What's the problem in believing that most of the people that end up being bankers would love to work at GS and that hence GS can just pick up the best ones?
About as well as I feel about the FCC at all. Let them license air-waves, and leave the wires to everyone else who actually puts them in and maintains them.
Not just a bank - one of the top 3 central banks in the world. And not just banks, governments:
"The last three appointments to the Federal Reserve are all former Goldman officials GS, +0.09% —Patrick Harker, the new president of the Philadelphia Fed; Robert Kaplan, the new president of the Dallas Fed; and now, Neel Kashkari, the new president of the Minneapolis Fed." [1]
Others, just the most recognizable names, more here [2]:
- Lawrence Summers – Secretary of the Treasury of the United States (1999–2001)
- Mark Patterson – Chief of Staff to the Secretary of the Treasury of the United States (2009–)
- Henry Paulson – Former United States Secretary of the Treasury (2006–2009)
- Romano Prodi – Prime Minister of Italy (1996–1998, 2006–2008) and President of the European Commission (1999–2004)[6]
- Robert Rubin – Former Secretary of the Treasury of the United States, ex–Chairman of Citigroup
- Malcolm Turnbull – Prime Minister of Australia (2015- )
- Erik Åsbrink – Minister for Finance of Sweden (1996–1999)
- Vladimír Dlouhý – Minister of Industry and Trade of the Czech Republic (1992–1997)
- Mario Draghi – President of the European Central Bank (2011-)
- Jon Corzine – Former CEO of MF Global, Inc., former Democratic Governor (2006–2010) and U.S. Senator (2001–2006), New Jersey
- Ziad Bahaa-Eldin – Deputy Prime Minister of Egypt (2013–)
"David Camerons wife consultant for Goldman Sachs"
She worked at Smythson, a British luxury goods manufacturer that got bought out by a consortium lead by the Goldman Sachs executive in 2005. "Two days after her husband became Prime Minister, she announced she was stepping down from her full-time role to take on a consultancy role within Smythson for two days a week. She said that choice was hers alone and had been made after she discovered she was pregnant again and after what she described as an 'understandably difficult year', attributed to the death of her first child, Ivan."
But you know, carry on misrepresenting her as some evil consultant for Goldman Sachs.
J.P Morgan also had a program called "Sons and Daughters" where they actively recruited sons and daughters of prominent
senior Chinese officials to win business.
Much of the value in a bank is in the relationships. Pretty much every service a bank does, any bank can do. It's not that odd that they'd try to sweeten the deal with likely future power brokers.
Plenty of businesses do something similar with work experience programs. You let the kids of your business connections come and sit with you a bit, and they tell daddy what a great experience it was.
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[ 0.24 ms ] story [ 45.6 ms ] threadBanker becomes a head of a bank - what's your issue here?
"The last three appointments to the Federal Reserve are all former Goldman officials GS, +0.09% —Patrick Harker, the new president of the Philadelphia Fed; Robert Kaplan, the new president of the Dallas Fed; and now, Neel Kashkari, the new president of the Minneapolis Fed." [1]
Others, just the most recognizable names, more here [2]:
- Lawrence Summers – Secretary of the Treasury of the United States (1999–2001)
- Mark Patterson – Chief of Staff to the Secretary of the Treasury of the United States (2009–)
- Henry Paulson – Former United States Secretary of the Treasury (2006–2009)
- Romano Prodi – Prime Minister of Italy (1996–1998, 2006–2008) and President of the European Commission (1999–2004)[6]
- Robert Rubin – Former Secretary of the Treasury of the United States, ex–Chairman of Citigroup
- Malcolm Turnbull – Prime Minister of Australia (2015- )
- Erik Åsbrink – Minister for Finance of Sweden (1996–1999)
- Vladimír Dlouhý – Minister of Industry and Trade of the Czech Republic (1992–1997)
- Mario Draghi – President of the European Central Bank (2011-)
- Jon Corzine – Former CEO of MF Global, Inc., former Democratic Governor (2006–2010) and U.S. Senator (2001–2006), New Jersey
- Ziad Bahaa-Eldin – Deputy Prime Minister of Egypt (2013–)
There are many more...
[1] http://www.marketwatch.com/story/at-the-fed-kashkari-appoint... [2] https://en.wikipedia.org/wiki/List_of_former_employees_of_Go...
She worked at Smythson, a British luxury goods manufacturer that got bought out by a consortium lead by the Goldman Sachs executive in 2005. "Two days after her husband became Prime Minister, she announced she was stepping down from her full-time role to take on a consultancy role within Smythson for two days a week. She said that choice was hers alone and had been made after she discovered she was pregnant again and after what she described as an 'understandably difficult year', attributed to the death of her first child, Ivan."
But you know, carry on misrepresenting her as some evil consultant for Goldman Sachs.
From 2013: http://dealbook.nytimes.com/2013/08/30/morning-agenda-jpmorg...
Plenty of businesses do something similar with work experience programs. You let the kids of your business connections come and sit with you a bit, and they tell daddy what a great experience it was.