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Goldman Sachs

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Goldman has been harshly criticized, particularly in the aftermath of the financial crisis of 2007–2008, where some alleged that it misled its investors and profited from the collapse of the mortgage market. That time — "one of the darkest chapters" in Goldman's history (according to The New York Times[100]) — brought investigations from the United States Congress, the United States Department of Justice, and a lawsuit from the U. S. Securities and Exchange Commission[101] that resulted in Goldman paying a $550 million settlement. [102] Goldman Sachs was "excoriated by the press and the public" according to journalists McLean and Nocera[103] -- this despite the non-retail nature of its business that would normally have kept it out of the public eye. [104][105] Visibility and antagonism came from the $12. 9 billion Goldman received—more than any other firm—from AIG counterparty payments provided by the bailout of AIG, the $10 billion in TARP money it received from the government (though the firm paid this back to the government), and a record $11. 4 billion set aside for employee bonuses in the first half of 2009. [104][106][107] While all the investment banks were scolded by congressional investigations, Goldman Sachs was subject to "a solo hearing in front of the Senate Permanent Subcommitee on Investigations" and a quite critical report. [104][108] In a widely publicized story in Rolling Stone, Matt Taibbi characterized Goldman Sachs as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major market manipulation since the Great Depression . . . from tech stocks to high gas prices"[109][110][111][112]

Exchanges at Goldman Sachs  is our podcast where people from across the firm share their insights on developments shaping markets, industries and the global economy. 



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