The best part is it’s being said by an old straight white guy.
Goldman Sachs will stop doing IPOs for companies without at least one 'diverse' board member starting in July | Markets InsiderGoldman Sachs CEO David Solomon said Thursday in an interview with CNBC in Davos, Switzerland that starting in July, the bank won't help compani...markets.businessinsider.com
GS is crooked as shit and they should be lynched.
They lie, cheat, steal, defraud, trigger global economic chais, and get away with it.
The bizarre story of 1MDB, the Goldman Sachs-backed Malaysian fund that turned into one of the biggest scandals in financial history
The bizarre story of 1MDB, the Goldman Sachs-backed Malaysian fund that turned into one of the biggest scandals in financial historyIt's one of the greatest scandals in financial history. "1MDB" started as a plan to fund Malaysian infrastructure projects but turned into $3 billion problem.www.businessinsider.com
1MDB is one of the biggest financial scandals of all-time.
It's so wild it's got links to the Wolf of Wall Street film, Miranda Kerr, and xxxxxxxx (x'e out because politics).
17 current and former Goldman Sachs execs are now facing criminal charges in Malaysia because of their alleged involvement in the 1MDB scandal. Michael Evans, who is president and international face of Alibaba, the China e-commerce giant, is one of those 17 former Goldman directors.
The 1MDB scandal is one of the biggest financial scandals of all time, bringing down Malaysia's prime minister. The prime suspect is still on the run, and now Goldman Sachs is in the firing line. ...
However the fund was rather good at collecting debt, amassing $12 billion, instead of foreign investment. The issue being most of the money raised was allegedly embezzled or laundered. The US Justice Department said that more than $4.5 billion went through fraudulent shell companies to corrupt officials, according to the Washington Post.
Goldman Sachs' role in the 1MDB scandal - in 300 words
What is Goldman accused of?
The firm helped raise $6.5bn (£5bn) for the Malaysian development fund, advising on three bond offerings in 2012 and 2013.
Prosecutors allege more than $2.7bn was later embezzled, used to bribe government officials and buy luxury items.
In November, Goldman's lead banker on the deals, Tim Leissner, pleaded guilty in US court to participating in the bribery and money laundering schemes.
Malaysia's attorney general then charged Goldman with helping to "dishonestly misappropriate" money from the fund.
He noted that the $600m Goldman earned for its work was "several times higher" than industry norms.
The firm remains under investigation in the other countries, including the US, and is also facing lawsuits from investors.
Former Goldman Sachs Group executive Tim Leissner has settled charges brought by the SEC for alleged violations of the Foreign Corrupt Practices Act. His settlement includes a permanent bar from the securities industry.www.complianceweek.com
SEC bars former Goldman Sachs director over 1MDB scandal
Former Goldman Sachs Group executive Tim Leissner has settled charges brought by the Securities and Exchange Commission on Monday for alleged violations of the Foreign Corrupt Practices Act. His settlement includes a permanent bar from the securities industry.
According to the SEC order, beginning in 2012, Leissner, as participating managing director of Goldman Sachs, used a third-party intermediary to bribe high-ranking government officials in Malaysia and the Emirate of Abu Dhabi. These bribes enabled Goldman Sachs to obtain business from 1MDB, the Malaysian government’s sovereign wealth fund, including underwriting $6.5 billion in bond offerings. The order further finds Leissner personally received more than $43 million in illicit payments for his role in facilitating the scheme. ...
Leissner consented to the SEC’s order finding he violated the anti-bribery, internal accounting controls, and books-and-records provisions of the federal securities laws. The SEC’s order requires Leissner to pay disgorgement of $43.7 million, which will be offset by amounts paid pursuant to a forfeiture order as part of a resolution in a previously instituted parallel criminal action by the Justice Department.
Goldman has been harshly criticized, particularly in the aftermath of the financial crisis of 2007–2008, where some alleged that it misled its investors and profited from the collapse of the mortgage market. That time — "one of the darkest chapters" in Goldman's history according to The New York Times — brought investigations from the United States Congress, the United States Department of Justice, and a lawsuit from the U.S. Securities and Exchange Commission that resulted in Goldman paying a $550 million settlement. Goldman Sachs was "excoriated by the press and the public" according to journalists McLean and Nocera—this despite the non-retail nature of its business that would normally have kept it out of the public eye. Visibility and antagonism came from the $12.9 billion Goldman received—more than any other firm—from AIG counterparty payments provided by the bailout of AIG, the $10 billion in TARP money it received from the government (though the firm paid this back to the government), and a record $11.4 billion set aside for employee bonuses in the first half of 2009. While all the investment banks were scolded by congressional investigations, Goldman Sachs was subject to "a solo hearing in front of the Senate Permanent Subcommittee on Investigations" and a quite critical report. In a widely publicized story in Rolling Stone, Matt Taibbi characterized Goldman Sachs as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major market manipulation since the Great Depression ... from tech stocks to high gas prices"
Senate report on the causes of the financial crisis of 2007–2008
On April 14, 2011, the United States Senate's Permanent Subcommittee on Investigations released a 635-page report entitled Wall Street and the Financial Crisis: Anatomy of a Financial Collapse which described some of the causes of the financial crisis. The report alleged that Goldman Sachs may have misled investors and profited from the collapse of the mortgage market at their expense. The Chairman of the Subcommittee referred the report to the United States Department Of Justice to determine whether Goldman executives had broken the law, and two months later the Manhattan district attorney subpoenaed Goldman for relevant information on possible securities fraud, but on August 9 the Justice Department announced it had decided not to file charges against Goldman Sachs or its employees for trades made during the subprime mortgage portfolio.
Bonuses paid to employees in 2009 despite financial crisis
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. Andrew Cuomo, then New York Attorney General, questioned Goldman's decision to pay 953 employees bonuses of at least $1 million each after it received TARP funds in 2008. 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, in light of "the fact that we are part of an industry that's directly associated with the ongoing economic distress".
Stock price manipulation
Goldman Sachs was charged for repeatedly issuing research reports with extremely inflated financial projections for Exodus Communications and Goldman Sachs was accused of giving Exodus its highest stock rating even though Goldman knew Exodus did not deserve such a rating.
On July 15, 2003, Goldman Sachs, Lehman Brothers and Morgan Stanley 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 for settlement.
Goldman Sachs is accused of asking for kickback bribes from institutional clients who made large profits flipping stocks which Goldman had intentionally undervalued in initial public offerings it was underwriting. Documents under seal in a decade-long lawsuit concerning eToys.com's initial public offering (IPO) in 1999 but released accidentally to the New York Times show that IPOs managed by Goldman were underpriced and that Goldman asked clients able to profit from the prices to increase business with it. The clients willingly complied with these demands because they understood it was necessary in order to participate in further such undervalued IPOs. Companies going public and their initial consumer stockholders are both defrauded by this practice.
Involvement in the European sovereign debt crisis
Goldman is being criticized for its involvement in the 2010 European sovereign debt crisis. Goldman Sachs is reported to have systematically helped the Greek government mask the true facts concerning its national debt between the years 1998 and 2009. In September 2009, Goldman Sachs, among others, created a special credit default swap (CDS) index to cover the high risk of Greece's national debt. The interest-rates of Greek national bonds soared, leading the Greek economy very close to bankruptcy in 2010 and 2011.
Ties between Goldman Sachs and European leadership positions were another source of controversy. Lucas Papademos, 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. Petros Christodoulou, General Manager of the Greek Public Debt Management Agency is a former employee of Goldman Sachs. Mario Monti, Italy's former prime minister and finance minister, who headed the new government that took over after Berlusconi's resignation, is an international adviser to Goldman Sachs. Otmar Issing, former board member of the Bundesbank and the Executive Board of the European Bank also advised Goldman Sachs. Mario Draghi, head of the European Central Bank, is the former managing director of Goldman Sachs International. António Borges, Head of the European Department of the International Monetary Fund in 2010–2011 and responsible for most of enterprise privatizations in Portugal since 2011, is the former Vice Chairman of Goldman Sachs International. Carlos Moedas, a former Goldman Sachs employee, was the Secretary of State to the Prime Minister of Portugal 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 troika composed of the European Commission, the European Central Bank and the International Monetary Fund. Peter Sutherland, former Attorney General of Ireland was a non-executive director of Goldman Sachs International.
Reverse discrimination, because it's more broad than the basis of race....I think, actually, the people are getting very close to the tipping point with this reverse racism bullshit. And that's exactly what it is: racism. Call it "diversity" or "affirmative action" or whatever euphemism you think papers it over, it boils down to discriminating for and against people based on irrelevant genetic accidents: something no decent society should tolerate.
The longest I’ve gone without food is five days, so my experience with hunger is very limited.100% of your perspective on life depends on how life treats you. Ask people who sleep hungry every night what is their perspective on life.
And, yet.. we have mega-corportions worried that their image is tarnished by having too many white men in power. And, we consider that progress.