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Goldman Sachs bans employee donations to Trump’s election campaign
Wall Street bank Goldman Sachs has changes its regulations prohibiting top employees from making political contributions to now include the campaign of Republican presidential candidate Donald Trump, reports online magazine Politico. Read Full Article at
506 points by Russia Today | President of the United States Political action committee George W. Bush United States Senate Democratic Party Federal government of the United States Goldman Sachs Bill Clinton
The books Goldman Sachs bankers think you should read this fall
Goldman Sachs just published a back-to-school reading list of favorites from managing directors and partners around the globe.
181 points by The Denver Post | Mark Zuckerberg Goldman Sachs Investment banks Facebook Managing director Henry Paulson Marcus Goldman Winston Churchill
Trump SEC pick Clayton assures that his Wall Street work not problem
WASHINGTON — President Donald Trump’s nominee to lead the Securities and Exchange Commission, attorney Jay Clayton, sought to assure lawmakers that he’ll show no favoritism and act only in the public interest, as his Wall Street connections were scrutinized at his Senate confirmation hearing Thursday.
-1 points by Pittsburgh Post-Gazette | United States Senate Paul Tudor Jones Finance Goldman Sachs President of the United States Financial crisis of 2007–2010 U.S. Securities and Exchange Commission Bank
Hearings' contrasts: Senators friendly to ag nominee, grill SEC choice
Conformation hearings for two of President Donald Trump's nominees -- "Sonny" Purdue for agriculture and Jay Clayton for SEC -- had contrasting tones Thursday.
2 points by UPI | U.S. Securities and Exchange Commission President Goldman Sachs President of the United States Christopher Cox Candidate United Press International Robert Zoellick
Trump’s SEC nominee to face skepticism
Goldman Sachs may be about to get another friend in Washington.Jay Clayton, a well-connected Wall Street lawyer who is President Donald Trump’s pick to lead the Securities and Exchange Commission, is sure to face sharp questions from Democrats at his confirmation hearing Thursday over his years of...
-2 points by Concord Monitor | United States Senate U.S. Securities and Exchange Commission Financial services Goldman Sachs Financial regulation Hedge fund Donald Trump Subprime mortgage crisis
OPEC out of moves as Goldman Sachs expects another oil glut in 2018
Oil prices are heading down again on swelling US crude oil inventories, with Brent dropping below $50 per barrel for the first time this year. Read Full Article at
-1 points by Russia Today | OPEC Petroleum Goldman Sachs Peak oil Marketing Mexico Stability Subprime mortgage crisis
Trump tax cuts could boost profit $12 billion at big U.S. banks
The six largest U.S. banks could see annual profit jump by an average of 14 percent if President Donald Trump delivers on his promise to cut corporate taxes.
5 points by The Denver Post | Taxation Corporate tax Tax Progressive tax Goldman Sachs Taxation in the United States Income tax Bank of America
Fear of economic contraction sweeps Wall Street boardrooms
While investors have enjoyed their portfolio gains, Wall Street pros don’t share the same high spirits. Fear of global economic contraction that could badly derail the US recovery — and throw a monkey wrench into the trading markets — is sweeping through Wall Street boardrooms, as managers intensify technology-driven cost-cutting and rein in spending. One...
30 points by New York Post | Unemployment Economics Labor force Discouraged worker Labor economics Inflation Workforce Goldman Sachs
Senate confirms Steven Mnuchin as treasury secretary
The Senate confirmed Steven Mnuchin as Treasury secretary Monday evening, putting an end to a contentious and protracted debate while adding another former banker to President Donald Trump’s roster of advisers.
2 points by Pittsburgh Post-Gazette | Subprime mortgage crisis Henry Paulson Bank United States Senate Finance Goldman Sachs Public company Robert Rubin
Trump's 'phenomenal' tax plan said to be overseen by Cohn, Gilmour Academy grad
Former Goldman Sachs president Gary Cohn, a 1979 graduate of Gilmour Academy, is leading the effort to craft President Donald Trump's plan to overhaul taxes that will be released within weeks, a White House official said. Former Goldman Sachs president Gary Cohn, a 1979 graduate of Gilmour Academy, is leading the effort to craft President Donald Trump's plan to overhaul taxes that will be released within weeks, a White House official said. Unnamed congressional leaders have been consulted on the blueprint, the official said. It's separate from Trump's proposed budget, the official said, requesting anonymity because the plan is still under development. During a meeting at the White House with U.S. airline executives Thursday, Trump said he had a "phenomenal" plan to revamp business taxes that would be revealed within the next two or three weeks, without offering details. White House Press Secretary Sean Spicer told reporters later that day that specifics would emerge only in the coming weeks. Still, he said the White House is at work on an outline of the most comprehensive business and individual tax overhaul since 1986. Cohn, 56, stepped down as Goldman's president and chief operating officer in December after agreeing to lead Trump's National Economic Council, an influential panel that helps coordinate and develop the president's economic program. He was long seen as the heir apparent to the bank's Chief Executive Officer Lloyd Blankfein. During a news conference Friday with Japanese Prime Minister Shinzo Abe, Trump said he was working with House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell on the tax measure, which would be guided by an "incentive-based policy" and released "over the next short period of time." Congressional leaders weren't commenting on Trump's tax plans. Staff members in the offices of Ryan and Ways and Means Chairman Kevin Brady referred questions about it to the White House. A spokesman for McConnell had no immediate comment after a scheduled meeting Friday between the Kentucky Republican and the president. Trump's mention of a tax outline on Thursday took House and Senate Republicans by surprise, said Henrietta Treyz, a macroeconomic policy analyst at Height Securities, an investment-research firm. She cited conversations with high-level congressional staff members. "It was news to them; they had no idea it was coming,"she said. Regardless, GOP leaders in the House broadly expect Trump will support their tax plans, which include a controversial proposal to tax U.S. companies on their domestic sales and imports, while excluding their exports, Treyz said. Cohn said last week that he has been meeting with members of Congress and working on two key goals: cutting corporate income taxes and individual income taxes. He emphasized during a Feb. 3 interview with Fox Business News that he has been focused on tax cuts for low earners. "We're not spending a lot of time with the high earners," Cohn said during that interview. During his campaign, Trump adopted a plan favored by House Republican leaders that would consolidate the existing seven individual income-tax rates to just three. The top rate would be reduced from 39.6 percent to 33 percent. Cohn also said during an interview on CNBC last week that all options for corporate tax reform are being considered, including the plan favored by Ryan that would cut the corporate tax rate to 20 percent and tax U.S. companies on their domestic income and imports, while exempting their exports and offshore income. That so-called "border-adjusted" plan has run into widespread opposition from retailers, oil refiners and other industries. Major exporters, including companies like General Electric Co., have expressed support. The former banker has also called for using proceeds from a special tax on U.S. companies' offshore earnings to help fund an ambitious public-works program. Under current U.S. tax law, companies can defer paying income taxes on their offshore profit until they return those earnings to the U.S. As a consequence, U.S. companies have stockpiled an estimated $2.6 trillion in income offshore. Trump campaigned on a plan to apply a much lower tax rate -- 10 percent or less as opposed to 35 percent -- to those overseas corporate earnings. Companies would then be free to return that money to America if they wished, and the U.S. Treasury would see a multibillion-dollar infusion. Some Trump advisers have suggested using receipts from that "repatriation" tax to pay for $137 billion in tax credits for private businesses that invest in public-works improvements. In all, Trump has called for spending as much as $1 trillion to upgrade roads, bridges, airports and other infrastructure. This story was written by Margaret Talev of Bloomberg.
49 points by The Plain Dealer | Income tax Corporate tax Goldman Sachs Tax President of the United States Taxation Taxation in the United States United States Congress
Wall St. hits record high on Trump tax talk
U.S. stocks hit record highs shortly after the open on Friday, a day after President Donald Trump said he would release a major tax reform plan in the coming weeks.
-2 points by Pittsburgh Post-Gazette | Dow Jones Industrial Average Morgan Stanley Dow Jones & Company Stock market index New York Stock Exchange Goldman Sachs Reckitt Benckiser Donald Trump
Steve Bannon is still making money from ‘Seinfeld’ reruns
He’s the man so influential he’s been dubbed “President Bannon.” But Trump’s chief White House strategist has another little known gig on the side—as an investor in iconic sitcom “Seinfeld” that sees him cash in each time the famous show is aired. The former investment banker for Goldman Sachs wound up with his stake in...
136 points by New York Post | President Seinfeld Castle Rock Entertainment Goldman Sachs Peter Mehlman President of the United States Andrew Breitbart American businesspeople
US & China on brink of trade war, warns Goldman Sachs
The risk of an escalating trade war between the world's two biggest economies – the US and China - is growing fast, warn analysts from Goldman Sachs as cited by Business Insider. Read Full Article at
-2 points by Russia Today | International trade United States Donald Trump Tariff Economics General Agreement on Tariffs and Trade Goldman Sachs Ivana Trump
Trump's formidable foes

13196 points by CNN | Dow Jones Industrial Average Dow Jones & Company Goldman Sachs Dow Jones Indexes Charles Dow The Wall Street Journal Edward Jones Elon Musk
How to stand out in a group interview
When Sherman Julmis interviewed at Goldman Sachs in Jersey City last October for an internship, he was outnumbered three to one. Although the Pace University Lubin School of Business finance major wasn’t aware of the arrangement ahead of time, the 21-year-old kept his cool, maintaining eye contact with each of his interviewers. “What was going...
17 points by New York Post | Interview Goldman Sachs Pace University Semi-structured interview Documentary film techniques Question
Bernie Sanders: Trump is a ‘fraud’ for cozying up to Wall Street
WASHINGTON — Sen. Bernie Sanders blasted President Trump as a “fraud” for embracing Wall Street insiders and chiseling away at post-financial crisis protections. ”It is hard not to laugh to see President Trump alongside these Wall Street guys,” Sanders (I-Vt.) told CNN’s “State of the Union” Sunday.” “I don’t mean to be disrespectful. This guy...
57 points by New York Post | Goldman Sachs Henry Paulson Small business President of the United States Protection American businesspeople George W. Bush Business
Trump is a ‘fraud’ who’ll ‘sell out middle & working class’ – Bernie Sanders
Former Democrat presidential candidate Bernie Sanders has attacked US President Donald Trump for rowing back on his campaign rhetoric by appointing Wall Street bankers to powerful positions. Read Full Article at
12314 points by Russia Today | Middle class Social class Working class George W. Bush Goldman Sachs Medicare Bourgeoisie Upper class
After Trump moves to undo financial regulations, Sanders calls him 'a fraud'
"This guy ran for president of the United States saying, "I, Donald Trump, I'm going to take on Wall Street,"' Sanders said on CNN. "Then suddenly he appoints all these billionaires ... and now he's going to dismantle legislation that protects consumers."
93331 points by The Washington Post | Social class Middle class Working class Goldman Sachs President of the United States Medicare Marxism Medicaid
Jamie Dimon already has visited the White House twice
Goldman Sachs may have alumni high up in Trump’s administration, but JPMorgan is in the House. JPM Chief Executive Jamie Dimon’s trip to the White House on Friday was at least his second visit to 1600 Pennsylvania Ave. in as many weeks — even as Goldman CEO Lloyd Blankfein has yet to make plans to...
25 points by New York Post | Lloyd Blankfein Goldman Sachs American businesspeople White House President of the United States Washington D.C. People from New York City Henry Paulson
Now that Trump dumped financial service regs, what's the response?
Free-market Republicans and some financial groups are praising President Trump today. Consumer groups and Democrats say he favors Wall Street over Main Street. WASHINGTON -- Consumer advocates and AARP accused President Donald Trump Friday of putting Wall Street greed ahead of middle class needs.  Yet some in the financial-services industry and free-market Republicans praised the new president for, they said, halting a federal rule that would have prevented retirement savers from getting the best advice.  The reaction depends on whether you believe ordinary Americans too easily get taken advantage of when choosing investments for retirement accounts, and the level of protection they deserve. Trump puts the brakes on financial-services regulations Trump on Friday brought out voices from both sides when he signed an executive order to suspend a federal rule that would have required financial advisers, including mutual fund companies, to put the customer's best interest first, even if that meant lower commissions or fees for the adviser.  How could stopping the Fiduciary Rule be good? Conversely, was the rule, which would have started  April 1, really necessary in the first place?  Here are opposing voices on both sides. But two points first:  Those favoring the rule -- and decrying Trump's action -- said Americans need protection against advisers and consultants who were more intent on earning big fees and commissions than in helping workers and retirees with recommendations in the customer's best interest. Plain and simple: Donald Trump is ripping $17B a year away fromfamilies and putting it in the hands of Wall Street. -- Tom Perez (@TomPerez) February 3, 2017 Those criticizing the rule -- and praising Trump -- said the rule treated retirement savers as too ignorant to make sound decisions. (Here's a link to a random mutual fund prospectus; treat it as a test.) More importantly, some financial industry groups and the White House said the rule could backfire. How's that? They said if employees of mutual fund companies or brokerages worried about lawsuits from customers who thought their interests weren't being put first, they'd stop offering advice. Or they'd recommend totally safe, vanilla choices when the customer might need a bit of spumoni. Then only people who could afford to pay an independent adviser would get some of the opinions now dispensed for free when a customer wants to decide on, say, a mutual fund for an IRA.  President Trump's action to delay the #fiduciary rule is a wise one. It's Obamacare for financial planning. -- Paul Ryan (@SpeakerRyan) February 3, 2017 Not all financial firms hated the rule. Merrill Lynch said it supported it "wholeheartedly." Vanguard, too, said it could work with it, although Vanguard was already known for its low-fee mutual funds. Fiduciary rule: Time to roll up our sleeves: How to know if you're affected, and how Vanguard ca... #mutualfunds -- Mind-Money-Mistakes (@_Mutual_Funds_) June 14, 2016 With that out of the way, here are some opinions, starting with the praise:  U.S. Chamber of Commerce President and CEO Thomas J. Donohue: "The flawed fiduciary rule's rushed implementation would have jeopardized access to retirement advice and choice while its severe consequences and compliance burdens would have made it harder for small businesses to offer retirement plans."  Gary Cohn, director of Trump's National Economic Council and a former Goldman Sachs president, on CNBC: "They thought they were trying to protect investors in their retirement accounts. But by 'protecting investors,' they highly limited their choices." Financial Services Institute President & CEO Dale Brown: "On behalf of the retirement savers who depend on their financial advisors, we applaud the president's action, which will delay a rule with devastating consequences for so many people. We stand ready to work with the president and his administration to put in place a uniform fiduciary standard that protects investors, while not denying quality, affordable financial advice to those who need it most.  Rep. Jeb Hensarling, a Texas Republican who chairs the House of Representatives Financial Services Committee: "No unaccountable Washington bureaucrats should get in the way of hardworking Americans and their ability to make financial decisions that are best for their families. Republicans want to empower Americans to make their own financial decisions, but the Obama administration's so-called fiduciary rule instead empowered unelected, unaccountable bureaucrats."  As for the opposition: AARP Executive Vice President Nancy LeaMond: "It is time that all Americans can count on retirement investment advice that is in their best interest, not the interest of Wall Street. Unfortunately, for many Americans, today's executive order means they will continue to get conflicted financial advice that costs more and reduces what they are able to save for retirement."  U.S. Sen. Sherrod Brown of Ohio, a member of the Senate Finance and Banking committees: "President Trump's action will make it harder for American savers to keep more of what they earn. It's outrageous that Ohio families who are struggling to save and invest for a secure retirement now have to worry that financial institutions aren't putting their customers' interest first."   Karl Frisch, executive director of Allied Progress, a liberal interest group: "If anyone thought Trump filling his administration with Goldman Sachs executives wouldn't result in financial policy that stacks the deck against hard-working Americans, this should finally dispel that notion. " Rep. Nancy Pelosi, a California Democrat and her party's leader in the House of Representatives: "President Trump's dangerous executive order eliminating the rule requiring financial advisors to act in the best interests of their clients makes hard-working Americans vulnerable to unfair, deceptive, and predatory practices. Retirees, homeowners, and hard-working American families come second in President Trump's Wall Street First agenda."   // DV.load("", { width: 600, height: 800, sidebar: false, text: false, pdf: false, container: "#DV-viewer-3445042-FINAL-Fiduciary-Duty" }); // ]]>
25 points by The Plain Dealer | Financial services Investment Mutual fund President of the United States Goldman Sachs Hedge fund Financial adviser Democratic Party
Banks lead stock surge as investors hope for regulation cuts
NEW YORK (AP) — Banks and other financial companies made big gains Friday after President Trump moved to scale back regulations on the financial industry. Other stocks also rose as investors were also pleased that employers hired workers at a…
-2 points by Arizona Daily Star | Atherosclerosis Morgan Stanley Goldman Sachs Cardiovascular disease Bank of America Banks based in New York City
Trump's rollback of the investment conflict-of-interest rule is a direct attack on middle-class savings
Donald Trump, who ran for office disguised as a friend of the working person, acted Friday to place that person’s retirement savings again at the mercy of Wall Street sharks.  By executive order, Trump imposed a six-month delay on the so-called fiduciary rule implemented by the Obama Administration’s...
12224 points by Los Angeles Times | Financial services Investment Goldman Sachs Pension Donald Trump Financial adviser Bank Finance
Hater is the dating app for all the sourpusses out there
Don’t have any interests but looking for love? A new dating app aims to matches singles over what they don’t like, rather than things they do. Hater is the first-ever dating app to bring people together over their mutual hatred. The app claims you can swipe on “everything from slow walkers to Donald Trump.” The...
181 points by New York Post | Hate crime Goldman Sachs Donald Trump Hate Hate speech Love
Trump signs executive order to revamp Dodd-Frank financial legislation
President Donald Trump signed an executive order on Friday to reconsider regulations put in place after the 2008 financial crisis to rein in Wall Street, according to a White House spokeswoman.
23 points by Las Vegas Review-Journal | Bank Financial services Financialization Washington Mutual Goldman Sachs Economics 40 Wall Street Regulation
New Trump orders target Obama-era financial regulations
President Donald Trump signed two presidential memoranda aimed at scaling back or repealing finance regulations put in place by the Obama administration – the 2010 Dodd-Frank law, and the 2017 fiduciary rule that has not yet gone into effect. Read Full Article at
559 points by Russia Today | President of the United States Goldman Sachs Washington D.C. Bank Timothy Geithner Bill Clinton White House Economics
U.S. Companies Build Bridges in India---Literally
U.S. companies are helping India’s own Silicon Valley cope with rapid growth, chipping in to build infrastructure like footbridges and overpasses, and pushing to improve public transportation to get their employees to work safely.
2 points by The Wall Street Journal | Goldman Sachs Henry Paulson India BRIC Lloyd Blankfein Marcus Goldman
Dating app Hater finds you a lover based on mutual dislikes
The service bills itself as “the first dating app that matches people on the things they hate.”
234 points by Daily News | Goldman Sachs Hate speech Hate crime Comedy Woody Allen Sketch comedy Henna Hatred
With Treasury candidate Mnuchin come possible conflicts
A leading candidate to be President-elect Donald Trump's treasury secretary was deeply involved in running a bank that has received $900 million in federal bailout money and that has been accused of discrimination - examples of the potentially thorny conflicts of interest that could plague Trump's...
45 points by Chicago Tribune | Financial services Goldman Sachs Henry Paulson George W. Bush Federal government of the United States Donald Trump Bank Federal Deposit Insurance Corporation
With Treasury candidate come possible conflicts
Bank that Steven Mnuchin was involved in running is accused of discrimination.
690 points by The Washington Post | Financial services Henry Paulson Goldman Sachs George W. Bush Federal government of the United States Donald Trump Federal Deposit Insurance Corporation Bank
JPMorgan settlement over China hires said to be imminent
U.S. authorities are preparing to announce as soon as Thursday that JPMorgan Chase & Co. will pay about $200 million to settle allegations that it hired children of Chinese decision makers to win business, according to people familiar with the matter. The agreement would end a nearly three-year...
3 points by Chicago Tribune | Morgan Stanley Goldman Sachs Foreign Corrupt Practices Act U.S. Securities and Exchange Commission J.P. Morgan & Co.
Bank tied to Trump adviser accused of redlining
Complaint filed with HUD targets CIT Group, whose directors include Steven Mnuchin         
6037 points by Arizona Republic | Mortgage Deposit insurance Mortgage loan Goldman Sachs Foreclosure Federal government of the United States Hedge fund United States
Hedge Fund Manager Leon Cooperman Charged With Insider Trading
The Securities and Exchange Commission said Mr. Cooperman used inside information to buy Atlas Pipeline Partners stock before an asset sale.
-1 points by The New York Times | Hedge fund U.S. Securities and Exchange Commission Goldman Sachs Stock market Finance Public company Mutual fund Trade
Lou Malnati's sells a slice to Byron Trott's investment firm
Lou Malnati's Pizza, which has 46 Chicago-area locations and recently expanded to Phoenix, is taking on a low-key but high-powered investor to help with additional expansion. BDT Capital Partners, an investment and advisory firm headed by former Goldman Sachs investment banker Byron Trott, has...
-1 points by Chicago Tribune | Goldman Sachs Parti Pizza Lou Malnati's Pizzeria Marcus Goldman Pizza delivery Investment banks
Kapos: Chicago’s elite toast After School Matters, with martinis
Chicago isn't Hollywood, as billionaire Peter Thiel reminded us. But it can get glitzy, as it did Monday at the annual After School Matters gala.
140 points by Chicago Sun-Times | Smithsonian Institution Chicago Goldman Sachs Hillary Rodham Clinton
Netflix Targeting 50% of Content to Be Original Programming, CFO Says
Netflix is driving toward having half the content on its streaming service be original productions over the next few years, with the other 50% representing licensed TV shows and movies, CFO David Wells said. “We’ve been on a multiyear transition and evolution toward more of our own content,” said Wells, speaking at Goldman Sachs’ Communacopia conference Tuesday. In... Read more »
2779 points by Variety | Television program Goldman Sachs Subscription business model
Comcast CEO Touts Netflix Access for X1 Subscribers
Comcast subscribers may soon view Netflix as just another programming option alongside USA, Food Network and ESPN. The top executive at the Philadelphia cable-and-entertainment giant expects the bulk of subscribers to the company’s X1 interactive operating system to have access to Netflix before Thanksgiving. Speaking to investors at a conference organized by Goldman Sachs, Comcast CEO... Read more »
17 points by Variety | Brian L. Roberts Subscription business model Goldman Sachs
Goldman Sachs prohibits top employees from donating to Trump
Goldman Sachs has banned employees from making a variety of political contributions – including any to the presidential campaign for Donald Trump.
2 points by Atlanta Journal Constitution | Democratic Party Political campaign Accountable Fundraising Fundraising Hillary Rodham Clinton Lloyd Blankfein Goldman Sachs Donald Trump
This daughter of illegal immigrants climbed the ranks at Goldman Sachs
A Mexican-American woman whose illegal-immigrant parents supported her by peddling snow cones rose through the ranks of Goldman Sachs to land a $340,000-a-year banking job — and then did the unthinkable. She quit. But Julissa Arce says she is still living the American dream, touring the US as a public speaker, writing a book about...
2629 points by New York Post | High school Mexico Goldman Sachs Immigration to the United States Secondary school New York City Illegal immigration Rockefeller Center
Push to punish Barroso for new Goldman Sachs gig reaches 130k-plus signatures
More than one hundred and thirty thousand people want former EU president José Manuel Barroso to be punished for his new gig with the “financial terrorists” at Goldman Sachs, where he is supposed to help “limit the negative effects of the Brexit.” Read Full Article at
154 points by Russia Today | European Union European Commission European Parliament Goldman Sachs President of the European Commission Euro European Council Treaty of Lisbon
Wells Fargo: Bank didn't fire top bosses for bogus accounts

6122 points by CNN | Berkshire Hathaway Dow Jones Industrial Average Wells Fargo Bank of America Warren Buffett Dow Jones & Company Citigroup Goldman Sachs