Goldman Sachs Alumni Of Goldman Sachs Scandals Involving

It employed 19,476 people at the end of November 2003. Pre-tax earnings in the year to November 2003 were $4.445 billion. The CEO is Henry M. Paulson, Jr.

Goldmans is possessed of a distinctive mission statement or statement of business principles that is arguably one of the most thoughtful and impressive in the financial world (see below). Goldman's culture may be one of the secrets of its longevity and success.

Goldman is mostly involved in wholesale financial services, although it has a newer and growing Private Client Services arm. Its largest area of activity is proprietary trading, that is, executing trades for its own profit with its own money. In fact, investment banking accounts for only 5 percent of Goldmans profits as of this writing.

1 Alumni of Goldman Sachs

Many former partners of Goldman Sachs have gone on to hold prominent public positions including Robert Rubin the United States Secretary of the Treasury under Bill Clinton, Jon Corzine currently a United States Senator from New JerseyNew Jersey is a state of the United States of America and has the U. postal abbreviation of NJ . The state is named after the island of Jersey in the English Channel. The USS New Jersey one of the most decorated vessels in the United States Navy, was name, and John Thain currently the CEO of the New York Stock ExchangeThe New York Stock Exchange NYSE is one of the largest stock exchanges in the world. The NYSE is operated by the not-for-profit corporation New York Stock Exchange, Inc, with its main building located at 18 Broad Street, at the corner of Wall Street, in N.

Another former partner, Jack Ryan (Senate candidate)Jack Ryan (born 1960) is a Republican politician from the state of Illinois. In 2004, he ran for the United States Senate, hoping to succeed retiring Republican Peter Fitzgerald. On 16 March 2004, he won the Republican primary, thus pairing him against De, withdrew from his bid for the open United States SenateThe United States Senate is the upper house of the United States Congress, smaller than the U. House of Representatives. Together, they compose the legislative branch of the United States government. Seal of the Senate Each state elects two senators throu seat in IllinoisIllinois is a state in the United States named after the Illiniwek Indian tribe, which used to live there. The capital of Illinois is Springfield and the U. postal abbreviation for the state is IL . Illinois is pronounced ill-len-NOY, or jokingly, ill-len after reports of embarrassing allegations about his sexual past.

2 Scandals involving Goldman Sachs

2.1 Joyti De-Laurey

Joyti De-Laurey was convicted eleven to one in April 2004 by a UK jury for stealingTheft (known in some jurisdictions as stealing is in general unlawfully taking someone else's property. In law, it is usually the broadest term for a crime against property. It is a general term that encompasses offences such as burglary, embezzlement, la more than £4m by forgingForgery is the process of making or adapting objects or documents (see false document), with the intention to deceive. Copies, studio replicas, and reproductions are not considered forgeries, though they may later become forgeries through knowing and will cheques.

A spokesman for Goldman Sachs described the thefts as "gross abuse of trust and an extremely unpleasant incident for all those affected". The Financial Times called her a "queen of deceit", Scott Mead , the executive whose signature De-Laurey forged, called her a "Picasso of con-men— she was brilliant". Another previous boss of hers, Ron Beller said she was "a very clever con artist". She also worked for Jennifer Beller .

Critics have suggested that the case has been over-stated, as forging cheques does not require exceptional intelligence. Also, claims that forgeries were exceptional are questionable as another witness to the case, Ms. Sophie Pemberton, who is another employee of Mead's, stated that Mead "never signed anything" and that she regularly forged his signature.

2.2 Misleading analysis of telecommunications companies

In a statement issued by William Donaldson, chairman of the US securities and exchange commission on October 31st 2003, he said Bear Stearns, Credit Suisse First Boston, Goldman, Lehman, Merrill Lynch, Piper Jaffray, SSB and UBS Warburg (now known as UBS Securities) ("UBS") issued research reports that were not based on principles of fair dealing and good faith and did not provide a sound basis for evaluating facts, contained exaggerated or unwarranted claims about the covered companies, and/or contained opinions for which there were no reasonable bases in violation of New York Stock Exchange ("NYSE") Rules 401, 472 and 476(a)(6), and NASD, Inc., Rules 2110 and 2210 as well as state ethics statutes.

An analyst, Craig Kloner , when asked what his three most important goals for 2000 were, said "to get more investment banking revenue". [2] [3]

The Financial Times called it "the worst financial scandal in a generation". Donaldson fined Goldman-Sachs US$110m, and the investment banks as a whole $1.4bn [4].

3 Diversity

Goldman Sachs recieved a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report.

4 See also

Financial regulation , Misleading financial analysis, Corporate crime, financial bubble

5 External links

An article criticising GS and using this criticism to defend the criminal actions of Ms De-Laurey.

Banks of the United States

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