Quotes & Sayings About Goldman Sachs

The rating agencies, who were paid fat fees by Goldman Sachs and other Wall Street firms for each deal they rated, pronounced 80 percent of the new tower of debt triple-A. — Michael Lewis

One of the key psychological characteristics of the Tea Party is its oxymoronic love of authority figures coupled with a narcissistic celebration of its own "revolutionary" defiance. It's this psychic weakness that allows this segment of the population to be manipulated by the likes of Sarah Palin and Glenn Beck. The advantage is that their willingness to take orders has allowed them to organize effectively (try getting one hundred progressives at a meeting focused on anything). The downside is, they see absolutely nothing weird in launching a revolution based upon the ravings of a guy who's basically a half-baked PR stooge shoveling propaganda coal for bloodsucking transnational behemoths like JPMorgan Chase and Goldman Sachs. — Matt Taibbi

Wall Street is perhaps the most powerful economic and political force in this country. You have companies like Goldman Sachs, who just recently paid a settlement fine with the federal government for $5 billion for defrauding investors. — Bernie Sanders

You have a guy like Bernie Madoff literally steal $80 billion, you know, AIG steal hundreds of billions, Goldman Sachs. Crime has changed so much, and to really do a movie with, like, drug dealers or drug smugglers is kind of almost quaint at this point. — Adam McKay

Most people who graduate from college think they have to make a perfect choice. Is it Goldman Sachs? Is it Google? Is it Apple? They think that their first job is going to determine their career, if not their life. — Guy Kawasaki

Wal-Mart uses technology to increase sales volume, but the more it does so, the more it drives down profit margins - its own and everybody else's. The same logic does not appear to hold for Goldman Sachs. — Timothy Noah

The best and brightest don't go into politics. The best and brightest are at Goldman Sachs. — P. J. O'Rourke

There was more than one way to think about Mike Burry's purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars' worth of bonds. He'd either be paid zero, if the triple-B-rated bonds he'd insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn't own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to "insure" it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn't insurance at all but an outright speculative bet against the market - and this was the second way to think about it. — Michael Lewis

You want to know who owns America? A few at the top. And they've got one thing on their mind. No change. Look at Obama, all that hope and promise. No change. He went to Wall Street, had a fundraiser - $35,800 a ticket - and you know who the host was? Goldman friggin' Sachs. — Buddy Roemer

The "consumer loan" piles that Wall Street firms, led by Goldman Sachs, asked AIG FP to insure went from being 2 percent subprime mortgages to being 95 percent subprime mortgages. In a matter of months, AIG FP, in effect, bought $50 billion in triple-B-rated subprime mortgage bonds by insuring them against default. — Michael Lewis

Back in the 1980s, the original stated purpose of the mortgage-backed bond had been to redistribute the risk associated with home mortgage lending. Home mortgage loans could find their way to the bond market investors willing to pay the most for them. The interest rate paid by the homeowner would thus fall. The goal of the innovation, in short, was to make the financial markets more efficient. Now, somehow, the same innovative spirit was being put to the opposite purpose: to hide the risk by complicating it. The market was paying Goldman Sachs bond traders to make the market less efficient. — Michael Lewis

Thus the only Goldman Sachs employee arrested by the FBI in the aftermath of a financial crisis Goldman had done so much to fuel was the employee Goldman asked the FBI to arrest. — Michael Lewis

That was Eisman's logic: the logic of Wall Street's pecking order. Goldman Sachs was the big kid who ran the games in this neighborhood. Merrill Lynch was the little fat kid assigned the least pleasant roles, just happy to be a part of things. The game, as Eisman saw it, was crack the whip. He assumed Merrill Lynch had taken its assigned place at the end of the chain. On — Michael Lewis

In truth, it's not the shareholders of the American International Group who benefited most from its bailout; they were mostly wiped out. The great beneficiaries have been the creditors and counterparties at the other end of A.I.G.'s derivatives deals - firms like Goldman Sachs, Merrill Lynch, Deutsche Bank, Societe Generale, Barclays and UBS. — Tyler Cowen

[Obama] was highly praised, including by his supporters, for his statesmanlike attitude during the lame-duck session, bipartisanship, and getting legislation through. What did he get through? The main achievement was a huge tax cut for the extremely wealthy ... Meanwhile, at the same time, he initiated a tax increase on federal workers. Of course, no one called it a tax increase. That doesn't sound good. They called it a pay freeze. But a pay freeze on public-sector workers is exactly the same thing as a tax increase. So we punish public-sector workers and reward the executives of Goldman Sachs, who just announced a $17.5 billion compensation package for themselves. — Noam Chomsky

Once handed the money, Paulson abandoned his promised strategy and instead essentially began giving away billions of dollars to Citigroup, Morgan Stanley, Goldman Sachs, and a few others unnaturally selected for survival. — Michael Lewis

Guys who can't get a job on Wall Street get a job at Moody's, as one Goldman Sachs trader-turned-hedge fund manager put it. — Michael Lewis

Goldman Sachs was fundamentally responsible for the crash of 2008, but by that time its former Chairman and Chief Executive Officer, Henry 'Hank' Paulson, had been installed as US Treasury Secretary to begin the bank bail out policy, with enormous benefit to Goldman Sachs, in the closing weeks of the Bush administration. Goldman Sachs was also instrumental in the collapse of the economy in Greece that started the 'euro panic' that later engulfed Ireland. — David Icke

The dirty little secret of what used to be known as Wall Street securities firms-Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns-was that every one of them funded their business in this way to varying degress, and every one of them was always just twenty-four hours away from a funding crisis. The key to day-to-day survival was the skill with which Wall Street executives managed their firms' ongoing reputation in the marketplace ... — William D. Cohan

Here, in 2001, entered Goldman Sachs, which engaged in a series of apparently legal but nonetheless repellent deals designed to hide the Greek government's true level of indebtedness. For these trades Goldman Sachs - which, in effect, handed Greece a $1 billion loan - carved out a reported $300 million in fees. — Michael Lewis

Goldman Sachs and other investment banks understood the ensuing problem so well that they began betting against the very mortgage-backed securities they were underwriting! — Douglas Rushkoff

By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs, and Morgan Stanley all had what they termed "shelves" for their subprime wares, with strange names like HEAT and SAIL and GSAMP, that made it a bit more difficult for the general audience to see that these subprime bonds were being underwritten by Wall Street's biggest names. — Michael Lewis

As a former gas station attendant, parking lot attendant, medical resident and current Goldman Sachs screwee, I am offended. — Michael Lewis

This is America: Corporate stealing is practically the national pastime, and Goldman Sachs is far from the only company to get away with doing it. — Matt Taibbi

We've had this program for a number of years now, called 10,000 Small Businesses, where Goldman Sachs has convened a group of partners to basically give business education to small business owners. — Lloyd Blankfein

Halloween's coming. Kids get very imaginative in my neighborhood. Last year, three kids showed up as Goldman Sachs executives and demanded 4.5 billion pieces of candy. — Jay Leno

Does anyone believe that Goldman Sachs is gonna give up a deal that would yield millions of dollars because someone fussed at them behind closed doors? — Elizabeth Warren

Regulators all meet with Goldman Sachs executives and employees day after day after day. They don't see the people who get tricked, the people who get cheated, the people who get fooled by the products that Goldman turns out. — Elizabeth Warren

I can show up at a Goldman Sachs conference wearing a Judas Priest T-shirt - and I have - while everyone else is wearing the same dress. — Sophia Amoruso

You can demonize Goldman Sachs all you want, and I'm sure there are reasons to do it. But the real pressure is all of us pressuring the companies for stock returns, and that leads to all kinds of decisions. — John Wells

It's easy to see why politicians would be drawn to the populist pose. First, it makes everything so simple. The economic crisis was caused by a complex web of factors, including global imbalances caused by the rise of China. But with the populist narrative, you can just blame Goldman Sachs. — David Brooks

The Justice Department needs to investigate how Goldman Sachs was able to steer things in such a manner through their former employees in the Bush administration, so that in the end Goldman's competitors have disappeared and Goldman is left standing. — Michael Moore

When, a few months later, Goldman Sachs announced it was setting aside $542,000 per employee for the 2006 bonus pool, he wrote again: "As a former gas station attendant, parking lot attendant, medical resident and current Goldman Sachs screwee, I am offended." In — Michael Lewis

Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business. — Jamie Dimon

Keynes vs Hayek? Friedman vs Krugman? Those are the wrong intellectual debates. Its you vs. Tony Hayward, BP CEO, You vs. Lloyd Blankfein, Goldman Sachs CEO. And you are losing ... — Barry Ritholtz

Everyone thinks Goldman is so fucking smart," he railed. "Just because Goldman says this is the right valuation, you shouldn't assume it's correct just because Goldman said it. My brother works at Goldman, and he's an idiot! — Andrew Ross Sorkin

I'd thought it strange, after the financial crisis, in which Goldman had played such an important role, that the only Goldman Sachs employee who had been charged with any sort of crime was the employee who had taken something from Goldman Sachs. — Michael Lewis

Why don't we have enough teachers of math and science in the public schools? One answer is well, if they knew the subject well, they'd also know enough to work for Google or Goldman Sachs or God knows where. — James Harris Simons

If you have a traditional view of economics, you're probably thinking of Ben Bernanke making Fed policy, or the guys creating financial derivatives at Goldman Sachs. — Emily Oster

I started out as a lawyer and came in laterally to Goldman Sachs. So I learned myself that life is unpredictable. That you really should, in terms of your career, try to be excellent at what you're doing. I think if you focus on your job, and you focus on being broad in the context of your job, the next jobs follow from that. — Lloyd Blankfein

I think that Goldman Sachs and the Pentagon determine more of America's outcome then any president or any congress, that sounds a bit cynical, but I think I am right. — Henry Rollins

Goldman Sachs was one of those companies whose illegal activity helped destroy our economy and ruin the lives of millions of Americans. But this is what a rigged economy and a corrupt campaign finance system and a broken criminal justice is about. These guys are so powerful that not one of the executives on Wall Street has been charged with anything after paying, in this case of Goldman Sachs, a $5 billion fine. — Bernie Sanders

People like Mike McConnell don't really move from public office to the private sector and back again; that implies more separation than actually exists. Rather, the U.S. government and industry interests essentially form one gigantic, amalgamated, inseparable entity - with a public division and a private one. When someone like McConnell goes from a top private sector position to a top government post in the same field, it's more like an intracorporate reassignment than it is like changing employers. When McConnell serves as DNI he's simply in one division of this entity, and when he's at Booz Allen he is in another. It's precisely the same way that Goldman Sachs officials endlessly move in and out of the Treasury Department and other government positions with financial authority, or the way that health care and oil executives move in and out of government agencies charged with regulating those fields. In — Glenn Greenwald

With an operating profit margin topping 40 percent, Fanuc makes 25 percent more income per employee than Goldman Sachs, — Anonymous

I left Goldman Sachs. I was thinking about going to another Wall Street place. I didn't want to do that. That was crazy. After you work on Wall Street, it's a choice: would you rather work at McDonald's or on the sell side? I would choose McDonald's over the sell side. — David Tepper

When I was planning LearnVest, everyone told me I had to talk to Ann Kaplan, one of the first female partners at Goldman Sachs. Within five minutes of our meeting, she totally got the idea - and by the time I left, she was a seed investor. — Alexa Von Tobel

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. — Matt Taibbi

Barack Obama's large contributor was Goldman Sachs - same thing on the Republican side. If you go to both their conventions, you see the same lobbyists paying off both sides so they win either way. — Jesse Ventura

I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund. — Nouriel Roubini

father figure to Jobs. REGIS MCKENNA. Publicity whiz who guided Jobs early on and remained a trusted advisor. MIKE MURRAY. Early Macintosh marketing director. PAUL OTELLINI. CEO of Intel who helped switch the Macintosh to Intel chips but did not get the iPhone business. LAURENE POWELL. Savvy and good-humored Penn graduate, went to Goldman Sachs and then Stanford — Walter Isaacson

LAURENE POWELL. Savvy and good-humored Penn graduate, went to Goldman Sachs and then Stanford Business School, married Steve Jobs in 1991. GEORGE RILEY. Jobs's Memphis-born friend and lawyer. ARTHUR ROCK. Legendary tech investor, early Apple board member, Jobs's father figure. JONATHAN "RUBY" RUBINSTEIN. Worked — Walter Isaacson

Mysterious can be cool, if you're in Hollywood and everyone's happy. But it can be really bad if people perceive that the financial interests are adversarial, that there's money versus people. A lot of Goldman Sachs people went into government, so at a time when there's a distrust of institutions, some of that reflects on us. — Lloyd Blankfein

Apple raised $17 billion in a bond offering in 2013. Not to invest in new products or business lines, but to pay a dividend to stockholders. The company is awash with cash, but much of that money is overseas, and there would be a tax charge if it were repatriated to the USA. For many other companies, the tax-favoured status of debt relative to equity encourages financial engineering. Most large multinational companies have corporate and financial structures of mind-blowing complexity. The mechanics of these arrangements, which are mainly directed at tax avoidance or regulatory arbitrage, are understood by only a handful of specialists. Much of the securities issuance undertaken by Goldman Sachs was not 'helping companies to grow' but represented financial engineering of the kind undertaken at Apple. What — John Kay

We're not going to beat Barack Obama with some guy who has Swiss bank accounts, Cayman Island accounts, owns shares of Goldman Sachs while it forecloses on Florida and is himself a stockholder in Fannie Mae and Freddie Mac while he tries to think the rest of us are too stupid to put the dots together to understand what this is all about ... People matter more than Wall Street. — Newt Gingrich

If there is a true measure of a person's soul, if there is a single gauge of real divinity, of how beautifully a fellow human honors this life, has genuine spiritual fire and is full of honest love and compassion, it has to be right there, in the eyes.
The Dalai Lama's eyes sparkle and dance with laughter and unbridled love. The Pope's eyes are dark and glazed, bleak as obsidian marbles. Pat Robertson's eyes are rheumy and hollow, like tiny potholes of old wax. Goldman Sachs cretins, well, they don't use their own eyes at all; they just steal someone else's. — Mark Morford

In 2008, Goldman Sachs only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department. — Bernie Sanders

I believe that if you go and ask a chief executive of a Goldman Sachs or a BP, and they answer you honestly ... they want monopolies, they want government subsidies, they want preferences - they're not interested in free markets. — Ian Bremmer

Nathaniel Rich wrote 'Odds Against Tomorrow' well before Hurricane Sandy and its surge crashed onto the isle of Manhattan, well before the streets were flooded and the subways drowned, only the Goldman Sachs building sparkling above the darkened avenues. — Cathleen Schine

There are a few people out there with whom you fit just so, and, amazingly, you keep fitting just so even after you have growth spurts or lose weight or stop wearing high heels. You keep fitting after you have children or change religions or stop dyeing your hair or quit your job at Goldman Sachs and take up farming. Somehow, God is gracious enough to give us a few of those people, people you can stretch into, people who don't go away, and whom you wouldn't want to go away, even if they offered. — Lauren F. Winner

What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them. — Matt Taibbi

He accomplished this primarily by hooking up with his best friend, Henry Goldman, before the Goldman Sachs partnership. (They toyed with creating Goldman and Lehman but instead decided on splitting the profits 50/50.) — Kenneth L. Fisher

Goldman Sachs did not leave the house before it began to burn; it was merely the first to dash through the exit - and then it closed the door behind it. — Michael Lewis

Goldman Sachs itself - and so Goldman was in the position of selling bonds to its customers created by its own traders, so they might bet against them. Secondly, there was a crude, messy, slow, but acceptable substitute for Mike Burry's credit default swaps: the actual cash bonds. According to a former Goldman derivatives trader, Goldman would buy the triple-A tranche of some CDO, pair it off with the credit default swaps AIG sold Goldman that insured the tranche (at a cost well below the yield on the tranche), declare the entire package risk-free, and hold it off its balance sheet. Of course, the whole thing wasn't risk-free: If AIG went bust, the insurance was worthless, and Goldman could lose everything. Today Goldman Sachs is, to put it mildly, unhelpful when asked to explain exactly what it did, and this lack of transparency extends to its own shareholders. If a team of forensic accountants went over Goldman's books, they'd be shocked at just how good Goldman is at hiding things, — Michael Lewis

The people in a position to resolve the financial crisis were, of course, the very same people who had failed to foresee it: Treasury Secretary Henry Paulson, future Treasury Secretary Timothy Geithner, Fed Chairman Ben Bernanke, Goldman Sachs CEO Lloyd Blankfein, Morgan Stanley CEO John Mack, Citigroup CEO Vikram Pandit, and so on. A few Wall Street CEOs had been fired for their roles in the subprime mortgage catastrophe, but most remained in their jobs, and they, of all people, became important characters operating behind the closed doors, trying to figure out what to do next. With them were a handful of government officials - the same government officials who should have known a lot more about what Wall Street firms were doing, back when they were doing it. All shared a distinction: They had proven far less capable of grasping basic truths in the heart of the U.S. financial system than a one-eyed money manager with Asperger's syndrome. — Michael Lewis

This is what class warfare looks like: The Business Roundtable - representing Goldman Sachs, Bank of America, JP Morgan Chase and others - has called on Congress to raise the eligibility age of Social Security and Medicare to 70, cut Social Security and veterans' COLAs, raise taxes on working families and cut taxes for the largest corporations in America. — Bernie Sanders

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn't ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn't know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. — Michael Lewis

The head of Goldman Sachs, Lloyd Blankfein, made it perfectly clear: sophisticated investors don't, or at least shouldn't, rely on trust. Those who bought the products the banks sold were consenting adults who should have known better. — Joseph E. Stiglitz

Goldman Sachs believes that economically empowering women globally is one of the best investments to grow economies, create jobs, and build more prosperous societies. — Dina Powell

A financial institution has the task of taking risks, and if it's a well run institution - say, Goldman Sachs - it tries to cover the potential losses to itself, but only to itself. — Noam Chomsky

Why, for example, wasn't AIG required to reserve capital against them? Why, for that matter, were Moody's and Standard & Poor's willing to bless 80 percent of a pool of dicey mortgage loans with the same triple-A rating they bestowed on the debts of the U.S. Treasury? Why didn't someone, anyone, inside Goldman Sachs stand up and say, "This is obscene. The rating agencies, the ultimate pricers of all these subprime mortgage loans, clearly do not understand the risk, and their idiocy is creating a recipe for catastrophe"? — Michael Lewis