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Bailout Bank Bio: Goldman Sachs
Budget & Tax | Analysis
Nov 7, 2008 | 5 min read | Print Article
On October 28, 2008, Goldman Sachs received $10 billion of the first $125 billion from the $700 billion bailout bill. Goldman Sachs is a global bank holding company that works in investment banking, securities and investment management. It was founded in 1869 and made its name for its pioneering work in the use of commercial paper for business entrepreneurs. It joined the New York Stock Exchange in 1896. Last September, Goldman Sachs went from being one of the largest and most profitable U.S. securities firm to becoming the fourth largest bank in the United States, which means they are now regulated from the Federal Reserve.30 Hudson St Goldman Sachs Tower

Considered a titan on Wall Street, Goldman has not been immune to the credit crunch and has had to eliminate thousands of jobs. Its main losses stem from reduced underwriting activity, as well as plunging prices for stocks and other investments.

Goldman has also been well known for its high bonuses and pay. In 2007, Goldman's CEO and two co-presidents were each paid more than $67 million. The company has set aside more than $11 billion during the first nine months of 2008 for bonuses throughout the company. It also has a powerful Alumni list that includes Treasury Secretary Henry Paulson, current bailout czar Neel Kashkari, Governor Jon Corzine (D-NJ) and former Treasury Secretary Robert Rubin. But layoffs and continued losses have put pressure on the company that may lead to senior executives taking as much as a 75% cut in bonuses in 2008, with less senior executives taking a 50% cut. Goldman Sachs repaid the $10 billion in bailout funds in full on June 9, 2009.