Golden Sacks (Goldman Sachs nickname)

Goldman Sachs is a leading financial firm, headquartered in lower Manhattan. In the 1990s and early 2000s, the company made so much money (and made its employees so wealthy) that it was nicknamed “Golden Sacks” by 1998.
 
Other Goldman Sachs nicknames include “Goldman Sucks/Goldman Sux” (first cited in 1996), “Goldmine Sacks/Goldmine Sachs” (first cited in 1997), “Golden Slacks” (first cited in 2006), “Goldie Mac” (first cited in 2009), “Government Sucks” *first cited in 2009), “Vampire Squid” (coined in 2009) and “Godman Shafts/Goldman Shafts” (first cited in 2010).
   
In the financial crisis of 2008, Goldman Sachs (“Golden Sacks” no longer) made an agreement with the federal government to become a bank and to suspend trading in risky financial securities.
 
Many Goldman Sachs “alumni”—such as former Treasury Secretary Henry M. Paulson, Jr.—became government employees, leading to the nicknames “Government Sachs”  and “The United States of Goldman Sachs.”
 
   
Wikipedia: Goldman Sachs
The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS), is a bank holding company that engages in investment banking, securities services, and investment management. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street but has its secondary office at 30 Hudson Street, Jersey City, New Jersey. Goldman Sachs has offices in all financial centers. The firm acts as a financial advisor and money manager for corporations, governments, and wealthy families around the world. Goldman offers its clients mergers & acquisitions advice, underwriting services, asset management, and engages in proprietary trading, and private equity deals. It is a primary dealer in the U.S. Treasury securities market. Goldman was the largest donor to both Barack Obama and John McCain in the 2008 presidential election and former Goldman Sachs employees such as Timothy Geithner and Hank Paulson are appointed to high offices in the federal government, regardless of which party is in power.
   
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From: Nathaniel Cole

Date: 1998/01/20
Subject: ON LIQUIDATED BANKS—REJOINDER PART 2
 
At that time it was rumored that Merril Lynch, Golden Sacks and Chase Merhattan investments banks all of New York recommended to some of their clients to purchase IMB shares.
   
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From: .(JavaScript must be enabled to view this email address) (Bearmkt95)
Date: 1998/10/19
Subject: Smokes ‘Em Out Every Time

Russia bought into “Golden Sacks” brand of free-market capitalism & is in ruin.
   
New York (NY) Times
Union Allowed at Goldman Sachs Cafeterias
By STEVEN GREENHOUSE
Published: December 10, 2000
(...)
One union leaflet, saying that ‘‘Golden Sacks’’ had received millions of dollars in tax incentives from New York City and Jersey City, asked: ‘‘Why is a billion-dollar company receiving government assistance while food-service workers earn poverty-level wages without affordable family health care coverage?’’
   
Bloomberg.com
Goldman Secretary Lived Like Banker, Stole Millions
May 26 (Bloomberg)—London-based Goldman Sachs Group Inc. investment banker E. Scott Mead had been thinking about donating 1 million pounds ($1.8 million) to Harvard University, his alma mater, on the 25th anniversary of his graduation.
(...)
Golden Sacks
Still, the bankers at Goldman Sachs—dubbed “Golden Sacks” in the Daily Mail—met with little sympathy from the U.K. public.
   
The Economic Times
City fat cats face middle class backlash
18 Dec 2006, 1230 hrs IST, TNN
(...)
Goldman Sachs – variously nicknamed Goldmine Sacks and Golden Sacks – by various newspapers, which has had a record year in earnings, announced last week it was lavishing bankers, traders and stockbrokers with more than $16.5 billion (£8.5 billion) in bonus loot – the highest ever to be doled out.