The financial firm of Goldman Sachs had so many “alumni” in the government—including Treasury Secretary Henry M. Paulson, Jr.—that an October 2008 story in the New York (NY) Times was titled: “The Guys From ‘Government Sachs.’”
The New York Times article was widely cited, popularizing the nickname. Some other Goldman Sachs nicknames include “Goldman Sucks/Goldman Sux,” “Government Sucks,” “The United States of Goldman Sachs,” “Goldmine Sacks/Goldmine Sachs,” “Godman Shafts/Goldman Shafts,” “Golden Sacks,” “Golden Slacks,” “Goldie Mac” and “Vampire Squid.”
Wikipedia: Goldman Sachs
The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS), is a global bank holding company that engages in investment banking, securities 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. Goldman Sachs has offices in all major world 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.
Sustento Institute (September 21, 2008)
As if there could be any doubt about who is running US financial policy it has been announced that Goldman Sachs and Morgan Stanley will be allowed to become “bank holding companies” which will allow them access to the Fed’s discount window thus giving them an easier source of funding.
New York (NY) Times
The Guys From ‘Government Sachs’
By JULIE CRESWELL and BEN WHITE
Published: October 17, 2008
THIS summer, when the Treasury secretary, Henry M. Paulson Jr., sought help navigating the Wall Street meltdown, he turned to his old firm, Goldman Sachs, snagging a handful of former bankers and other experts in corporate restructurings.
In September, after the government bailed out the American International Group, the faltering insurance giant, for $85 billion, Mr. Paulson helped select a director from Goldman’s own board to lead A.I.G.
And earlier this month, when Mr. Paulson needed someone to oversee the government’s proposed $700 billion bailout fund, he again recruited someone with a Goldman pedigree, giving the post to a 35-year-old former investment banker who, before coming to the Treasury Department, had little background in housing finance.
Indeed, Goldman’s presence in the department and around the federal response to the financial crisis is so ubiquitous that other bankers and competitors have given the star-studded firm a new nickname: Government Sachs.
New York City • Banking/Finance/Insurance • (0) Comments • Monday, October 20, 2008 • Permalink