Tag Archives: Goldman Sachs

JPMorgan and Goldman Sachs bosses receive $314m windfall, boosted by Donald Trump

Living the thug life…

The bosses of two of Wall Street’s biggest banks received a $314m (£241m) windfall last year as the value of their shares soared after Donald Trump’s victory in the US presidential election.

Jamie Dimon, who is chairman, president and chief executive of JP Morgan, and Lloyd Blankfein, the chief executive of Goldman Sachs, each saw their stock and options rise by more than $150m, new figures compiled by consultancy Equilar for the Financial Times show.

US bank shares jumped in the aftermath of Mr Trump’s win on 9 November, as investors predicted Wall Street-friendly policies and increased spending from the new administration.

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Ted Cruz Failed to Show 2012 Loans From Goldman Sachs, FEC Says

U.S. Senator Ted Cruz improperly accounted for loans he received from Goldman Sachs Group Inc. and Citigroup Inc. during his 2012 campaign, saying the funds were his own personal contributions to the Senate race, the Federal Election Commission said Thursday.

The finding, released on the FEC website, marked a rare instance of agreement among the agency’s five commissioners, who voted unanimously that the $1.1 million of loans from the banks should have been disclosed to voters. The FEC didn’t say whether there would be a penalty.

Under federal election law, candidates can take out loans from commercial banks as long as they disclose the source of funds, the interest rate they are paying and the term of the loan. They can also lend or give their campaigns unlimited amounts from personal funds.

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Goldman Sachs win streak is focus of Treasury-rigging probe

The Justice Department’s investigation into Wall Street’s rigging of the $14 trillion Treasury market is zeroing in on Goldman Sachs — just as the bank’s former employees have taken over the agency that’s at the center of the probe, The Post has learned.

Goldman Sachs won almost all auctions for US Treasury bonds from 2007 to about 2011, a remarkable winning streak that came despite safeguards established by the Treasury to keep bidding competitive, sources familiar with the investigation said.

At the center of the case are chats and emails believed to show Goldman traders sharing sensitive price information with traders at other banks — a sign of possible price fixing and collusion, according to sources familiar with the investigation.

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Trump Embraces the Goldman Sachs Vampire Squid

It’s business as usual in Washington. Trump promised to drain the swamp. Instead, he is busy populating it with Goldman Sachs vampire squids. On this edition of The Geopolitical Report, we take a look at the outsized influence of the notorious global investment banking firm, its ability to navigate both Democrat and Republican administrations, and its disastrous effect on the economy as it socializes risk and pockets billions in profits. Trump has put out the welcome mat for the Wall Street predatory class, dashing any hope the Glass-Steagall Act will be brought back to save the American people from the criminal behavior of the vampire squid with its tentacles wrapped around the face of humanity.

 Source: Newsbud

Trump adds even more Goldman Sachs executives to his administration

WASHINGTON — Donald Trump’s administration is taking on a distinctively Goldman hue.

Trump is adding even more Goldman Sachs executives to his nascent administration. Trump’s top donor and close advisor, hedge fund manager and Goldman Sachs alumna Anthony Scaramucci, will serve as a senior White House advisor, according to The Washington Post, and Trump’s transition team officially announced that Dina Habib Powell will be a “senior counselor for economic initiatives.”

Scaramucci, who runs SkyBridge Capital, is a vocal defender of big banks — at one point he accused President Obama to his face of “whacking Wall Street like a piñata.”

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Trump adviser Gary Cohn’s $285 million Goldman Sachs exit raises eyebrows

Gary Cohn is walking away from a career at Goldman Sachs to become President Trump’s top economic adviser with a stunning $285 million.

Goldman’s willingness to give Cohn a chunk of that fortune ahead of schedule is causing unease among ethics experts, who say the huge payout will make him beholden to the Wall Street firm he worked at for 25 years. They say that Cohn should have to recuse himself from Trump administration matters linked to his former firm.

CNNMoney reported earlier this week that Goldman Sachs said Cohn was leaving with more than $100 million. A separate filing by Cohn himself shows that he’s actually leaving with around $285 million.

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Another Goldman insider joins the Trump team

NEW YORK — Dina Powell, a Goldman Sachs partner with deep ties to both Republicans and Democrats in Washington, is leaving the bank to join the Trump administration in a senior role that will focus on entrepreneurship, economic growth and the empowerment of women, people familiar with the matter said. She is expected to work closely with President-elect Donald Trump’s daughter, Ivanka, and her highly influential husband, Jared Kushner.

Powell, president of the Goldman Sachs Foundation and a major advocate for women, would instantly become one of the more powerful people in Trump’s Washington. Ivanka Trump and her husband are expected to be among the president-elect’s most trusted advisers. Kushner on Monday was named a senior adviser to the incoming president.

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What does Goldman Sachs expect from Trump administration?


So, what exactly does Goldman Sachs expect out of the Trump administration?

A new report from the bank’s economic research team sheds some light on the bank’s expectations for 2017 and beyond, and given the bank’s connections to Trump’s team, the report carries a bit more weight than some other analysts’ views (no offense intended to other analysts, of course).

Admittedly, much of the report focuses on areas outside of housing.

For example, Goldman Sachs expects, as most do, that the Trump administration will move quickly to repeal Obamacare and to enact tax reforms.

Those moves will involve Congress, where Republicans control both the House of Representatives and the Senate.

But Goldman Sachs notes that there a number of regulatory issues that Trump can address without Congressional involvement.

From the Goldman Sachs report:

The Trump Administration will have significant discretion in revising regulations promulgated during the Obama Administration, subject to a few general constraints: they must follow federal rulemaking procedures, which can often take over a year to finalize a regulation; they must remain within the bounds of the laws Congress has enacted—regulatory actions are generally about filling in the missing details in the laws that Congress has passed; and Obama Administration appointees might continue to serve at independent agencies or commissions after inauguration, as their terms do not follow the four-year presidential cycle. That said, we expect to see the Trump Administration attempt to modify some of the Obama Administration’s regulatory initiatives.

According to Goldman Sachs, there are also a number of moves that Trump can make with the aid of the Republican majority in Congress, including the “reversal of certain regulatory actions.”

Goldman Sachs explains:

The Congressional Review Act allows Congress to overturn recently issued regulations by passing a resolution in the House and Senate with protections similar to the reconciliation process, i.e., limited debate and a simple majority vote in the Senate. This process has rarely been used, because it still requires presidential approval, and presidents are unlikely to sign a resolution overturning one of their own regulatory initiatives.

The exception to this is at the start of the new administration, where a new president has the opportunity to enact legislation overturning some of the prior administration’s most recent regulations. Timing is important: the CRA applies only to regulations finalized within 60 legislative days of the end of the last session of Congress, which the Congressional Research Service estimates covers regulations issued after June 13, 2016.

For such regulations, Congress will have a limited period in 2017 to overturn Obama Administration regulations using this expedited procedure; the exact date depends on a number of procedural issues, but Congress would probably have until sometime in June 2017 to take advantage of this process.

We would expect to see regulations identified fairly quickly in the House, with passage of legislation to overturn several regulations in late January and February. In the Senate, where each resolution of disapproval would still be subject to up to 10 hours of debate, the process would proceed more slowly and would compete for time with more pressing matters, such as presidential nominations, budget legislation, Obamacare repeal, and tax reform.

Trump Team Considering Another Goldman Executive for Key Treasury Post

After tapping several Goldman Sachs Group Inc. alumni for senior economic posts, President-elect Donald Trump?s team is considering yet another for a key job at the Treasury Department.

Jim Donovan, a senior Goldman Sachs private banker, is under consideration to be the U.S. Treasury Department?s undersecretary for domestic finance, according to people familiar with the matter.

The choice isn?t yet final and could change, these people said. Attempts to reach Mr. Donovan on Friday were unsuccessful. Mr. Trump?s transition team didn?t respond to a request for comment.

Mr. Donovan?s nomination likely would inflame Democrats and liberal groups, which already have been critical of other Trump nominees with ties to the financial sector. Earlier this week, a few dozen protesters sought access to the lobby of Goldman?s lower Manhattan headquarters protesting the bank?s influence in politics.

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Goldman Sachs to settle U.S. rate-rigging lawsuit for $56.5 million

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc) has agreed to pay $56.5 million (45.22 million pounds) to resolve a U.S. class action lawsuit accusing it and other banks of rigging an interest rate benchmark used in the $553 trillion derivatives market.

The proposed settlement was disclosed in papers filed in federal court in Manhattan on Friday. It came after seven other banks agreed in May to pay a combined $324 million to resolve the litigation.

As part of the deal, Goldman has also agreed to provide lawyers for the plaintiffs evidence including transaction data, documents and witness interviews, which could be used in litigations against the remaining banks, the court papers said.

Neither a spokesman for Goldman Sachs nor a lawyer for the plaintiffs immediately responded to a request for comment late on Friday.

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