HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Goldman Sachs Bans Partne...

Tue Sep 6, 2016, 01:18 PM

Goldman Sachs Bans Partners From Giving to Certain Campaigns

Source: Bloomberg

Goldman Sachs Group Inc. banned all of its partners from making campaign contributions to state and local candidates running for office, as well as state or local officials running for federal office.

As of Sept. 1, every partner is considered a “restricted person” prohibited from engaging in political activities or making campaign gifts to those candidates or officials, according to an Aug. 29 internal memo sent to partners.

“The policy change is meant to prevent inadvertently violating pay-to-play rules, particularly the look-back provision, when partners transition into roles covered by these rules,” the New York-based firm said in the memo, reported earlier Tuesday by Politico. “The penalties for failing to comply with these rules can be severe and include fines and a ban on the firm from doing business with government clients in a particular jurisdiction for a period of at least two years.”

The Securities and Exchange Commission enacted the pay-to-play rule in 2010 after a series of scandals involving money managers accused of trying to improperly influence state officials to win investment-management business. Some of that influence included arranging political contributions. This year, the rule extends to the presidential race since Republican nominee Donald Trump chose Indiana Governor Mike Pence, a sitting state official, as his running mate.

Read more: http://www.bloomberg.com/news/articles/2016-09-06/goldman-sachs-widens-campaign-gift-restrictions-to-every-partner?utm_content=business&utm_campaign=socialflow-organic&utm_source=facebook&utm_medium=social&cmpid%3D=socialflow-facebook-business

2 replies, 1646 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 2 replies Author Time Post
Reply Goldman Sachs Bans Partners From Giving to Certain Campaigns (Original post)
NWCorona Sep 2016 OP
saidsimplesimon Sep 2016 #1
turbinetree Sep 2016 #2

Response to NWCorona (Original post)

Tue Sep 6, 2016, 01:35 PM

1. So, does this help Brazil?

Of course not, rhetorical question.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to NWCorona (Original post)

Tue Sep 6, 2016, 05:56 PM

2. So what was this "place" doing before Sept 1, 2016

let me guess-------------going to get together's, having a beer, smoozing, right, and I got a bridge.

Over 3 trillion in equity from this firm and others on Wall Street, and they still attack the have not's by using Congress as a tool, as the middle class and the working poor having to much, just like the 800 Billion this and others firm took from us to keep them a float in TARP------------BS

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread