A%2F%2Fwww.sec.gov%2Flitigation%2Fcomplaints%2F2010%2Fcomp21489.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-NewYorkTimes2010April22ThomasLandon-234"><span class="mw-cite-backlink"><b><a href="#cite_ref-NewYorkTimes2010April22ThomasLandon_234-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThomas2010" class="citation news cs1">Thomas, Landon (April 22, 2010). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2010/04/23/business/23cdo.html">"A Routine Deal Became an $840 Million Mistake"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. No.&#160;Business. New York. The New York Times Company. p.&#160;A1. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140312081243/http://www.nytimes.com/2010/04/23/business/23cdo.html">Archived</a> from the original on March 12, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">February 27,</span> 2014</span>. <q>R.B.S. [Royal Bank of Scotland] became involved in Abacus almost by accident. Bankers working in London for ABN Amro, a Dutch bank that was later acquired by R.B.S., agreed to stand behind a portfolio of American mortgage investments that were used in the deal. ABN Amro shouldered almost all of the risks for what, in retrospect, might seem like a small reward: that $7 million. When the housing market fell and Abacus collapsed, R.B.S. ended up on the hook for most of the losses.</q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=A+Routine+Deal+Became+an+%24840+Million+Mistake&amp;rft.issue=Business&amp;rft.pages=A1&amp;rft.date=2010-04-22&amp;rft.aulast=Thomas&amp;rft.aufirst=Landon&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2010%2F04%2F23%2Fbusiness%2F23cdo.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-235"><span class="mw-cite-backlink"><b><a href="#cite_ref-235">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/news/press/2010/2010-59.htm">"SEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages"</a> (Press release). <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>. April 16, 2010. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130214105713/http://www.sec.gov/news/press/2010/2010-59.htm">Archived</a> from the original on February 14, 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">May 18,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=SEC+Charges+Goldman+Sachs+With+Fraud+in+Structuring+and+Marketing+of+CDO+Tied+to+Subprime+Mortgages&amp;rft.pub=U.S.+Securities+and+Exchange+Commission&amp;rft.date=2010-04-16&amp;rft_id=https%3A%2F%2Fwww.sec.gov%2Fnews%2Fpress%2F2010%2F2010-59.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-FurtherComments-236"><span class="mw-cite-backlink">^ <a href="#cite_ref-FurtherComments_236-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FurtherComments_236-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FurtherComments_236-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/media-relations/press-releases/archived/2010/sec-response.html">"Goldman Sachs Makes Further Comments on SEC Complaint"</a> (Press release). <a href="/wiki/Business_Wire" title="Business Wire">Business Wire</a>. April 16, 2010. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180318183748/https://www.businesswire.com/news/home/20100416006143/en/Goldman-Sachs-Comments-SEC-Complaint">Archived</a> from the original on March 18, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs+Makes+Further+Comments+on+SEC+Complaint&amp;rft.pub=Business+Wire&amp;rft.date=2010-04-16&amp;rft_id=https%3A%2F%2Fwww.goldmansachs.com%2Fmedia-relations%2Fpress-releases%2Farchived%2F2010%2Fsec-response.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-WSJ2010April19CorkeryMichael-237"><span class="mw-cite-backlink"><b><a href="#cite_ref-WSJ2010April19CorkeryMichael_237-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCorkery2010" class="citation news cs1">Corkery, Michael (April 19, 2010). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://blogs.wsj.com/deals/2010/04/19/goldman-responds-again-to-sec-complaint/">"Goldman Responds Again to SEC Complaint"</a></span>. <i>The Wall Street Journal. Eastern Edition</i>. No.&#160;Blogs. United States: Wall Street Journal. Dow Jones &amp; Company Inc. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170731172844/https://blogs.wsj.com/deals/2010/04/19/goldman-responds-again-to-sec-complaint/">Archived</a> from the original on July 31, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">May 18,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal.+Eastern+Edition&amp;rft.atitle=Goldman+Responds+Again+to+SEC+Complaint&amp;rft.issue=Blogs&amp;rft.date=2010-04-19&amp;rft.issn=0099-9660&amp;rft.aulast=Corkery&amp;rft.aufirst=Michael&amp;rft_id=https%3A%2F%2Fblogs.wsj.com%2Fdeals%2F2010%2F04%2F19%2Fgoldman-responds-again-to-sec-complaint%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-238"><span class="mw-cite-backlink"><b><a href="#cite_ref-238">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMaguire2010" class="citation web cs1">Maguire, Tom (April 21, 2010). <a rel="nofollow" class="external text" href="http://justoneminute.typepad.com/main/2010/04/cnbc-on-the-goldman-complaint-this-is-surreal.html">"CNBC On The Goldman Complaint – This Is Surreal"</a>. Justoneminute.typepad.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100427002347/http://justoneminute.typepad.com/main/2010/04/cnbc-on-the-goldman-complaint-this-is-surreal.html">Archived</a> from the original on April 27, 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">April 22,</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=CNBC+On+The+Goldman+Complaint+%E2%80%93+This+Is+Surreal&amp;rft.pub=Justoneminute.typepad.com&amp;rft.date=2010-04-21&amp;rft.aulast=Maguire&amp;rft.aufirst=Tom&amp;rft_id=http%3A%2F%2Fjustoneminute.typepad.com%2Fmain%2F2010%2F04%2Fcnbc-on-the-goldman-complaint-this-is-surreal.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-239"><span class="mw-cite-backlink"><b><a href="#cite_ref-239">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPitt2010" class="citation news cs1"><a href="/wiki/Harvey_Pitt" title="Harvey Pitt">Pitt, Harvey</a> (April 20, 2010). <a rel="nofollow" class="external text" href="http://www.thedailybeast.com/articles/2010/04/20/betting-the-farm-on-goldman">"The SEC's Dangerous Gamble"</a>. <i><a href="/wiki/The_Daily_Beast" title="The Daily Beast">The Daily Beast</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211108131218/https://www.thedailybeast.com/the-secs-dangerous-gamble">Archived</a> from the original on November 8, 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">May 18,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Daily+Beast&amp;rft.atitle=The+SEC%27s+Dangerous+Gamble&amp;rft.date=2010-04-20&amp;rft.aulast=Pitt&amp;rft.aufirst=Harvey&amp;rft_id=http%3A%2F%2Fwww.thedailybeast.com%2Farticles%2F2010%2F04%2F20%2Fbetting-the-farm-on-goldman&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-240"><span class="mw-cite-backlink"><b><a href="#cite_ref-240">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.theatlantic.com/business/archive/2010/04/goldman-in-the-eye-of-the-beholder/39255/">"Goldman in the Eye of the Beholder"</a>. <a href="/wiki/The_Atlantic" title="The Atlantic">The Atlantic</a>. October 29, 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170403194552/https://www.theatlantic.com/business/archive/2010/04/goldman-in-the-eye-of-the-beholder/39255/">Archived</a> from the original on April 3, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">March 7,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+in+the+Eye+of+the+Beholder&amp;rft.pub=The+Atlantic&amp;rft.date=2011-10-29&amp;rft_id=https%3A%2F%2Fwww.theatlantic.com%2Fbusiness%2Farchive%2F2010%2F04%2Fgoldman-in-the-eye-of-the-beholder%2F39255%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-WSJ2010April19JonesAshby-241"><span class="mw-cite-backlink"><b><a href="#cite_ref-WSJ2010April19JonesAshby_241-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJones2010" class="citation news cs1">Jones, Ashby (April 19, 2010). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://blogs.wsj.com/law/2010/04/19/goldman-v-sec-its-all-about-materiality/">"Goldman v. SEC: It's All About Materiality"</a></span>. <i>The Wall Street Journal. Eastern Edition</i>. No.&#160;Blogs. United States: Wall Street Journal. Dow Jones &amp; Company Inc. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100422133110/http://blogs.wsj.com/law/2010/04/19/goldman-v-sec-its-all-about-materiality/">Archived</a> from the original on April 22, 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">April 20,</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal.+Eastern+Edition&amp;rft.atitle=Goldman+v.+SEC%3A+It%27s+All+About+Materiality&amp;rft.issue=Blogs&amp;rft.date=2010-04-19&amp;rft.issn=0099-9660&amp;rft.aulast=Jones&amp;rft.aufirst=Ashby&amp;rft_id=https%3A%2F%2Fblogs.wsj.com%2Flaw%2F2010%2F04%2F19%2Fgoldman-v-sec-its-all-about-materiality%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-242"><span class="mw-cite-backlink"><b><a href="#cite_ref-242">^</a></b></span> <span class="reference-text"><i>Federal Crisis Inquiry Report</i>, p.193</span> </li> <li id="cite_note-Fiderer-243"><span class="mw-cite-backlink"><b><a href="#cite_ref-Fiderer_243-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFiderer2011" class="citation news cs1">Fiderer, David (May 25, 2011). <a rel="nofollow" class="external text" href="https://www.huffpost.com/entry/the-moral-compass-missing_b_358856">"The Moral Compass Missing From The Greatest Trade Ever"</a>. <i><a href="/wiki/HuffPost" title="HuffPost">HuffPost</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801023457/https://www.huffpost.com/entry/the-moral-compass-missing_b_358856">Archived</a> from the original on August 1, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">April 27,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=HuffPost&amp;rft.atitle=The+Moral+Compass+Missing+From+The+Greatest+Trade+Ever&amp;rft.date=2011-05-25&amp;rft.aulast=Fiderer&amp;rft.aufirst=David&amp;rft_id=https%3A%2F%2Fwww.huffpost.com%2Fentry%2Fthe-moral-compass-missing_b_358856&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Zuckerman-244"><span class="mw-cite-backlink"><b><a href="#cite_ref-Zuckerman_244-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZuckerman2010" class="citation news cs1">Zuckerman, Gregory (April 19, 2010). <a rel="nofollow" class="external text" href="http://www.thedailybeast.com/articles/2010/04/19/inside-paulsons-deal-with-goldman.html">"Inside Paulson's Deal with Goldman"</a>. <i>Daily Beast</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140524115010/http://www.thedailybeast.com/articles/2010/04/19/inside-paulsons-deal-with-goldman.html">Archived</a> from the original on May 24, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">February 6,</span> 2014</span>. <q>Scott Eichel, a senior Bear Stearns trader, was among those at the investment bank who sat through a meeting with Paulson but later turned down the idea. He worried that Paulson would want especially ugly mortgages for the CDOs, like a bettor asking a football owner to bench a star quarterback to improve the odds of his wager against the team. Either way, he felt it would look improper. ... it didn't pass the ethics standards; it was a reputation issue, and it didn't pass our moral compass.</q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Daily+Beast&amp;rft.atitle=Inside+Paulson%27s+Deal+with+Goldman&amp;rft.date=2010-04-19&amp;rft.aulast=Zuckerman&amp;rft.aufirst=Gregory&amp;rft_id=http%3A%2F%2Fwww.thedailybeast.com%2Farticles%2F2010%2F04%2F19%2Finside-paulsons-deal-with-goldman.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-devils-ethics-2-245"><span class="mw-cite-backlink"><b><a href="#cite_ref-devils-ethics-2_245-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBethany_McLeanJoe_Nocera" class="citation book cs1">Bethany McLean; Joe Nocera. <i>All the Devils Are Here: The Hidden History of the Financial Crisis</i>. p.&#160;278. <q>... in truth, the legal issues were far from the most disturbing thing about Abacus 2007-ACI</q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=All+the+Devils+Are+Here%3A+The+Hidden+History+of+the+Financial+Crisis&amp;rft.pages=278&amp;rft.au=Bethany+McLean&amp;rft.au=Joe+Nocera&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-chron-246"><span class="mw-cite-backlink">^ <a href="#cite_ref-chron_246-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-chron_246-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.chron.com/opinion/editorials/article/The-Goldman-case-Legal-or-illegal-the-Abacus-1704276.php">"The Goldman case: Legal or illegal, the Abacus deal was morally wrong. Wall Street needs a new compass"</a>. <i><a href="/wiki/Houston_Chronicle" title="Houston Chronicle">Houston Chronicle</a></i>. April 22, 2010. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141111022542/http://www.chron.com/opinion/editorials/article/The-Goldman-case-Legal-or-illegal-the-Abacus-1704276.php">Archived</a> from the original on November 11, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">February 27,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Houston+Chronicle&amp;rft.atitle=The+Goldman+case%3A+Legal+or+illegal%2C+the+Abacus+deal+was+morally+wrong.+Wall+Street+needs+a+new+compass&amp;rft.date=2010-04-22&amp;rft_id=http%3A%2F%2Fwww.chron.com%2Fopinion%2Feditorials%2Farticle%2FThe-Goldman-case-Legal-or-illegal-the-Abacus-1704276.php&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-247"><span class="mw-cite-backlink"><b><a href="#cite_ref-247">^</a></b></span> <span class="reference-text">called ABACUS 2005-3</span> </li> <li id="cite_note-McLean-272-248"><span class="mw-cite-backlink">^ <a href="#cite_ref-McLean-272_248-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-McLean-272_248-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">McLean and Nocera, <i>All the Devils Are Here</i>, 2010, p.272</span> </li> <li id="cite_note-249"><span class="mw-cite-backlink"><b><a href="#cite_ref-249">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStempelWallace2010" class="citation news cs1">Stempel, Jonathan; Wallace, John (September 30, 2010). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-goldman-tourre-idUSTRE68T3L120100930">"Goldman's Tourre says SEC suit should be dismissed"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170905012152/https://www.reuters.com/article/us-goldman-tourre-idUSTRE68T3L120100930">Archived</a> from the original on September 5, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Goldman%27s+Tourre+says+SEC+suit+should+be+dismissed&amp;rft.date=2010-09-30&amp;rft.aulast=Stempel&amp;rft.aufirst=Jonathan&amp;rft.au=Wallace%2C+John&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-goldman-tourre-idUSTRE68T3L120100930&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-250"><span class="mw-cite-backlink"><b><a href="#cite_ref-250">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBray2010" class="citation news cs1">Bray, Chad (September 29, 2010). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052748704116004575522600695880486">"Goldman Trader Seeks Suit Dismissal"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170731181941/https://www.wsj.com/articles/SB10001424052748704116004575522600695880486">Archived</a> from the original on July 31, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Trader+Seeks+Suit+Dismissal&amp;rft.date=2010-09-29&amp;rft.issn=0099-9660&amp;rft.aulast=Bray&amp;rft.aufirst=Chad&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052748704116004575522600695880486&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-251"><span class="mw-cite-backlink"><b><a href="#cite_ref-251">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFElBoghdady2013" class="citation news cs1">ElBoghdady, Dina (July 30, 2013). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/business/economy/jurors-hear-closing-arguments-in-sec-fraud-case-against-fabrice-tourre/2013/07/30/a50da674-f954-11e2-b018-5b8251f0c56e_story.html">"Jurors hear closing arguments in SEC fraud case against Fabrice Tourre"</a>. <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170905004459/https://www.washingtonpost.com/business/economy/jurors-hear-closing-arguments-in-sec-fraud-case-against-fabrice-tourre/2013/07/30/a50da674-f954-11e2-b018-5b8251f0c56e_story.html">Archived</a> from the original on September 5, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Washington+Post&amp;rft.atitle=Jurors+hear+closing+arguments+in+SEC+fraud+case+against+Fabrice+Tourre&amp;rft.date=2013-07-30&amp;rft.aulast=ElBoghdady&amp;rft.aufirst=Dina&amp;rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fbusiness%2Feconomy%2Fjurors-hear-closing-arguments-in-sec-fraud-case-against-fabrice-tourre%2F2013%2F07%2F30%2Fa50da674-f954-11e2-b018-5b8251f0c56e_story.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-252"><span class="mw-cite-backlink"><b><a href="#cite_ref-252">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaymond2013" class="citation news cs1">Raymond, Nate (August 1, 2013). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-sec-goldman-tourre-idUSBRE96G19720130801">"SEC wins as ex-Goldman executive Tourre found liable for fraud"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160310114108/http://www.reuters.com/article/us-sec-goldman-tourre-idUSBRE96G19720130801">Archived</a> from the original on March 10, 2016.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=SEC+wins+as+ex-Goldman+executive+Tourre+found+liable+for+fraud&amp;rft.date=2013-08-01&amp;rft.aulast=Raymond&amp;rft.aufirst=Nate&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-sec-goldman-tourre-idUSBRE96G19720130801&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-253"><span class="mw-cite-backlink"><b><a href="#cite_ref-253">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCraigProtess2013" class="citation news cs1">Craig, Susanne; Protess, Ben (August 1, 2013). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.nytimes.com/dealbook.nytimes.com/2013/08/01/former-goldman-trader-is-found-liable-in-mortgage-deal/">"Former Trader Is Found Liable in Fraud Case"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130801194915/http://dealbook.nytimes.com/2013/08/01/former-goldman-trader-is-found-liable-in-mortgage-deal/">Archived</a> from the original on August 1, 2013.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Former+Trader+Is+Found+Liable+in+Fraud+Case&amp;rft.date=2013-08-01&amp;rft.aulast=Craig&amp;rft.aufirst=Susanne&amp;rft.au=Protess%2C+Ben&amp;rft_id=https%3A%2F%2Farchive.nytimes.com%2Fdealbook.nytimes.com%2F2013%2F08%2F01%2Fformer-goldman-trader-is-found-liable-in-mortgage-deal%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-254"><span class="mw-cite-backlink"><b><a href="#cite_ref-254">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmithO&#39;Toole2013" class="citation news cs1">Smith, Aaron; O'Toole, James (August 1, 2013). <a rel="nofollow" class="external text" href="https://money.cnn.com/2013/08/01/news/companies/tourre-goldman-verdict/index.html">"<span class="cs1-kern-left"></span>'Fabulous Fab' held liable in Goldman fraud case"</a>. <i><a href="/wiki/CNN" title="CNN">CNN</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CNN&amp;rft.atitle=%27Fabulous+Fab%27+held+liable+in+Goldman+fraud+case&amp;rft.date=2013-08-01&amp;rft.aulast=Smith&amp;rft.aufirst=Aaron&amp;rft.au=O%27Toole%2C+James&amp;rft_id=https%3A%2F%2Fmoney.cnn.com%2F2013%2F08%2F01%2Fnews%2Fcompanies%2Ftourre-goldman-verdict%2Findex.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-255"><span class="mw-cite-backlink"><b><a href="#cite_ref-255">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-26552995">"Ex-Goldman Sachs trader Fabrice Tourre fined $650,000"</a>. <i><a href="/wiki/BBC_News" title="BBC News">BBC News</a></i>. March 12, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=BBC+News&amp;rft.atitle=Ex-Goldman+Sachs+trader+Fabrice+Tourre+fined+%24650%2C000&amp;rft.date=2014-03-12&amp;rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-26552995&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-256"><span class="mw-cite-backlink"><b><a href="#cite_ref-256">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWirz2018" class="citation news cs1">Wirz, Matt (July 2, 2018). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-mortgage-trader-convicted-of-fraud-pursuing-new-career-in-academia-1530540001">"Goldman Mortgage Trader Convicted of Fraud Pursuing New Career in Academia"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Mortgage+Trader+Convicted+of+Fraud+Pursuing+New+Career+in+Academia&amp;rft.date=2018-07-02&amp;rft.aulast=Wirz&amp;rft.aufirst=Matt&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-mortgage-trader-convicted-of-fraud-pursuing-new-career-in-academia-1530540001&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-devious-257"><span class="mw-cite-backlink">^ <a href="#cite_ref-devious_257-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-devious_257-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTaibbi2014" class="citation magazine cs1">Taibbi, Matt (February 12, 2014). <a rel="nofollow" class="external text" href="https://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212">"The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet"</a>. <i>Rolling Stone</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140213231325/http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212">Archived</a> from the original on February 13, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">February 14,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Rolling+Stone&amp;rft.atitle=The+Vampire+Squid+Strikes+Again%3A+The+Mega+Banks%27+Most+Devious+Scam+Yet&amp;rft.date=2014-02-12&amp;rft.aulast=Taibbi&amp;rft.aufirst=Matt&amp;rft_id=https%3A%2F%2Fwww.rollingstone.com%2Fpolitics%2Fnews%2Fthe-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-258"><span class="mw-cite-backlink"><b><a href="#cite_ref-258">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKaufman2010" class="citation magazine cs1">Kaufman, Frederick (July 1, 2010). <a rel="nofollow" class="external text" href="https://frederickkaufman.typepad.com/files/the-food-bubble-pdf.pdf">"The Food Bubble: How Wall Street Starved Millions and got away with it"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Harper%27s_Magazine" title="Harper&#39;s Magazine">Harper's Magazine</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140527113338/http://frederickkaufman.typepad.com/files/the-food-bubble-pdf.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on May 27, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Harper%27s+Magazine&amp;rft.atitle=The+Food+Bubble%3A+How+Wall+Street+Starved+Millions+and+got+away+with+it&amp;rft.date=2010-07-01&amp;rft.aulast=Kaufman&amp;rft.aufirst=Frederick&amp;rft_id=https%3A%2F%2Ffrederickkaufman.typepad.com%2Ffiles%2Fthe-food-bubble-pdf.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-259"><span class="mw-cite-backlink"><b><a href="#cite_ref-259">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoodmanGonzalesKaufman2010" class="citation news cs1">Goodman, Amy; Gonzales, Juan; Kaufman, Frederick (July 16, 2010). <a rel="nofollow" class="external text" href="https://www.democracynow.org/2010/7/16/the_food_bubble_how_wall_street">"The Food Bubble: How Wall Street Starved Millions and Got Away With It"</a>. <i><a href="/wiki/Democracy_Now!" title="Democracy Now!">Democracy Now!</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170520121118/https://www.democracynow.org/2010/7/16/the_food_bubble_how_wall_street">Archived</a> from the original on May 20, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Democracy+Now%21&amp;rft.atitle=The+Food+Bubble%3A+How+Wall+Street+Starved+Millions+and+Got+Away+With+It&amp;rft.date=2010-07-16&amp;rft.aulast=Goodman&amp;rft.aufirst=Amy&amp;rft.au=Gonzales%2C+Juan&amp;rft.au=Kaufman%2C+Frederick&amp;rft_id=https%3A%2F%2Fwww.democracynow.org%2F2010%2F7%2F16%2Fthe_food_bubble_how_wall_street&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-260"><span class="mw-cite-backlink"><b><a href="#cite_ref-260">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://therealnews.com/jghosh0407foodpt1">"GLOBAL FOOD BUBBLE ON THE WAY?"</a>. <i><a href="/wiki/The_Real_News_Network" title="The Real News Network">The Real News Network</a></i>. May 5, 2010.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Real+News+Network&amp;rft.atitle=GLOBAL+FOOD+BUBBLE+ON+THE+WAY%3F&amp;rft.date=2010-05-05&amp;rft_id=https%3A%2F%2Ftherealnews.com%2Fjghosh0407foodpt1&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-261"><span class="mw-cite-backlink"><b><a href="#cite_ref-261">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFButtonwood2010" class="citation news cs1">Buttonwood (June 24, 2010). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.economist.com/finance-and-economics/2010/06/24/clearing-the-usual-suspects">"Clearing the usual suspects"</a></span>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170504121421/http://www.economist.com/node/16432870">Archived</a> from the original on May 4, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Economist&amp;rft.atitle=Clearing+the+usual+suspects&amp;rft.date=2010-06-24&amp;rft.au=Buttonwood&amp;rft_id=https%3A%2F%2Fwww.economist.com%2Ffinance-and-economics%2F2010%2F06%2F24%2Fclearing-the-usual-suspects&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-silly-262"><span class="mw-cite-backlink">^ <a href="#cite_ref-silly_262-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-silly_262-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLevine2014" class="citation news cs1">Levine, Matt (November 20, 2014). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/view/articles/2014-11-20/the-goldman-sachs-aluminum-conspiracy-was-pretty-silly">"The Goldman Sachs Aluminum Conspiracy Was Pretty Silly"</a></span>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170809170354/https://www.bloomberg.com/view/articles/2014-11-20/the-goldman-sachs-aluminum-conspiracy-was-pretty-silly">Archived</a> from the original on August 9, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=The+Goldman+Sachs+Aluminum+Conspiracy+Was+Pretty+Silly&amp;rft.date=2014-11-20&amp;rft.aulast=Levine&amp;rft.aufirst=Matt&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fview%2Farticles%2F2014-11-20%2Fthe-goldman-sachs-aluminum-conspiracy-was-pretty-silly&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-263"><span class="mw-cite-backlink"><b><a href="#cite_ref-263">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://alphaarchitect.com/2013/10/goldman-sachs-warehouse-trade-conspiracy-theory/">"GOLDMAN SACHS' WAREHOUSE TRADE–CONSPIRACY THEORY!"</a>. <i>Alpha Architect</i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Alpha+Architect&amp;rft.atitle=GOLDMAN+SACHS%27+WAREHOUSE+TRADE%E2%80%93CONSPIRACY+THEORY%21&amp;rft_id=https%3A%2F%2Falphaarchitect.com%2F2013%2F10%2Fgoldman-sachs-warehouse-trade-conspiracy-theory%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Stanley-264"><span class="mw-cite-backlink"><b><a href="#cite_ref-Stanley_264-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStanley2013" class="citation news cs1">Stanley, Marcus (July 24, 2013). <a rel="nofollow" class="external text" href="https://www.usnews.com/opinion/blogs/economic-intelligence/2013/07/24/how-goldman-sachs-and-wall-street-manipulate-alumnimum-and-other-commodities">"The Goldman Sachs Guide To Manipulating Commodities"</a>. <i><a href="/wiki/U.S._News_%26_World_Report" title="U.S. News &amp; World Report">U.S. News &amp; World Report</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160513/http://www.usnews.com/opinion/blogs/economic-intelligence/2013/07/24/how-goldman-sachs-and-wall-street-manipulate-alumnimum-and-other-commodities">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=U.S.+News+%26+World+Report&amp;rft.atitle=The+Goldman+Sachs+Guide+To+Manipulating+Commodities&amp;rft.date=2013-07-24&amp;rft.aulast=Stanley&amp;rft.aufirst=Marcus&amp;rft_id=https%3A%2F%2Fwww.usnews.com%2Fopinion%2Fblogs%2Feconomic-intelligence%2F2013%2F07%2F24%2Fhow-goldman-sachs-and-wall-street-manipulate-alumnimum-and-other-commodities&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-265"><span class="mw-cite-backlink"><b><a href="#cite_ref-265">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKocieniewski2013" class="citation news cs1">Kocieniewski, David (August 12, 2013). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2013/08/13/business/us-subpoenas-goldman-in-inquiry-of-aluminum-warehouses.html">"U.S. Subpoenas Goldman in Inquiry of Aluminum Warehouses"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130916023814/http://www.nytimes.com/2013/08/13/business/us-subpoenas-goldman-in-inquiry-of-aluminum-warehouses.html">Archived</a> from the original on September 16, 2013.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=U.S.+Subpoenas+Goldman+in+Inquiry+of+Aluminum+Warehouses&amp;rft.date=2013-08-12&amp;rft.aulast=Kocieniewski&amp;rft.aufirst=David&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2013%2F08%2F13%2Fbusiness%2Fus-subpoenas-goldman-in-inquiry-of-aluminum-warehouses.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-DePillis-266"><span class="mw-cite-backlink">^ <a href="#cite_ref-DePillis_266-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-DePillis_266-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDePillis2013" class="citation news cs1">DePillis, Lydia (July 22, 2013). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.washingtonpost.com/news/wonk/wp/2013/07/22/heres-how-goldman-sachs-is-making-your-beer-more-expensive/">"Here's how Goldman Sachs is making your beer more expensive"</a></span>. <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160627/https://www.washingtonpost.com/news/wonk/wp/2013/07/22/heres-how-goldman-sachs-is-making-your-beer-more-expensive/">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Washington+Post&amp;rft.atitle=Here%27s+how+Goldman+Sachs+is+making+your+beer+more+expensive&amp;rft.date=2013-07-22&amp;rft.aulast=DePillis&amp;rft.aufirst=Lydia&amp;rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fnews%2Fwonk%2Fwp%2F2013%2F07%2F22%2Fheres-how-goldman-sachs-is-making-your-beer-more-expensive%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-267"><span class="mw-cite-backlink"><b><a href="#cite_ref-267">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBerthelsenIosebashvili2014" class="citation news cs1">Berthelsen, Christian; Iosebashvili, Ira (December 22, 2014). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-sachs-sells-aluminum-business-to-swiss-firm-1419279027">"Goldman Sachs Sells Aluminum Business to Swiss Firm"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170623083504/https://www.wsj.com/articles/goldman-sachs-sells-aluminum-business-to-swiss-firm-1419279027">Archived</a> from the original on June 23, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Sachs+Sells+Aluminum+Business+to+Swiss+Firm&amp;rft.date=2014-12-22&amp;rft.issn=0099-9660&amp;rft.aulast=Berthelsen&amp;rft.aufirst=Christian&amp;rft.au=Iosebashvili%2C+Ira&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-sachs-sells-aluminum-business-to-swiss-firm-1419279027&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-268"><span class="mw-cite-backlink"><b><a href="#cite_ref-268">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeffMason2014" class="citation news cs1">Leff, Jonathan; Mason, Josephine (December 22, 2014). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/goldman-metro-idUSL1N0U61FW20141222">"UPDATE 2-Goldman sells Metro metals warehouse unit to Reuben Bros"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170430061553/http://www.reuters.com/article/goldman-metro-idUSL1N0U61FW20141222">Archived</a> from the original on April 30, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=UPDATE+2-Goldman+sells+Metro+metals+warehouse+unit+to+Reuben+Bros&amp;rft.date=2014-12-22&amp;rft.aulast=Leff&amp;rft.aufirst=Jonathan&amp;rft.au=Mason%2C+Josephine&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fgoldman-metro-idUSL1N0U61FW20141222&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-269"><span class="mw-cite-backlink"><b><a href="#cite_ref-269">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPopper2014" class="citation news cs1">Popper, Nathaniel (December 22, 2014). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://dealbook.nytimes.com/2014/12/22/goldman-sells-aluminum-subsidiary/">"Goldman Sells Aluminum Subsidiary"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170722150327/https://dealbook.nytimes.com/2014/12/22/goldman-sells-aluminum-subsidiary/">Archived</a> from the original on July 22, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=Goldman+Sells+Aluminum+Subsidiary&amp;rft.date=2014-12-22&amp;rft.aulast=Popper&amp;rft.aufirst=Nathaniel&amp;rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F2014%2F12%2F22%2Fgoldman-sells-aluminum-subsidiary%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-270"><span class="mw-cite-backlink"><b><a href="#cite_ref-270">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://casetext.com/case/in-re-aluminum-warehousing-antitrust-litig-6">"In re Aluminum Warehousing Antitrust Litig"</a>. March 4, 2015.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=In+re+Aluminum+Warehousing+Antitrust+Litig.&amp;rft.date=2015-03-04&amp;rft_id=https%3A%2F%2Fcasetext.com%2Fcase%2Fin-re-aluminum-warehousing-antitrust-litig-6&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-271"><span class="mw-cite-backlink"><b><a href="#cite_ref-271">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEscober2021" class="citation news cs1">Escober, Karla (February 19, 2021). <a rel="nofollow" class="external text" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/price-manipulation-charges-against-glencore-goldman-jpmorgan-dropped-8211-reuters-62726103">"Price manipulation charges against Glencore, Goldman, JPMorgan dropped – Reuters"</a>. <i><a href="/wiki/S%26P_Global" title="S&amp;P Global">S&amp;P Global</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=S%26P+Global&amp;rft.atitle=Price+manipulation+charges+against+Glencore%2C+Goldman%2C+JPMorgan+dropped+%E2%80%93+Reuters&amp;rft.date=2021-02-19&amp;rft.aulast=Escober&amp;rft.aufirst=Karla&amp;rft_id=https%3A%2F%2Fwww.spglobal.com%2Fmarketintelligence%2Fen%2Fnews-insights%2Flatest-news-headlines%2Fprice-manipulation-charges-against-glencore-goldman-jpmorgan-dropped-8211-reuters-62726103&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-272"><span class="mw-cite-backlink"><b><a href="#cite_ref-272">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClough2022" class="citation news cs1">Clough, Craig (April 18, 2022). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.law360.com/articles/1485106/goldman-sachs-jpmorgan-near-aluminum-antitrust-deal">"Goldman Sachs, JPMorgan Near Aluminum Antitrust Deal"</a></span>. <i><a href="/wiki/Law360" title="Law360">Law360</a></i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Law360&amp;rft.atitle=Goldman+Sachs%2C+JPMorgan+Near+Aluminum+Antitrust+Deal&amp;rft.date=2022-04-18&amp;rft.aulast=Clough&amp;rft.aufirst=Craig&amp;rft_id=https%3A%2F%2Fwww.law360.com%2Farticles%2F1485106%2Fgoldman-sachs-jpmorgan-near-aluminum-antitrust-deal&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Sheppard-273"><span class="mw-cite-backlink">^ <a href="#cite_ref-Sheppard_273-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Sheppard_273-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSheppard2011" class="citation news cs1">Sheppard, Kate (September 8, 2011). <a rel="nofollow" class="external text" href="https://www.motherjones.com/environment/2011/09/oil-speculators-goldman-sachs">"$4 Gas: Brought to You by Wall Street"</a>. <a href="/wiki/Mother_Jones_(magazine)" title="Mother Jones (magazine)">Mother Jones</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180712121825/https://www.motherjones.com/environment/2011/09/oil-speculators-goldman-sachs/">Archived</a> from the original on July 12, 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">July 5,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=%244+Gas%3A+Brought+to+You+by+Wall+Street&amp;rft.date=2011-09-08&amp;rft.aulast=Sheppard&amp;rft.aufirst=Kate&amp;rft_id=https%3A%2F%2Fwww.motherjones.com%2Fenvironment%2F2011%2F09%2Foil-speculators-goldman-sachs&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-sanders-274"><span class="mw-cite-backlink">^ <a href="#cite_ref-sanders_274-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-sanders_274-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://fuelfix.com/blog/2011/08/29/big-banks-bet-crude-oil-prices-would-fall-in-2008-run-up-leaked-data-show/">"Big Banks Bet Crude Oil Prices Would Fall in 2008 Run-Up, Leaked Data Show"</a>. <i><a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a></i> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170724010823/http://fuelfix.com/blog/2011/08/29/big-banks-bet-crude-oil-prices-would-fall-in-2008-run-up-leaked-data-show/">Archived</a> from the original on July 24, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">May 18,</span> 2017</span>. <q>Just before crude oil hit its record high in mid-2008, 15 of the world's largest banks were betting that prices would fall, according to private trading data released by U.S. Senator Bernie Sanders. The net positions of the banks undermine arguments made by Sanders that speculative trades on Wall Street drove oil prices in 2008, said Craig Pirrong, director of the Global Energy Management Institute at the University of Houston. Retail gasoline reached a record $4.08 a gallon on July 7, 2008, and oil peaked at $147.27 a barrel on July 11 that year.</q></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+L.P.&amp;rft.atitle=Big+Banks+Bet+Crude+Oil+Prices+Would+Fall+in+2008+Run-Up%2C+Leaked+Data+Show&amp;rft_id=http%3A%2F%2Ffuelfix.com%2Fblog%2F2011%2F08%2F29%2Fbig-banks-bet-crude-oil-prices-would-fall-in-2008-run-up-leaked-data-show%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-blame-275"><span class="mw-cite-backlink">^ <a href="#cite_ref-blame_275-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-blame_275-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnson2011" class="citation web cs1">Johnson, Brad (April 13, 2011). <a rel="nofollow" class="external text" href="https://thinkprogress.org/goldman-sachs-admits-record-speculation-to-blame-for-skyrocketing-gas-prices-2d3eb98320d2/">"Goldman Sachs Admits Record Speculation To Blame For Skyrocketing Gas Prices"</a>. <a href="/wiki/ThinkProgress" title="ThinkProgress">ThinkProgress</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160446/https://thinkprogress.org/goldman-sachs-admits-record-speculation-to-blame-for-skyrocketing-gas-prices-2d3eb98320d2">Archived</a> from the original on January 25, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">May 21,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs+Admits+Record+Speculation+To+Blame+For+Skyrocketing+Gas+Prices&amp;rft.pub=ThinkProgress&amp;rft.date=2011-04-13&amp;rft.aulast=Johnson&amp;rft.aufirst=Brad&amp;rft_id=https%3A%2F%2Fthinkprogress.org%2Fgoldman-sachs-admits-record-speculation-to-blame-for-skyrocketing-gas-prices-2d3eb98320d2%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Sherter-276"><span class="mw-cite-backlink">^ <a href="#cite_ref-Sherter_276-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Sherter_276-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSherter2011" class="citation news cs1">Sherter, Alain (April 13, 2011). <a rel="nofollow" class="external text" href="http://www.cbsnews.com/news/when-goldman-sachs-warns-that-speculation-drives-oil-prices-listen-up/">"When Goldman Sachs Warns That Speculation Drives Oil Prices, Listen Up"</a>. <i><a href="/wiki/CBS_News" title="CBS News">CBS News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141231004112/http://www.cbsnews.com/news/when-goldman-sachs-warns-that-speculation-drives-oil-prices-listen-up/">Archived</a> from the original on December 31, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">February 27,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CBS+News&amp;rft.atitle=When+Goldman+Sachs+Warns+That+Speculation+Drives+Oil+Prices%2C+Listen+Up&amp;rft.date=2011-04-13&amp;rft.aulast=Sherter&amp;rft.aufirst=Alain&amp;rft_id=http%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhen-goldman-sachs-warns-that-speculation-drives-oil-prices-listen-up%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Gambling-277"><span class="mw-cite-backlink">^ <a href="#cite_ref-Gambling_277-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Gambling_277-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Gambling_277-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKennedy2012" class="citation news cs1"><a href="/wiki/Joseph_P._Kennedy_II" title="Joseph P. Kennedy II">Kennedy, Joseph</a> (April 10, 2012). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/04/11/opinion/ban-pure-speculators-of-oil-futures.html">"The High Cost of Gambling on Oil"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140314021849/http://www.nytimes.com/2012/04/11/opinion/ban-pure-speculators-of-oil-futures.html">Archived</a> from the original on March 14, 2014.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+New+York+Times&amp;rft.atitle=The+High+Cost+of+Gambling+on+Oil&amp;rft.date=2012-04-10&amp;rft.aulast=Kennedy&amp;rft.aufirst=Joseph&amp;rft_id=https%3A%2F%2Fwww.nytimes.com%2F2012%2F04%2F11%2Fopinion%2Fban-pure-speculators-of-oil-futures.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-Reuters2016January14BarlynSuzanne-278"><span class="mw-cite-backlink"><b><a href="#cite_ref-Reuters2016January14BarlynSuzanne_278-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarlynHay2016" class="citation news cs1">Barlyn, Suzanne; Hay, Andrew (January 14, 2016). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-goldman-sachs-sec-lending-idUSKCN0US2NN20160114">"Goldman Sachs to pay $15 million to settle SEC stock lending case"</a>. No.&#160;Wealth. Reuters. Thomson Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160203110128/http://www.reuters.com/article/us-goldman-sachs-sec-lending-idUSKCN0US2NN20160114">Archived</a> from the original on February 3, 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">February 1,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.atitle=Goldman+Sachs+to+pay+%2415+million+to+settle+SEC+stock+lending+case&amp;rft.issue=Wealth&amp;rft.date=2016-01-14&amp;rft.aulast=Barlyn&amp;rft.aufirst=Suzanne&amp;rft.au=Hay%2C+Andrew&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-goldman-sachs-sec-lending-idUSKCN0US2NN20160114&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-279"><span class="mw-cite-backlink"><b><a href="#cite_ref-279">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.aljazeera.com/news/2020/7/28/timeline-how-malaysias-1mdb-financial-scandal-unfolded">"Timeline: How Malaysia's 1MDB financial scandal unfolded"</a>. <i><a href="/wiki/Al_Jazeera_English" title="Al Jazeera English">Al Jazeera English</a></i>. July 28, 2020. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220118054114/https://www.aljazeera.com/news/2020/7/28/timeline-how-malaysias-1mdb-financial-scandal-unfolded">Archived</a> from the original on January 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Al+Jazeera+English&amp;rft.atitle=Timeline%3A+How+Malaysia%27s+1MDB+financial+scandal+unfolded&amp;rft.date=2020-07-28&amp;rft_id=https%3A%2F%2Fwww.aljazeera.com%2Fnews%2F2020%2F7%2F28%2Ftimeline-how-malaysias-1mdb-financial-scandal-unfolded&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-280"><span class="mw-cite-backlink"><b><a href="#cite_ref-280">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKoswanageAzhar2014" class="citation news cs1">Koswanage, Niluksi; Azhar, Saeed (January 6, 2014). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-deutsche-malaysia-idUSBREA050CE20140106">"Deutsche Bank hires Goldman Sachs's Malaysia head: sources"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a href="/wiki/Singapore" title="Singapore">Singapore</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160105233438/http://www.reuters.com/article/us-deutsche-malaysia-idUSBREA050CE20140106">Archived</a> from the original on January 5, 2016.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Deutsche+Bank+hires+Goldman+Sachs%27s+Malaysia+head%3A+sources&amp;rft.date=2014-01-06&amp;rft.aulast=Koswanage&amp;rft.aufirst=Niluksi&amp;rft.au=Azhar%2C+Saeed&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-deutsche-malaysia-idUSBREA050CE20140106&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-281"><span class="mw-cite-backlink"><b><a href="#cite_ref-281">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2017/11/02/1mdb-money-laundering-singapore-reportedly-probing-goldman-sachs-link.html">"Goldman reportedly scrutinized by police for relation to money laundering probe"</a>. <i><a href="/wiki/CNBC" title="CNBC">CNBC</a></i>. <a href="/wiki/Reuters" title="Reuters">Reuters</a>. November 2, 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180125134431/https://www.cnbc.com/2017/11/02/1mdb-money-laundering-singapore-reportedly-probing-goldman-sachs-link.html">Archived</a> from the original on January 25, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=CNBC&amp;rft.atitle=Goldman+reportedly+scrutinized+by+police+for+relation+to+money+laundering+probe&amp;rft.date=2017-11-02&amp;rft_id=https%3A%2F%2Fwww.cnbc.com%2F2017%2F11%2F02%2F1mdb-money-laundering-singapore-reportedly-probing-goldman-sachs-link.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-282"><span class="mw-cite-backlink"><b><a href="#cite_ref-282">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFarrellGeiger2016" class="citation news cs1">Farrell, Greg; Geiger, Keri (May 18, 2016). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2016-05-18/goldman-s-leissner-said-to-get-money-from-ex-1mdb-employee">"Goldman's Leissner Said to Get Money From Ex-1MDB Employee"</a></span>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170125160443/https://www.bloomberg.com/news/articles/2016-05-18/goldman-s-leissner-said-to-get-money-from-ex-1mdb-employee">Archived</a> from the original on January 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman%27s+Leissner+Said+to+Get+Money+From+Ex-1MDB+Employee&amp;rft.date=2016-05-18&amp;rft.aulast=Farrell&amp;rft.aufirst=Greg&amp;rft.au=Geiger%2C+Keri&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2016-05-18%2Fgoldman-s-leissner-said-to-get-money-from-ex-1mdb-employee&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-283"><span class="mw-cite-backlink"><b><a href="#cite_ref-283">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaerWright2016" class="citation news cs1">Baer, Justin; Wright, Tom (June 7, 2016). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-probed-over-malaysia-fund-1465257383">"Goldman Probed Over Malaysia Fund 1MDB"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160607005318/http://www.wsj.com/articles/goldman-probed-over-malaysia-fund-1465257383">Archived</a> from the original on June 7, 2016.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Probed+Over+Malaysia+Fund+1MDB&amp;rft.date=2016-06-07&amp;rft.issn=0099-9660&amp;rft.aulast=Baer&amp;rft.aufirst=Justin&amp;rft.au=Wright%2C+Tom&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-probed-over-malaysia-fund-1465257383&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-284"><span class="mw-cite-backlink"><b><a href="#cite_ref-284">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2018-11-12/goldman-shares-tumble-to-2016-levels-as-1mdb-pressure-mounts">"Goldman Sachs Tumbles on 1MDB Scandal and 'Fear of the Unknown'<span class="cs1-kern-right"></span>"</a></span>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. November 12, 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181114141736/https://www.bloomberg.com/news/articles/2018-11-12/goldman-shares-tumble-to-2016-levels-as-1mdb-pressure-mounts">Archived</a> from the original on November 14, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Sachs+Tumbles+on+1MDB+Scandal+and+%27Fear+of+the+Unknown%27&amp;rft.date=2018-11-12&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-11-12%2Fgoldman-shares-tumble-to-2016-levels-as-1mdb-pressure-mounts&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-285"><span class="mw-cite-backlink"><b><a href="#cite_ref-285">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.thestar.com.my/news/nation/2018/11/02/1mdb-how-did-leissner-and-other-execs-bypass-goldmans-compliance-rules/">"1MDB: How did Leissner and other execs bypass Goldman's compliance rules?"</a>. <i><a href="/wiki/The_Star_(Malaysia)" title="The Star (Malaysia)">The Star</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181114224032/https://www.thestar.com.my/news/nation/2018/11/02/1mdb-how-did-leissner-and-other-execs-bypass-goldmans-compliance-rules/">Archived</a> from the original on November 14, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Star&amp;rft.atitle=1MDB%3A+How+did+Leissner+and+other+execs+bypass+Goldman%27s+compliance+rules%3F&amp;rft_id=https%3A%2F%2Fwww.thestar.com.my%2Fnews%2Fnation%2F2018%2F11%2F02%2F1mdb-how-did-leissner-and-other-execs-bypass-goldmans-compliance-rules%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-286"><span class="mw-cite-backlink"><b><a href="#cite_ref-286">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-46062576">"Ex-Goldman bankers face 1MDB charges"</a>. <i><a href="/wiki/BBC_News" title="BBC News">BBC News</a></i>. November 1, 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181101145701/https://www.bbc.co.uk/news/business-46062576">Archived</a> from the original on November 1, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=BBC+News&amp;rft.atitle=Ex-Goldman+bankers+face+1MDB+charges&amp;rft.date=2018-11-01&amp;rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fbusiness-46062576&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-287"><span class="mw-cite-backlink"><b><a href="#cite_ref-287">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGeddie" class="citation news cs1">Geddie, John. <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-goldmansachs-1mdb-probe/goldman-sachs-ceo-i-feel-horrible-ex-bankers-broke-law-in-1mdb-case-idUSKCN1NC0SN">"Goldman Sachs CEO: I feel horrible ex-bankers broke law in 1MDB case"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181108105122/https://www.reuters.com/article/us-goldmansachs-1mdb-probe/goldman-sachs-ceo-i-feel-horrible-ex-bankers-broke-law-in-1mdb-case-idUSKCN1NC0SN">Archived</a> from the original on November 8, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Goldman+Sachs+CEO%3A+I+feel+horrible+ex-bankers+broke+law+in+1MDB+case&amp;rft.aulast=Geddie&amp;rft.aufirst=John&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-goldmansachs-1mdb-probe%2Fgoldman-sachs-ceo-i-feel-horrible-ex-bankers-broke-law-in-1mdb-case-idUSKCN1NC0SN&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-288"><span class="mw-cite-backlink"><b><a href="#cite_ref-288">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.thestar.com.my/news/nation/2018/11/07/goldman-sachs-ceo-i-feel-horrible-ex-bankers-broke-law/">"Goldman Sachs CEO: I feel horrible ex-bankers broke law in 1MDB case"</a>. <i><a href="/wiki/The_Star_(Malaysia)" title="The Star (Malaysia)">The Star</a></i>. November 7, 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181108065634/https://www.thestar.com.my/news/nation/2018/11/07/goldman-sachs-ceo-i-feel-horrible-ex-bankers-broke-law/">Archived</a> from the original on November 8, 2018.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Star&amp;rft.atitle=Goldman+Sachs+CEO%3A+I+feel+horrible+ex-bankers+broke+law+in+1MDB+case&amp;rft.date=2018-11-07&amp;rft_id=https%3A%2F%2Fwww.thestar.com.my%2Fnews%2Fnation%2F2018%2F11%2F07%2Fgoldman-sachs-ceo-i-feel-horrible-ex-bankers-broke-law%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-289"><span class="mw-cite-backlink"><b><a href="#cite_ref-289">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSaxena2019" class="citation news cs1">Saxena, Aparajita (January 16, 2019). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/uk-goldman-sachs-1mdb/goldman-sachs-ceo-apologises-for-ex-bankers-role-in-1mdb-scandal-idUSKCN1PA22T">"Goldman Sachs CEO apologises for ex-banker's role in 1MDB scandal"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220118054112/https://www.reuters.com/article/uk-goldman-sachs-1mdb/goldman-sachs-ceo-apologises-for-ex-bankers-role-in-1mdb-scandal-idUSKCN1PA22T">Archived</a> from the original on January 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Goldman+Sachs+CEO+apologises+for+ex-banker%27s+role+in+1MDB+scandal&amp;rft.date=2019-01-16&amp;rft.aulast=Saxena&amp;rft.aufirst=Aparajita&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fuk-goldman-sachs-1mdb%2Fgoldman-sachs-ceo-apologises-for-ex-bankers-role-in-1mdb-scandal-idUSKCN1PA22T&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-290"><span class="mw-cite-backlink"><b><a href="#cite_ref-290">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMakortoff2019" class="citation news cs1">Makortoff, Kalyeena (January 16, 2019). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2019/jan/16/goldman-chief-says-sorry-over-ex-banker-role-in-1mdb-scandal-malaysia">"Goldman chief says sorry over ex-banker's role in 1MDB scandal"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220118182822/https://www.theguardian.com/business/2019/jan/16/goldman-chief-says-sorry-over-ex-banker-role-in-1mdb-scandal-malaysia">Archived</a> from the original on January 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Guardian&amp;rft.atitle=Goldman+chief+says+sorry+over+ex-banker%27s+role+in+1MDB+scandal&amp;rft.date=2019-01-16&amp;rft.aulast=Makortoff&amp;rft.aufirst=Kalyeena&amp;rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2019%2Fjan%2F16%2Fgoldman-chief-says-sorry-over-ex-banker-role-in-1mdb-scandal-malaysia&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-291"><span class="mw-cite-backlink"><b><a href="#cite_ref-291">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.thestar.com.my/news/nation/2019/01/18/goldman-sachs-ceo-apologises-for-exbankers-role-in-1mdb-scandal/">"Goldman Sachs CEO apologises for ex-banker's role in 1MDB scandal"</a>. <i><a href="/wiki/The_Star_(Malaysia)" title="The Star (Malaysia)">The Star</a></i>. January 18, 2019. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190118024823/https://www.thestar.com.my/news/nation/2019/01/18/goldman-sachs-ceo-apologises-for-exbankers-role-in-1mdb-scandal/">Archived</a> from the original on January 18, 2019.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Star&amp;rft.atitle=Goldman+Sachs+CEO+apologises+for+ex-banker%27s+role+in+1MDB+scandal&amp;rft.date=2019-01-18&amp;rft_id=https%3A%2F%2Fwww.thestar.com.my%2Fnews%2Fnation%2F2019%2F01%2F18%2Fgoldman-sachs-ceo-apologises-for-exbankers-role-in-1mdb-scandal%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-292"><span class="mw-cite-backlink"><b><a href="#cite_ref-292">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.thesundaily.my/local/malaysia-files-charges-against-goldman-over-1mdb-scandal-JI280092">"Malaysia files charges against Goldman over 1MDB scandal"</a>. <i>www.thesundaily.my</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181217132739/https://www.thesundaily.my/local/malaysia-files-charges-against-goldman-over-1mdb-scandal-JI280092">Archived</a> from the original on December 17, 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">December 17,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=www.thesundaily.my&amp;rft.atitle=Malaysia+files+charges+against+Goldman+over+1MDB+scandal&amp;rft_id=https%3A%2F%2Fwww.thesundaily.my%2Flocal%2Fmalaysia-files-charges-against-goldman-over-1mdb-scandal-JI280092&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-293"><span class="mw-cite-backlink"><b><a href="#cite_ref-293">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.thestar.com.my/news/nation/2018/12/17/agc-files-criminal-charges-against-subsidiaries-of-goldman-sachs-and-employees/">"AGC files criminal charges against subsidiaries of Goldman Sachs and employees – Nation | The Star Online"</a>. <i>www.thestar.com.my</i>. December 17, 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181217120523/https://www.thestar.com.my/news/nation/2018/12/17/agc-files-criminal-charges-against-subsidiaries-of-goldman-sachs-and-employees/">Archived</a> from the original on December 17, 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">December 17,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=www.thestar.com.my&amp;rft.atitle=AGC+files+criminal+charges+against+subsidiaries+of+Goldman+Sachs+and+employees+%E2%80%93+Nation+%7C+The+Star+Online&amp;rft.date=2018-12-17&amp;rft_id=https%3A%2F%2Fwww.thestar.com.my%2Fnews%2Fnation%2F2018%2F12%2F17%2Fagc-files-criminal-charges-against-subsidiaries-of-goldman-sachs-and-employees%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-294"><span class="mw-cite-backlink"><b><a href="#cite_ref-294">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHoffman2020" class="citation news cs1">Hoffman, Liz (August 7, 2020). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-sachs-restates-earnings-after-3-9-billion-malaysia-settlement-11596796982">"Goldman Sachs Restates Earnings After $3.9 Billion Malaysia Settlement"</a>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200807131104/https://www.wsj.com/articles/goldman-sachs-restates-earnings-after-3-9-billion-malaysia-settlement-11596796982">Archived</a> from the original on August 7, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">August 7,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Sachs+Restates+Earnings+After+%243.9+Billion+Malaysia+Settlement&amp;rft.date=2020-08-07&amp;rft.issn=0099-9660&amp;rft.aulast=Hoffman&amp;rft.aufirst=Liz&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-sachs-restates-earnings-after-3-9-billion-malaysia-settlement-11596796982&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-295"><span class="mw-cite-backlink"><b><a href="#cite_ref-295">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.channelnewsasia.com/news/asia/goldman-sachs-malaysia-agree-1mdb-settlement-12961454">"Goldman Sachs, Malaysia agree to US$3.9 billion settlement over 1MDB"</a>. <i>CNA</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200728025235/https://www.channelnewsasia.com/news/asia/goldman-sachs-malaysia-agree-1mdb-settlement-12961454">Archived</a> from the original on July 28, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">July 28,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=CNA&amp;rft.atitle=Goldman+Sachs%2C+Malaysia+agree+to+US%243.9+billion+settlement+over+1MDB&amp;rft_id=https%3A%2F%2Fwww.channelnewsasia.com%2Fnews%2Fasia%2Fgoldman-sachs-malaysia-agree-1mdb-settlement-12961454&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-296"><span class="mw-cite-backlink"><b><a href="#cite_ref-296">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.channelnewsasia.com/news/commentary/najib-razak-goldman-sachs-1mdb-malaysia-deal-settlement-12968614">"Commentary: Goldman has done it again with its 1MDB Malaysia deal"</a>. <i>CNA</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200728062310/https://www.channelnewsasia.com/news/commentary/najib-razak-goldman-sachs-1mdb-malaysia-deal-settlement-12968614">Archived</a> from the original on July 28, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">July 28,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=CNA&amp;rft.atitle=Commentary%3A+Goldman+has+done+it+again+with+its+1MDB+Malaysia+deal&amp;rft_id=https%3A%2F%2Fwww.channelnewsasia.com%2Fnews%2Fcommentary%2Fnajib-razak-goldman-sachs-1mdb-malaysia-deal-settlement-12968614&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-297"><span class="mw-cite-backlink"><b><a href="#cite_ref-297">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJalil2023" class="citation web cs1">Jalil, Asila (September 3, 2023). <a rel="nofollow" class="external text" href="https://www.nst.com.my/business/2023/09/950493/settlement-goldman-sachs-govt-may-be-able-sue-again">"Settlement with Goldman Sachs: "Govt may be able to sue again" | New Straits Times"</a>. <i>NST Online</i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 7,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=NST+Online&amp;rft.atitle=Settlement+with+Goldman+Sachs%3A+%22Govt+may+be+able+to+sue+again%22+%7C+New+Straits+Times&amp;rft.date=2023-09-03&amp;rft.aulast=Jalil&amp;rft.aufirst=Asila&amp;rft_id=https%3A%2F%2Fwww.nst.com.my%2Fbusiness%2F2023%2F09%2F950493%2Fsettlement-goldman-sachs-govt-may-be-able-sue-again&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-298"><span class="mw-cite-backlink"><b><a href="#cite_ref-298">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.aljazeera.com/news/2023/10/12/why-is-goldman-sachs-suing-malaysia-over-1mdb-scandal">"Why is Goldman Sachs suing Malaysia over 1MDB scandal?"</a>. <i>Al Jazeera</i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 7,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Al+Jazeera&amp;rft.atitle=Why+is+Goldman+Sachs+suing+Malaysia+over+1MDB+scandal%3F&amp;rft_id=https%3A%2F%2Fwww.aljazeera.com%2Fnews%2F2023%2F10%2F12%2Fwhy-is-goldman-sachs-suing-malaysia-over-1mdb-scandal&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-299"><span class="mw-cite-backlink"><b><a href="#cite_ref-299">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign-bribery-case-and-agrees-pay-over-29-billion">"Goldman Sachs Charged in Foreign Bribery Case and Agrees to Pay Over $2.9 Billion"</a> (Press release). <a href="/wiki/United_States_Department_of_Justice" title="United States Department of Justice">United States Department of Justice</a>. October 22, 2020. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220118182642/https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign-bribery-case-and-agrees-pay-over-29-billion">Archived</a> from the original on January 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs+Charged+in+Foreign+Bribery+Case+and+Agrees+to+Pay+Over+%242.9+Billion&amp;rft.pub=United+States+Department+of+Justice&amp;rft.date=2020-10-22&amp;rft_id=https%3A%2F%2Fwww.justice.gov%2Fopa%2Fpr%2Fgoldman-sachs-charged-foreign-bribery-case-and-agrees-pay-over-29-billion&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-300"><span class="mw-cite-backlink"><b><a href="#cite_ref-300">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-54597256">"Goldman Sachs to pay $3bn over 1MDB corruption scandal"</a>. <i><a href="/wiki/BBC_News" title="BBC News">BBC News</a></i>. October 22, 2020. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220118054114/https://www.bbc.com/news/business-54597256">Archived</a> from the original on January 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=BBC+News&amp;rft.atitle=Goldman+Sachs+to+pay+%243bn+over+1MDB+corruption+scandal&amp;rft.date=2020-10-22&amp;rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-54597256&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-301"><span class="mw-cite-backlink"><b><a href="#cite_ref-301">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichaelsHoffmanHope2020" class="citation news cs1">Michaels, Dave; Hoffman, Liz; Hope, Bradley (October 20, 2020). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/goldman-sachs-to-pay-2-8-billion-admit-wrongdoing-to-settle-1mdb-charges-11603202983">"Goldman Sachs to Pay $2.8 Billion, Admit Wrongdoing to Settle 1MDB Charges"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220118183059/https://www.wsj.com/articles/goldman-sachs-to-pay-2-8-billion-admit-wrongdoing-to-settle-1mdb-charges-11603202983">Archived</a> from the original on January 18, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">January 18,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Wall+Street+Journal&amp;rft.atitle=Goldman+Sachs+to+Pay+%242.8+Billion%2C+Admit+Wrongdoing+to+Settle+1MDB+Charges&amp;rft.date=2020-10-20&amp;rft.aulast=Michaels&amp;rft.aufirst=Dave&amp;rft.au=Hoffman%2C+Liz&amp;rft.au=Hope%2C+Bradley&amp;rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgoldman-sachs-to-pay-2-8-billion-admit-wrongdoing-to-settle-1mdb-charges-11603202983&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-hunger-302"><span class="mw-cite-backlink">^ <a href="#cite_ref-hunger_302-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-hunger_302-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-venezuela-goldman-idUSKBN1HH36H">"Amid Venezuela default, Goldman receives 'hunger bond' payment: sources"</a>. <i>Reuters</i>. April 10, 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801022824/https://www.reuters.com/article/us-venezuela-goldman-idUSKBN1HH36H">Archived</a> from the original on August 1, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">April 13,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Amid+Venezuela+default%2C+Goldman+receives+%27hunger+bond%27+payment%3A+sources&amp;rft.date=2018-04-10&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-venezuela-goldman-idUSKBN1HH36H&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-condemns-303"><span class="mw-cite-backlink">^ <a href="#cite_ref-condemns_303-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-condemns_303-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEllsworthScigliuzzo2017" class="citation news cs1">Ellsworth, Brian; Scigliuzzo, Davide (May 31, 2017). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-venezuela-goldman-sachs-idUSKBN18Q1D6">"Venezuelan opposition condemns Goldman for $2.8 billion bond deal"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200421143742/https://www.reuters.com/article/us-venezuela-goldman-sachs-idUSKBN18Q1D6">Archived</a> from the original on April 21, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Reuters&amp;rft.atitle=Venezuelan+opposition+condemns+Goldman+for+%242.8+billion+bond+deal&amp;rft.date=2017-05-31&amp;rft.aulast=Ellsworth&amp;rft.aufirst=Brian&amp;rft.au=Scigliuzzo%2C+Davide&amp;rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-venezuela-goldman-sachs-idUSKBN18Q1D6&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-304"><span class="mw-cite-backlink"><b><a href="#cite_ref-304">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRushe2017" class="citation news cs1">Rushe, Dominic (May 30, 2017). <a rel="nofollow" class="external text" href="https://www.theguardian.com/world/2017/may/30/goldman-sachs-venezuela-bonds">"Goldman Sachs condemned for buoying Venezuela with $2.8bn bond purchase"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0261-3077">0261-3077</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801021421/https://www.theguardian.com/world/2017/may/30/goldman-sachs-venezuela-bonds">Archived</a> from the original on August 1, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Guardian&amp;rft.atitle=Goldman+Sachs+condemned+for+buoying+Venezuela+with+%242.8bn+bond+purchase&amp;rft.date=2017-05-30&amp;rft.issn=0261-3077&amp;rft.aulast=Rushe&amp;rft.aufirst=Dominic&amp;rft_id=https%3A%2F%2Fwww.theguardian.com%2Fworld%2F2017%2Fmay%2F30%2Fgoldman-sachs-venezuela-bonds&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-305"><span class="mw-cite-backlink"><b><a href="#cite_ref-305">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBartenstein2018" class="citation news cs1">Bartenstein, Ben (March 15, 2018). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2018-03-15/goldman-says-it-s-learned-from-venezuela-hunger-bonds-backlash">"Goldman Says It's Learned From Venezuela 'Hunger Bonds' Backlash"</a></span>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200801033125/https://www.bloombergquint.com/onweb/goldman-says-it-s-learned-from-venezuela-hunger-bonds-backlash">Archived</a> from the original on August 1, 2020.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Bloomberg+News&amp;rft.atitle=Goldman+Says+It%27s+Learned+From+Venezuela+%27Hunger+Bonds%27+Backlash&amp;rft.date=2018-03-15&amp;rft.aulast=Bartenstein&amp;rft.aufirst=Ben&amp;rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-03-15%2Fgoldman-says-it-s-learned-from-venezuela-hunger-bonds-backlash&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-306"><span class="mw-cite-backlink"><b><a href="#cite_ref-306">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.goldmansachs.com/investor-relations/financials">"Financials"</a>. <i>www.goldmansachs.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">August 23,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=www.goldmansachs.com&amp;rft.atitle=Financials&amp;rft_id=https%3A%2F%2Fwww.goldmansachs.com%2Finvestor-relations%2Ffinancials&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-307"><span class="mw-cite-backlink"><b><a href="#cite_ref-307">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://finance.yahoo.com/quote/GS/holders/">"The Goldman Sachs Group, Inc. (GS) Stock Major Holders - Yahoo Finance"</a>. <i>finance.yahoo.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">March 7,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=finance.yahoo.com&amp;rft.atitle=The+Goldman+Sachs+Group%2C+Inc.+%28GS%29+Stock+Major+Holders+-+Yahoo+Finance&amp;rft_id=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FGS%2Fholders%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-308"><span class="mw-cite-backlink"><b><a href="#cite_ref-308">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.opensecrets.org/orgs/goldman-sachs/summary?id=d000000085">"Goldman Sachs"</a>. <a href="/wiki/OpenSecrets" title="OpenSecrets">OpenSecrets</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Goldman+Sachs&amp;rft.pub=OpenSecrets&amp;rft_id=https%3A%2F%2Fwww.opensecrets.org%2Forgs%2Fgoldman-sachs%2Fsummary%3Fid%3Dd000000085&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> <li id="cite_note-14A-309"><span class="mw-cite-backlink">^ <a href="#cite_ref-14A_309-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-14A_309-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/886982/000119312523073347/d353280ddef14a.htm">"SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934"</a>. <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>. March 17, 2023. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211224140620/https://www.sec.gov/Archives/edgar/data/886982/000119312521087020/d88664ddef14a.htm">Archived</a> from the original on December 24, 2021.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=SCHEDULE+14A+Proxy+Statement+Pursuant+to+Section+14%28a%29+of+the+Securities+Exchange+Act+of+1934&amp;rft.pub=U.S.+Securities+and+Exchange+Commission&amp;rft.date=2023-03-17&amp;rft_id=https%3A%2F%2Fwww.sec.gov%2Fix%3Fdoc%3D%2FArchives%2Fedgar%2Fdata%2F886982%2F000119312523073347%2Fd353280ddef14a.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AGoldman+Sachs" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Goldman_Sachs&amp;action=edit&amp;section=45" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; 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abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Goldman_Sachs" title="Template:Goldman Sachs"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Goldman_Sachs" title="Template talk:Goldman Sachs"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Goldman_Sachs" title="Special:EditPage/Template:Goldman Sachs"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Goldman_Sachs" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Goldman Sachs</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Founders</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Marcus_Goldman" title="Marcus Goldman">Marcus Goldman</a></li> <li><a href="/wiki/Samuel_Sachs" title="Samuel Sachs">Samuel Sachs</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="6" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:Goldman_Sachs_logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Goldman_Sachs_logo.svg/120px-Goldman_Sachs_logo.svg.png" decoding="async" width="120" height="50" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Goldman_Sachs_logo.svg/180px-Goldman_Sachs_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Goldman_Sachs_logo.svg/240px-Goldman_Sachs_logo.svg.png 2x" data-file-width="86" data-file-height="36" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable<br />executives</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Current</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lloyd_Blankfein" title="Lloyd Blankfein">Lloyd C. Blankfein</a> (Senior Chairman)</li> <li><a href="/wiki/David_M._Solomon" title="David M. Solomon">David M. Solomon</a> (Chairman and CEO)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Former</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/David_Viniar" title="David Viniar">David A. Viniar</a></li> <li><a href="/wiki/Gary_Cohn_(investment_banker)" class="mw-redirect" title="Gary Cohn (investment banker)">Gary Cohn</a></li> <li><a href="/wiki/Harvey_Schwartz" title="Harvey Schwartz">Harvey Schwartz</a></li> <li><a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a></li> <li><a href="/wiki/Mark_Carney" title="Mark Carney">Mark Carney</a></li> <li><a href="/wiki/Robert_Rubin" title="Robert Rubin">Robert Rubin</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Divisions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Goldman_Sachs_Capital_Partners" title="Goldman Sachs Capital Partners">Goldman Sachs Capital Partners</a></li> <li><a href="/wiki/Petershill_Partners" title="Petershill Partners">Petershill Partners</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Historical components</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodities_Corporation" title="Commodities Corporation">Commodities Corporation</a></li> <li><a href="/wiki/Goldman_Sachs_Personal_Financial_Management" title="Goldman Sachs Personal Financial Management">United Capital</a></li> <li><a href="/wiki/NN_Investment_Partners" title="NN Investment Partners">NN Investment Partners</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Buildings</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/200_West_Street" title="200 West Street">200 West Street</a></li> <li><a href="/wiki/30_Hudson_Street" title="30 Hudson Street">30 Hudson Street</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Others</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/10,000_Small_Businesses" title="10,000 Small Businesses">10,000 Small Businesses</a></li> <li><a href="/wiki/10,000_Women" title="10,000 Women">10,000 Women</a></li> <li><a href="/wiki/Goldman_Sachs_asset_management_factor_model" title="Goldman Sachs asset management factor model">Goldman Sachs asset management factor model</a></li> <li><a href="/wiki/Goldman_Sachs_controversies" title="Goldman Sachs controversies">Goldman Sachs controversies</a></li> <li><a href="/wiki/Goldman_Sachs_Foundation" title="Goldman Sachs Foundation">Goldman Sachs Foundation</a></li> <li><a href="/wiki/GreenSky" title="GreenSky">GreenSky</a></li> <li><a href="/wiki/List_of_former_employees_of_Goldman_Sachs" title="List of former employees of Goldman Sachs">List of former employees of Goldman Sachs</a></li> <li><a href="/wiki/Symphony_Communication" title="Symphony Communication">Symphony Communication</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Components_of_the_Dow_Jones_Industrial_Average" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Dow_Jones_Industrial_Average_companies" title="Template:Dow Jones Industrial Average companies"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Dow_Jones_Industrial_Average_companies" title="Template talk:Dow Jones Industrial Average companies"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Dow_Jones_Industrial_Average_companies" title="Special:EditPage/Template:Dow Jones Industrial Average companies"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Components_of_the_Dow_Jones_Industrial_Average" style="font-size:114%;margin:0 4em">Components of the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/3M" title="3M">3M</a></li> <li><a href="/wiki/Amazon_(company)" title="Amazon (company)">Amazon</a></li> <li><a href="/wiki/American_Express" title="American Express">American Express</a></li> <li><a href="/wiki/Amgen" title="Amgen">Amgen</a></li> <li><a href="/wiki/Apple_Inc." title="Apple Inc.">Apple</a></li> <li><a href="/wiki/Boeing" title="Boeing">Boeing</a></li> <li><a href="/wiki/Caterpillar_Inc." title="Caterpillar Inc.">Caterpillar</a></li> <li><a href="/wiki/Chevron_Corporation" title="Chevron Corporation">Chevron</a></li> <li><a href="/wiki/Cisco" title="Cisco">Cisco</a></li> <li><a href="/wiki/The_Coca-Cola_Company" title="The Coca-Cola Company">Coca-Cola</a></li> <li><a href="/wiki/The_Walt_Disney_Company" title="The Walt Disney Company">Disney</a></li> <li><a class="mw-selflink selflink">Goldman Sachs</a></li> <li><a href="/wiki/Home_Depot" title="Home Depot">Home Depot</a></li> <li><a href="/wiki/Honeywell" title="Honeywell">Honeywell</a></li> <li><a href="/wiki/IBM" title="IBM">IBM</a></li> <li><a href="/wiki/Johnson_%26_Johnson" title="Johnson &amp; Johnson">Johnson &amp; Johnson</a></li> <li><a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a></li> <li><a href="/wiki/McDonald%27s" title="McDonald&#39;s">McDonald's</a></li> <li><a href="/wiki/Merck_%26_Co." title="Merck &amp; Co.">Merck</a></li> <li><a href="/wiki/Microsoft" title="Microsoft">Microsoft</a></li> <li><a href="/wiki/Nike,_Inc." title="Nike, Inc.">Nike</a></li> <li><a href="/wiki/Nvidia" title="Nvidia">Nvidia</a></li> <li><a href="/wiki/Procter_%26_Gamble" title="Procter &amp; Gamble">Procter &amp; Gamble</a></li> <li><a href="/wiki/Salesforce" title="Salesforce">Salesforce</a></li> <li><a href="/wiki/Sherwin-Williams" title="Sherwin-Williams">Sherwin-Williams</a></li> <li><a href="/wiki/The_Travelers_Companies" title="The Travelers Companies">Travelers</a></li> <li><a href="/wiki/UnitedHealth_Group" title="UnitedHealth Group">UnitedHealth</a></li> <li><a href="/wiki/Verizon" title="Verizon">Verizon</a></li> <li><a href="/wiki/Visa_Inc." title="Visa Inc.">Visa</a></li> <li><a href="/wiki/Walmart" title="Walmart">Walmart</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Investment_banks" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Investment_banks" title="Template:Investment banks"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Investment_banks" title="Template talk:Investment banks"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Investment_banks" title="Special:EditPage/Template:Investment banks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Investment_banks" style="font-size:114%;margin:0 4em"><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;">Divisions of<br /> <a href="/wiki/Universal_bank" title="Universal bank">universal banks</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Bulge_bracket" title="Bulge bracket">Bulge bracket</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barclays" title="Barclays">Barclays</a></li> <li><a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a></li> <li><a href="/wiki/Citigroup" title="Citigroup">Citigroup</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a></li> <li><a href="/wiki/UBS" title="UBS">UBS</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Americas" title="Americas">Americas</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banco_Bradesco" title="Banco Bradesco">Bradesco BBI</a></li> <li><a href="/wiki/BMO_Capital_Markets" title="BMO Capital Markets">BMO Capital Markets</a></li> <li><a href="/wiki/CIBC_World_Markets" class="mw-redirect" title="CIBC World Markets">CIBC World Markets</a></li> <li><a href="/wiki/Ita%C3%BA_Unibanco" title="Itaú Unibanco">Itaú BBA</a></li> <li><a href="/wiki/National_Bank_of_Canada" title="National Bank of Canada">National Bank Financial Markets</a></li> <li><a href="/wiki/RBC_Capital_Markets" title="RBC Capital Markets">RBC Capital Markets</a></li> <li><a href="/wiki/Scotiabank" title="Scotiabank">Scotiabank GBM</a></li> <li><a href="/wiki/TD_Securities" title="TD Securities">TD Securities</a> <ul><li><a href="/wiki/TD_Cowen" title="TD Cowen">TD Cowen</a></li></ul></li> <li><a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo Securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Europe,_the_Middle_East_and_Africa" title="Europe, the Middle East and Africa">EMEA</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banca_Akros" title="Banca Akros">Banca Akros</a></li> <li><a href="/wiki/Banca_IMI" title="Banca IMI">Banca IMI</a></li> <li><a href="/wiki/BNP_Paribas_CIB" title="BNP Paribas CIB">BNP Paribas CIB</a></li> <li><a href="/wiki/Cr%C3%A9dit_Agricole_Corporate_and_Investment_Bank" title="Crédit Agricole Corporate and Investment Bank">Crédit Agricole CIB</a></li> <li><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></li> <li><a href="/wiki/Danske_Bank" title="Danske Bank">Danske Bank LC&amp;I</a></li> <li><a href="/wiki/First_Abu_Dhabi_Bank" title="First Abu Dhabi Bank">First Abu Dhabi Bank CIB</a></li> <li><a href="/wiki/Handelsbanken" title="Handelsbanken">Handelsbanken Capital Markets</a></li> <li><a href="/wiki/HSBC" title="HSBC">HSBC GBM</a></li> <li><a href="/wiki/ING_Group" title="ING Group">ING WB</a></li> <li><a href="/wiki/%C4%B0%C5%9F_Yat%C4%B1r%C4%B1m" title="İş Yatırım">İş Yatırım</a></li> <li><a href="/wiki/Lloyds_Bank_Corporate_Markets" title="Lloyds Bank Corporate Markets">Lloyds Bank Corporate Markets</a></li> <li><a href="/wiki/Natixis" class="mw-redirect" title="Natixis">Natixis</a></li> <li><a href="/wiki/NatWest_Markets" title="NatWest Markets">NatWest Markets</a></li> <li><a href="/wiki/Nordea" title="Nordea">Nordea CI&amp;IB</a></li> <li><a href="/wiki/Banco_Santander" title="Banco Santander">Santander CIB</a></li> <li><a href="/wiki/Sberbank_CIB" title="Sberbank CIB">Sberbank CIB</a></li> <li><a href="/wiki/SEB_Group" title="SEB Group">SEB LC&amp;FI</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale CIB</a></li> <li><a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered CCIB</a></li> <li><a href="/wiki/UniCredit" title="UniCredit">UniCredit CIB</a></li> <li><a href="/wiki/VTB_Capital" title="VTB Capital">VTB Capital</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Asia%E2%80%93Pacific" title="Asia–Pacific">APAC</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BOC_International" title="BOC International">BOC International</a></li> <li><a href="/wiki/CITIC_Securities" title="CITIC Securities">CITIC Securities</a> <ul><li><a href="/wiki/CLSA" title="CLSA">CLSA</a></li> <li><a href="/wiki/CSC_Financial" title="CSC Financial">CSC Financial</a></li></ul></li> <li><a href="/wiki/Mitsubishi_UFJ_Securities" title="Mitsubishi UFJ Securities">Mitsubishi UFJ Securities</a></li> <li><a href="/wiki/Mizuho_Securities" title="Mizuho Securities">Mizuho Securities</a></li> <li><a href="/wiki/NH_Investment_%26_Securities" title="NH Investment &amp; Securities">NH Investment &amp; Securities</a></li> <li><a href="/wiki/SBI_Capital_Markets" title="SBI Capital Markets">SBI Capital Markets</a></li> <li><a href="/wiki/SMBC_Nikko_Securities" title="SMBC Nikko Securities">SMBC Nikko Securities</a></li> <li><a href="/wiki/UOB-Kay_Hian" title="UOB-Kay Hian">UOB-Kay Hian</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;">Independents</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">Bulge bracket</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Goldman Sachs</a></li> <li><a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">Americas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Allen_%26_Company" title="Allen &amp; Company">Allen &amp; Company</a></li> <li><a href="/wiki/B.C._Ziegler" title="B.C. Ziegler">B.C. Ziegler</a></li> <li><a href="/wiki/B._Riley_Financial" title="B. Riley Financial">B. Riley Financial</a> <ul><li><a href="/wiki/FBR_Capital_Markets" title="FBR Capital Markets">FBR Capital Markets</a></li></ul></li> <li><a href="/wiki/Baird_(investment_bank)" title="Baird (investment bank)">Baird</a></li> <li><a href="/wiki/BDT_%26_MSD_Partners" title="BDT &amp; MSD Partners">BDT &amp; MSD Partners</a></li> <li><a href="/wiki/Brown_Brothers_Harriman" class="mw-redirect" title="Brown Brothers Harriman">Brown Brothers Harriman</a></li> <li><a href="/wiki/Brown_Gibbons_Lang_%26_Company" title="Brown Gibbons Lang &amp; Company">Brown Gibbons Lang &amp; Company</a></li> <li><a href="/wiki/BTG_Pactual" title="BTG Pactual">BTG Pactual</a></li> <li><a href="/wiki/Canaccord_Genuity" title="Canaccord Genuity">Canaccord Genuity</a></li> <li><a href="/wiki/Cantor_Fitzgerald" title="Cantor Fitzgerald">Cantor Fitzgerald</a></li> <li><a href="/wiki/Centerview_Partners" title="Centerview Partners">Centerview Partners</a></li> <li><a href="/wiki/Drexel_Hamilton" title="Drexel Hamilton">Drexel Hamilton</a></li> <li><a href="/wiki/Ducera_Partners" title="Ducera Partners">Ducera Partners</a></li> <li><a href="/wiki/Evercore" title="Evercore">Evercore</a></li> <li><a href="/wiki/Financial_Technology_Partners" title="Financial Technology Partners">Financial Technology Partners</a></li> <li><a href="/wiki/Greenhill_%26_Co." title="Greenhill &amp; Co.">Greenhill &amp; Co.</a></li> <li><a href="/wiki/Guggenheim_Partners" title="Guggenheim Partners">Guggenheim Partners</a></li> <li><a href="/wiki/Harris_Williams_%26_Co." title="Harris Williams &amp; Co.">Harris Williams &amp; Co.</a></li> <li><a href="/wiki/Houlihan_Lokey" title="Houlihan Lokey">Houlihan Lokey</a></li> <li><a href="/wiki/Jefferies_Group" title="Jefferies Group">Jefferies</a></li> <li><a href="/wiki/Lazard" title="Lazard">Lazard</a></li> <li><a href="/wiki/Leerink_Partners" title="Leerink Partners">Leerink Partners</a></li> <li><a href="/wiki/Lincoln_International" title="Lincoln International">Lincoln International</a></li> <li><a href="/wiki/LionTree" title="LionTree">LionTree</a></li> <li><a href="/wiki/Marathon_Capital" title="Marathon Capital">Marathon Capital</a></li> <li><a href="/wiki/Moelis_%26_Company" title="Moelis &amp; Company">Moelis &amp; Company</a></li> <li><a href="/wiki/Needham_%26_Company" title="Needham &amp; Company">Needham &amp; Company</a></li> <li><a href="/wiki/Oppenheimer_Holdings" title="Oppenheimer Holdings">Oppenheimer</a></li> <li><a href="/wiki/Perella_Weinberg_Partners" title="Perella Weinberg Partners">Perella Weinberg Partners</a></li> <li><a href="/wiki/Piper_Sandler" class="mw-redirect" title="Piper Sandler">Piper Sandler</a></li> <li><a href="/wiki/PJT_Partners" title="PJT Partners">PJT Partners</a></li> <li><a href="/wiki/Qatalyst_Partners" title="Qatalyst Partners">Qatalyst Partners</a></li> <li><a href="/wiki/The_Raine_Group" title="The Raine Group">The Raine Group</a></li> <li><a href="/wiki/Raymond_James_Financial" title="Raymond James Financial">Raymond James Financial</a></li> <li><a href="/wiki/Roth_Capital_Partners" title="Roth Capital Partners">Roth Capital Partners</a></li> <li><a href="/wiki/Seabury_Capital" title="Seabury Capital">Seabury Capital</a></li> <li><a href="/wiki/Solomon_Partners" title="Solomon Partners">Solomon Partners</a></li> <li><a href="/wiki/Stephens_Inc." title="Stephens Inc.">Stephens Inc.</a></li> <li><a href="/wiki/Stifel" title="Stifel">Stifel</a> <ul><li><a href="/wiki/Keefe,_Bruyette_%26_Woods" title="Keefe, Bruyette &amp; Woods">Keefe, Bruyette &amp; Woods</a></li> <li><a href="/wiki/Miller_Buckfire_%26_Co." title="Miller Buckfire &amp; Co.">Miller Buckfire &amp; Co.</a></li></ul></li> <li><a href="/wiki/Stone_Key_Partners" title="Stone Key Partners">Stone Key Partners</a></li> <li><a href="/wiki/Wedbush_Securities" title="Wedbush Securities">Wedbush Securities</a></li> <li><a href="/wiki/William_Blair_%26_Company" title="William Blair &amp; Company">William Blair &amp; Company</a></li> <li><a href="/wiki/WR_Hambrecht_%2B_Co" title="WR Hambrecht + Co">WR Hambrecht + Co</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">EMEA</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbuthnot_Latham" title="Arbuthnot Latham">Arbuthnot Latham</a></li> <li><a href="/wiki/African_Alliance_Investment_Bank" title="African Alliance Investment Bank">AAIB</a></li> <li><a href="/wiki/ABG_Sundal_Collier" title="ABG Sundal Collier">ABG Sundal Collier</a></li> <li><a href="/wiki/Berenberg_Bank" title="Berenberg Bank">Berenberg Bank</a></li> <li><a href="/wiki/Bpifrance" title="Bpifrance">Bpifrance</a></li> <li><a href="/wiki/Carnegie_Investment_Bank" title="Carnegie Investment Bank">Carnegie</a></li> <li><a href="/wiki/EFG_Hermes" class="mw-redirect" title="EFG Hermes">EFG Hermes</a></li> <li><a href="/wiki/Investec" title="Investec">Investec</a></li> <li><a href="/wiki/Van_Lanschot_Kempen" title="Van Lanschot Kempen">Kempen</a></li> <li><a href="/wiki/Mediobanca" title="Mediobanca">Mediobanca</a></li> <li><a href="/wiki/Numis" title="Numis">Numis</a></li> <li><a href="/wiki/Renaissance_Capital_(Russian_company)" class="mw-redirect" title="Renaissance Capital (Russian company)">Renaissance Capital</a></li> <li><a href="/wiki/Robey_Warshaw" title="Robey Warshaw">Robey Warshaw</a></li> <li><a href="/wiki/Rothschild_%26_Co" title="Rothschild &amp; Co">Rothschild &amp; Co</a></li> <li><a href="/wiki/Zaoui_%26_Co." title="Zaoui &amp; Co.">Zaoui &amp; Co.</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">APAC</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barrenjoey_Capital_Partners" title="Barrenjoey Capital Partners">Barrenjoey Capital Partners</a></li> <li><a href="/wiki/China_Galaxy_Securities" title="China Galaxy Securities">China Galaxy Securities</a></li> <li><a href="/wiki/China_International_Capital_Corporation" title="China International Capital Corporation">China International Capital Corporation</a></li> <li><a href="/wiki/China_Renaissance" title="China Renaissance">China Renaissance</a></li> <li><a href="/wiki/Daiwa_Securities_Group" title="Daiwa Securities Group">Daiwa Securities Group</a></li> <li><a href="/wiki/Everbright_Securities" title="Everbright Securities">Everbright Securities</a></li> <li><a href="/wiki/GF_Securities" title="GF Securities">GF Securities</a></li> <li><a href="/wiki/Guosen_Securities" title="Guosen Securities">Guosen Securities</a></li> <li><a href="/wiki/Guotai_Junan_Securities" title="Guotai Junan Securities">Guotai Junan Securities</a></li> <li><a href="/wiki/Haitong_Securities" title="Haitong Securities">Haitong Securities</a></li> <li><a href="/wiki/Huatai_Securities" title="Huatai Securities">Huatai Securities</a></li> <li><a href="/wiki/JM_Financial" title="JM Financial">JM Financial</a></li> <li><a href="/wiki/Macquarie_Group" title="Macquarie Group">Macquarie Group</a></li> <li><a href="/wiki/Mirae_Asset_Securities" title="Mirae Asset Securities">Mirae Asset Securities</a></li> <li><a href="/wiki/Nomura_Securities" title="Nomura Securities">Nomura Securities</a></li> <li><a href="/wiki/Orient_Securities" title="Orient Securities">Orient Securities</a></li> <li><a href="/wiki/Samsung_Securities" title="Samsung Securities">Samsung Securities</a></li> <li><a href="/wiki/Shenwan_Hongyuan" title="Shenwan Hongyuan">Shenwan Hongyuan</a></li> <li><a href="/wiki/Somerley_Capital" title="Somerley Capital">Somerley Capital</a></li> <li><a href="/wiki/Zhongtai_Securities" title="Zhongtai Securities">Zhongtai Securities</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Investment_banks" title="Category:Investment banks">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Custodian_banks" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Custodian_Bank" title="Template:Custodian Bank"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Custodian_Bank&amp;action=edit&amp;redlink=1" class="new" title="Template talk:Custodian Bank (page does not exist)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Custodian_Bank" title="Special:EditPage/Template:Custodian Bank"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Custodian_banks" style="font-size:114%;margin:0 4em"><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian banks</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Custodian Bank</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BNP_Paribas" title="BNP Paribas">BNP Paribas</a></li> <li><a href="/wiki/BNY" class="mw-redirect" title="BNY">BNY</a></li> <li><a href="/wiki/Brown_Brothers_Harriman" class="mw-redirect" title="Brown Brothers Harriman">Brown Brothers Harriman</a></li> <li><a href="/wiki/Citi" class="mw-redirect" title="Citi">Citi</a></li> <li><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><a class="mw-selflink selflink">Goldman Sachs</a></li> <li><a href="/wiki/HSBC" title="HSBC">HSBC</a></li> <li><a href="/wiki/J.P._Morgan" class="mw-redirect" title="J.P. Morgan">J.P. Morgan</a></li> <li><a href="/wiki/Mizuho_Bank" title="Mizuho Bank">Mizuho Bank</a></li> <li><a href="/wiki/MUFG" class="mw-redirect" title="MUFG">MUFG</a></li> <li><a href="/wiki/Northern_Trust" title="Northern Trust">Northern Trust</a></li> <li><a href="/wiki/Royal_Bank_of_Canada" title="Royal Bank of Canada">Royal Bank of Canada</a></li> <li><a href="/wiki/Sumitomo_Mitsui_Banking_Corporation" title="Sumitomo Mitsui Banking Corporation">SMBC</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale</a></li> <li><a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered</a></li> <li><a href="/wiki/State_Street_Bank" class="mw-redirect" title="State Street Bank">State Street</a></li> <li><a href="/wiki/UBS" title="UBS">UBS</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="1Malaysia_Development_Berhad_scandal" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:1MDB" title="Template:1MDB"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:1MDB" title="Template talk:1MDB"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:1MDB" title="Special:EditPage/Template:1MDB"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="1Malaysia_Development_Berhad_scandal" style="font-size:114%;margin:0 4em"><a href="/wiki/1Malaysia_Development_Berhad_scandal" title="1Malaysia Development Berhad scandal">1Malaysia Development Berhad scandal</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div><a href="/wiki/Timeline_of_the_1Malaysia_Development_Berhad_scandal" title="Timeline of the 1Malaysia Development Berhad scandal">Timeline</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Sovereign wealth funds</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1Malaysia_Development_Berhad" title="1Malaysia Development Berhad">1Malaysia Development Berhad</a></li> <li><a href="/wiki/Mubadala_Investment_Company" title="Mubadala Investment Company">International Petroleum Investment Company</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banks</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Goldman Sachs</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li>Falcon Private Bank</li> <li><a href="/wiki/Maybank" title="Maybank">Maybank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Law firms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Clyde_%26_Co" title="Clyde &amp; Co">Clyde &amp; Co</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Accounting firms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/KPMG" title="KPMG">KPMG</a></li> <li><a href="/wiki/Deloitte" title="Deloitte">Deloitte</a></li></ul> </div></td></tr></tbody></table><div></div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:1mdb_logo.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/1mdb_logo.png/150px-1mdb_logo.png" decoding="async" width="150" height="71" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/1mdb_logo.png/225px-1mdb_logo.png 1.5x, //upload.wikimedia.org/wikipedia/commons/b/b7/1mdb_logo.png 2x" data-file-width="235" data-file-height="111" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Key people</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Malaysians</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Najib_Razak" title="Najib Razak">Najib Razak</a></li> <li><a href="/wiki/Jho_Low" title="Jho Low">Jho Low</a></li> <li><a href="/wiki/Riza_Aziz" title="Riza Aziz">Riza Aziz</a></li> <li><a href="/wiki/Arul_Kanda_Kandasamy" title="Arul Kanda Kandasamy">Arul Kanda Kandasamy</a></li> <li><a href="/wiki/Rosmah_Mansor" title="Rosmah Mansor">Rosmah Mansor</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Americans</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Elliott_Broidy" title="Elliott Broidy">Elliott Broidy</a></li> <li><a href="/wiki/Pras" title="Pras">Pras</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Others</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Khadem_al-Qubaisi" title="Khadem al-Qubaisi">Khadem al-Qubaisi</a></li> <li><a href="/wiki/Turki_bin_Abdullah_Al_Saud_(born_1971)" title="Turki bin Abdullah Al Saud (born 1971)">Turki bin Abdullah Al Saud</a></li> <li><a href="/wiki/Tim_Leissner" title="Tim Leissner">Tim Leissner</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Responses</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Investigations</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Malaysian_Anti-Corruption_Commission" title="Malaysian Anti-Corruption Commission">Malaysian Anti-Corruption Commission</a></li> <li><a href="/wiki/United_States_Department_of_Justice" title="United States Department of Justice">United States Department of Justice</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Political impact</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Malaysian_Citizens%27_Declaration" title="Malaysian Citizens&#39; Declaration">Malaysian Citizens' Declaration</a></li> <li><a href="/wiki/Bersih" title="Bersih">Bersih</a> <ul><li><a href="/wiki/Bersih_4_rally" title="Bersih 4 rally">2015</a></li> <li><a href="/wiki/Bersih_5_rally" title="Bersih 5 rally">2016</a></li></ul></li> <li><a href="/wiki/Tangkap_Najib_rally" title="Tangkap Najib rally">Tangkap Najib rally</a></li> <li><a href="/wiki/2015_Malay_Dignity_rally" class="mw-redirect" title="2015 Malay Dignity rally">2015 Malay Dignity rally</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Media</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Billion_Dollar_Whale" title="Billion Dollar Whale">Billion Dollar Whale</a></i></li> <li><i><a href="/wiki/The_Kleptocrats" title="The Kleptocrats">The Kleptocrats</a></i></li> <li><i><a href="/wiki/The_Edge_(Malaysia)#1MDB_scandal" title="The Edge (Malaysia)">The Edge</a></i></li> <li><i><a href="/wiki/Sarawak_Report#1Malaysia_Development_Berhad" title="Sarawak Report">Sarawak Report</a></i></li> <li><i><a href="/wiki/The_Wall_Street_Journal#2015:_Malaysia_Prime_Minister_Najib_Razak_and_1MDB" title="The Wall Street Journal">The Wall Street Journal</a></i></li> <li><i><a href="/wiki/Man_on_the_Run_(2023_film)" title="Man on the Run (2023 film)">Man on the Run</a></i></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Assets and financing</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_Exchange_106" title="The Exchange 106">The Exchange 106</a></li> <li><a href="/wiki/Merdeka_118" title="Merdeka 118">Merdeka 118</a></li> <li><a href="/wiki/Tranquility_(yacht)" title="Tranquility (yacht)"><i>Equanamity</i></a></li> <li><a href="/wiki/The_Wolf_of_Wall_Street_(2013_film)" title="The Wolf of Wall Street (2013 film)"><i>The Wolf of Wall Street</i></a></li> <li><i><a href="/wiki/Dumb_and_Dumber_To" title="Dumb and Dumber To">Dumb and Dumber To</a></i></li> <li><i><a href="/wiki/Daddy%27s_Home_(film)" title="Daddy&#39;s Home (film)">Daddy's Home</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corruption_in_Malaysia" title="Corruption in Malaysia">Corruption in Malaysia</a></li> <li><a href="/wiki/2018_Malaysian_general_election" title="2018 Malaysian general election">2018 Malaysian general election</a></li> <li><a href="/wiki/Najib_Razak_controversies" title="Najib Razak controversies">Najib Razak controversies</a></li> <li><a href="/wiki/Goldman_Sachs_controversies" title="Goldman Sachs controversies">Goldman Sachs controversies</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&amp;#124;text-top&amp;#124;10px&amp;#124;alt=Edit_this_at_Wikidata&amp;#124;link=https&amp;#58;//www.wikidata.org/wiki/Q193326#identifiers&amp;#124;class=noprint&amp;#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&amp;#124;text-top&amp;#124;10px&amp;#124;alt=Edit_this_at_Wikidata&amp;#124;link=https&amp;#58;//www.wikidata.org/wiki/Q193326#identifiers&amp;#124;class=noprint&amp;#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q193326#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, 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href="https://viaf.org/viaf/136070081">VIAF</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/5291369-7">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n82161448">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb16244895v">France</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb16244895v">BnF data</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00794869">Japan</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://nla.gov.au/anbd.aut-an36157626">Australia</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Goldman, Sachs &amp; Co."><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&amp;local_base=aut&amp;ccl_term=ica=kn20120209005&amp;CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://lod.nl.go.kr/resource/KAB201909260">Korea</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&amp;local_base=NLX10&amp;find_code=UID&amp;request=987007261838305171">Israel</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://cantic.bnc.cat/registre/981058508875306706">Catalonia</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Academics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://ci.nii.ac.jp/author/DA12918478?l=en">CiNii</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://www.idref.fr/122003667">IdRef</a></span></li></ul></div></td></tr></tbody></table></div> <!-- NewPP limit report Parsed by mw‐api‐ext.codfw.main‐7556f8b5dd‐fgxrc Cached time: 20241123101745 Cache expiry: 654151 Reduced expiry: true Complications: [vary‐revision‐sha1, show‐toc] CPU time usage: 3.121 seconds Real time usage: 3.406 seconds Preprocessor visited node count: 40138/1000000 Post‐expand include size: 737683/2097152 bytes Template argument size: 15778/2097152 bytes Highest expansion depth: 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