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.
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.
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.
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.
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.
It was in Cardiff, and the cast was 60 per cent Welsh-speaking. It's the first time I've walked into a rehearsal room speaking my mother tongue, which in itself was a breath of fresh clean air from the Welsh mountains. Singing Hans Sachs is always a milestone, but I was happy to be part of such an achievement, not personally but as a company.
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.
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.
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
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 these 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 to.
Lauren F. Winner
Easterly, a celebrated economist, presents one side in what has become an ongoing debate with fellow star-economist Jeffrey Sachs about the role of international aid in global poverty. Easterly argues that existing aid strategies have not and will not reduce poverty, because they don't seriously take into account feedback from those who need the aid and because they perpetuate western colonial tendencies.
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
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.
The difference between the past and the present is that individual freedom and security no longer fall to be protected solely through the D vehicle of common-law maxims and presumptions which may be altered or repealed by statute, but are now protected by entrenched constitutional provisions which neither the Legislature nor the Executive may abridge. It would accordingly be improper for us to hold constitutional a system which, as Sachs J has noted, confers on creditors the power to consign the person of an impecunious debtor to prison at will and without the interposition at the crucial time of a judicial officer.
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.
Lots of people wrote to the magazine to say that Marilyn vos Savant was wrong, even when she explained very carefully why she was right. Of the letters she got about the problem, 92% said that she was wrong and lots of these were from mathematicians and scientists. Here are some of the things they said: 'I'm very concerned with the general public's lack of mathematical skills. Please help by confessing your error.' -Robert Sachs, Ph.D., George Mason University... 'I am sure you will receive many letters from high school and college students. Perhaps you should keep a few addresses for future columns.' -W. Robert Smith, Ph.D., Georgia State University... 'If all those Ph.D.'s were wrong, the country would be in very serious trouble.' -Everett Harman, Ph.D., U.S. Army Research Institute
For Socrates, all virtues were forms of knowledge. To train someone to manage an account for Goldman Sachs is to educate him or her in a skill. To train them to debate stoic, existential, theological, and humanist ways of grappling with reality is to educate them in values and morals. A culture that does not grasp the vital interplay between morality and power, which mistakes management techniques for wisdom, which fails to understand that the measure of a civilization is its compassion, not its speed or ability to consume, condemns itself to death. Morality is the product of a civilization, but the elites know little of these traditions. They are products of a moral void. They lack clarity about themselves and their culture. They can fathom only their own personal troubles. They do not see their own bases or the causes of their own frustrations. They are blind to the gaping inadequacies in our economic, social, and political structure and do not grasp that these structures, which they have been taught to serve, must be radically modified or even abolished to stave off disaster. They have been rendered mute and ineffectual. 'What we cannot speak about' Ludwig Wittgenstein warned 'we must pass over in silence.
Research on organised abuse emphasises the diversity of organised abuse cases, and the ways in which serious forms of child maltreatment cluster in the lives of children subject to organised victimisation (eg Bibby 1996b, Itziti 1997, Kelly and Regan 2000). Most attempts to examine organised abuse have been undertaken by therapists and social workers who have focused primarily on the role of psychological processes in the organised victimisation of children and adults. Dissociation, amnesia and attachment, in particular, have been identified as important factors that compel victims to obey their abusers whilst inhibiting them from disclosing their abuse or seeking help (see Epstein et al. 2011, Sachs and Galton 2008). Therapists and social workers have surmised that these psychological effects are purposively induced by perpetrators of organised abuse through the use of sadistic and ritualistic abuse. In this literature, perpetrators are characterised either as dissociated automatons mindlessly perpetuating the abuse that they, too, were subjected to as children, or else as cruel and manipulative criminals with expert foreknowledge of the psychological consequences of their abuses. The therapist is positioned in this discourse at the very heart of the solution to organised abuse, wielding their expertise in a struggle against the coercive strategies of the perpetrators. Whilst it cannot be denied that abusive groups undertake calculated strategies designed to terrorise children into silence and obedience, the emphasis of this literature on psychological factors in explaining organised abuse has overlooked the social contexts of such abuse and the significance of abuse and violence as social practices.