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.
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.
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.
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.
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.”
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.
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.