Goldman Sachs

The Goldman Sachs Group, Inc. NYSE: GS (referred to as GS, or just Goldman) is an investment bank. The firm was founded in 1869. Headquartered in downtown New York City at 85 Broad Street ([1]), Goldman operates globally with offices in leading financial centers, e.g. New York City, Frankfurt, London, Hong Kong and Tokyo.

Goldman is mostly involved in wholesale financial services, although it has a newer and growing Private Client Services arm. Its largest area of activity is proprietary trading, that is, executing trades for its own profit with its own money. In fact, investment banking accounts for only 5 percent of Goldman's profits.

Quick facts

  • Employed 20,722 people at the end of November 2004.
  • Pre-tax earnings in the 2003 fiscal year ending November 30 were $4.445 billion.
  • The CEO is Hank Paulson.

Lines of Business

Goldman Sachs is divided into three different lines of business: Investment Banking, Trading and Principal Investments, and Asset Management and securities services.

Investment Banking includes traditional investment banking, and mergers and acquisitions (M&A) advisory. Goldman Sachs is one of the leading investment banks, topping the league tables many times, especially in equity operations. In mergers and acquisitions, it gained fame historically by advising clients on how to avoid a hostile takeover. Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile takeover, which increased the firm's reputation immensely. This segment accounts for around 15 percent of Goldman Sach's revenues.

Trading and Principal Investments is the largest segment and profit center for Goldman. This segment consists of the revenues and profit gained from the Bank's trading activities, both on behalf of its clients and for its own account (called proprietary trading). Many trades however are done for both reasons. Most trading done by Goldman is not a "bet" of a particular outcome in the market, but rather attempting to sell something for an incrementally greater amount of money it was forced to buy something for, in the process of acting as a market maker. Like the rest of the Investment Banking industry, this occurs primarily in the bond market. Around 65 percent of Goldman's revenues and profits are from this area. Upon its IPO, Goldman predicted that this segment would not grow as fast as its Investment Banking division and would be responsible for a shrinking proportion of earnings. The opposite has been true, however.

The final segment is Asset Management and securities services. "Asset Management" is an industry term for mutual funds, of which Goldman runs many. This segment accounts for around 19 percent of Goldman's earnings. "Securities services" is mostly a reference to Prime brokerage, which is a stock brokerage for hedge funds that executes many trades and is a particularly profitable division within Goldman Sachs.

History

Goldman Sachs was founded by Marcus Goldman as a business which assisted other businesses in borrowing money via commercial paper (very short term loans). It grew organically from this base, but suffered a major setback when it setup what would be called today a giant hedge fund (Goldman Sachs Trading Co.) in 1929 which crashed in the resulting great depression. This damaged its repuation for a long time.

Sydney Weinberg became the head of Goldman Sachs. He was a relentless salesman, trying to befriend as many leaders of top businesses and governments as possible. His close friendship with the Ford family allowed Goldman Sachs to arrange for the Ford IPO, the largest in the world at that time. This was a major coup for the company which enhanced its reputation greatly. Others at Goldman realized that essentially all new business was brought in from Weinberg, and so instituted an outbound sales force to attempt to become less reliant on Weinberg. This had never been done before in investment banking.

Gustave Levy took over after Weinberg. He came from the firms trading department, and got Goldman Sachs into the business of trading for its own profit (its major source of profit today). John Whitehead and Weinbergs son next took over. They commited Goldman Sachs to expand internationally.

Alumni of Goldman Sachs

Many former partners of Goldman Sachs have gone on to hold prominent public positions including Robert Rubin the United States Secretary of the Treasury under Bill Clinton, Jon Corzine currently a United States Senator from New Jersey, and John Thain currently the CEO of the New York Stock Exchange. Also, Steven Friedman was Chairman of George W. Bush's National Economic Council, incidentally the position Rubin held before moving to Treasury.

Another former partner, Jack Ryan (Senate candidate), withdrew from his bid for the open United States Senate seat in Illinois after embarrassing allegations about his sexual past.

Apart from political careers, alumni of Goldman Sachs seek entrepreneurship and excel there:

  • J Christopher Flowers, a former partner who set up J.C. Flowers & Company, he is a member of the Forbes 400 list.
  • Edward S Lampert, a former protégé of Robert Rubin and founder of ESL Investments, is a member of the Forbes 400.

Scandals involving Goldman Sachs

Joyti De-Laurey

Joyti De-Laurey was convicted eleven to one in April 2004 by a UK jury for stealing more than £4m by forging cheques.

A spokesman for Goldman Sachs described the thefts as "gross abuse of trust and an extremely unpleasant incident for all those affected". The Financial Times called her a "queen of deceit", Scott Mead, the executive whose signature De-Laurey forged, called her a "Picasso of con-men— she was brilliant". Another previous boss of hers, Ron Beller said she was "a very clever con artist". She also worked for Jennifer Beller.

Critics have suggested that the case has been over-stated, as forging cheques does not require exceptional intelligence. Also, claims that forgeries were exceptional are questionable as another witness to the case, Ms. Sophie Pemberton, who is another employee of Mead's, stated that Mead "never signed anything" and that she regularly forged his signature.

De-Laurey's story was made into a television movie broadcast by the BBC on June 8, 2005. Titled The Secretary Who Stole £4 Million, it starred Meera Syal as Joyti De-Laurey, and featured contributions from her friends, family and co-workers.

Misleading analysis of telecommunications companies

In a statement issued by William Donaldson, chairman of the US securities and exchange commission on October 31st 2003, he said Bear Stearns, Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Piper Jaffray, Salomon Smith Barney, and UBS Warburg (now known as UBS Securities) ("UBS") issued research reports that were not based on principles of fair dealing and good faith and did not provide a sound basis for evaluating facts, contained exaggerated or unwarranted claims about the covered companies, and/or contained opinions for which there were no reasonable bases in violation of New York Stock Exchange ("NYSE") Rules 401, 472 and 476(a)(6), and NASD, Inc., Rules 2110 and 2210 as well as state ethics statutes.

An analyst, Craig Kloner, when asked what his three most important goals for 2000 were, said "to get more investment banking revenue" ([2]) ([3]).

The Financial Times called it "the worst financial scandal in a generation". Donaldson fined Goldman-Sachs US$110m, and the investment banks as a whole $1.4bn ([4]) in the so called "global settlement".

Criticisms against Goldman Sachs

In 2002, Goldman Sachs paid US$ 1.65 million in fines for allegedly violating e-mail record keeping requirements. In 2003, Goldman Sachs paid US$ 110 million as part of the settlement over research improprieties when New York State Attorney General, Eliot Spitzer, fined Wall Street for bad behavior. In 2003, the company agreed to pay US$ 4.3 million in restitution and a US$ 5 million in penalty related to improper trading in US Treasury Securities and futures. In 2004, Goldman Sachs agreed to pay US$ 2 million to the Securities and Exchange Commission (SEC) for settling charges of promoting an IPO before the IPO registration became effective. The SEC also alleged that Goldman Sachs spoke to the media about an IPO by PetroChina before an initial registration was filed. Goldman Sachs also raked in hundreds of millions in fees for underwriting companies like PlanetRx.com, Webvan, etc., which later went bankrupt. Spear Leeds, a firm Goldman Sachs bought in 2000 and renamed as Goldman Sachs Execution & Clearing LP, had to pay US$ 45.3 million to the National Association of Securities Dealers (NASD) in 2004 to settle charges that it traded ahead of customers. In 2005, Goldman Sachs Execution & Clearing LP was fined US$ 1 million by NASD for hiding IPO allocations from the Depository Trust Corporation.

Diversity

Goldman Sachs received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report. In addition, the company was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.

References

Goldman Sachs: The Culture of Success. Lisa Endlich. Little, Brown and Company. 1999. ISBN 0316643734


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ISBN 0316643734. infralite --81.214.136.20 22:26, 11 August 2005 (UTC). 1999. My personal prediction is that soon Turkcell will own 100% of the cell market in Turkey, and continue in its prosperity. Little, Brown and Company. This non-intentional mutual relationship is what the other companies strive and relish on. Lisa Endlich. This is a weird situation, because Turkcell hasn't lost any customers, yet the other companies have gained some.

Goldman Sachs: The Culture of Success. They are now dual users, using either SIM card depending on who they are calling. In addition, the company was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. Groups of friends bought telephone numbers that were consecutive to eachother, and subscribed to price schemes that enabled theö to communicate with eachother for much cheaper. Goldman Sachs received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report. This caused some users to switch back to the rival operators, especially in "groups". In 2005, Goldman Sachs Execution & Clearing LP was fined US$ 1 million by NASD for hiding IPO allocations from the Depository Trust Corporation. After the rival companies lost their share of the market, they started to cut prices half or even lower, giving out amazing deals.

Spear Leeds, a firm Goldman Sachs bought in 2000 and renamed as Goldman Sachs Execution & Clearing LP, had to pay US$ 45.3 million to the National Association of Securities Dealers (NASD) in 2004 to settle charges that it traded ahead of customers. Other technologies such as WAP, GPRS, MMS, EDGE were also brought to Turkey first by Turkcell. Goldman Sachs also raked in hundreds of millions in fees for underwriting companies like PlanetRx.com, Webvan, etc., which later went bankrupt. helped Turkcell make their prices reasonable and even cheaper than other cell phone companies. The SEC also alleged that Goldman Sachs spoke to the media about an IPO by PetroChina before an initial registration was filed. Special price schemes such as:. In 2004, Goldman Sachs agreed to pay US$ 2 million to the Securities and Exchange Commission (SEC) for settling charges of promoting an IPO before the IPO registration became effective. It was Turkcell's innovative ideas that pushed it a level higher than its rivals.

In 2003, the company agreed to pay US$ 4.3 million in restitution and a US$ 5 million in penalty related to improper trading in US Treasury Securities and futures. These two companies joined in 2004 to form Avea which is the concatenated form of "A ve A", which translates to "A and A", meaning Aycell and Aria. In 2003, Goldman Sachs paid US$ 110 million as part of the settlement over research improprieties when New York State Attorney General, Eliot Spitzer, fined Wall Street for bad behavior. The same was valid, in a smaller measure, for the Italian phone company Aria. In 2002, Goldman Sachs paid US$ 1.65 million in fines for allegedly violating e-mail record keeping requirements. Aycell, the cell phone service of the Turkish Government's local phone company Turk Telekom, never caught up. Donaldson fined Goldman-Sachs US$110m, and the investment banks as a whole $1.4bn ([4]) in the so called "global settlement". Telsim is still trying to hold up against Turkcell, and has significantly lost its customers to Turkcell.

The Financial Times called it "the worst financial scandal in a generation". The company's once large rivals Telsim, Aycell and Aria have all diminished with Turkcell's rise to power and innovative ideas. An analyst, Craig Kloner, when asked what his three most important goals for 2000 were, said "to get more investment banking revenue" ([2]) ([3]). and 10.00 p.m. In a statement issued by William Donaldson, chairman of the US securities and exchange commission on October 31st 2003, he said Bear Stearns, Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, Merrill Lynch, Piper Jaffray, Salomon Smith Barney, and UBS Warburg (now known as UBS Securities) ("UBS") issued research reports that were not based on principles of fair dealing and good faith and did not provide a sound basis for evaluating facts, contained exaggerated or unwarranted claims about the covered companies, and/or contained opinions for which there were no reasonable bases in violation of New York Stock Exchange ("NYSE") Rules 401, 472 and 476(a)(6), and NASD, Inc., Rules 2110 and 2210 as well as state ethics statutes. and 8.00 p.m., while TurkcellExtras in shopping malls are open everyday between 10.00 a.m. Titled The Secretary Who Stole £4 Million, it starred Meera Syal as Joyti De-Laurey, and featured contributions from her friends, family and co-workers. TurkcellExtras, apart for those in shopping malls, are open every day between 9.00 a.m.

De-Laurey's story was made into a television movie broadcast by the BBC on June 8, 2005. on weekdays. Sophie Pemberton, who is another employee of Mead's, stated that Mead "never signed anything" and that she regularly forged his signature. Turkcell regional offices are open until 6.00 p.m. Also, claims that forgeries were exceptional are questionable as another witness to the case, Ms. Turkcell serves its customers through its regional offices, subscription centers and TurkcellExtra shops across Turkey. Critics have suggested that the case has been over-stated, as forging cheques does not require exceptional intelligence. Turkcell subscribers can reach the call centers 7 days a week, 24 hours a day on +90(212) 444 0 532, by fax on +90(212) 313 00 99 or via e-mail to mailto:musteri.hizmetleri@turkcell.com.tr.

She also worked for Jennifer Beller. International roaming agreements enable Turkcell subscribers to communicate through 464 operators in 180 countries as of August 5, 2005. Another previous boss of hers, Ron Beller said she was "a very clever con artist". By frequently increasing the number of international roaming agreements with foreign operators, Turkcell continually expands the scope of its international roaming services and offers an advantage to its subscribers through its wide coverage area and quality infrastructure. The Financial Times called her a "queen of deceit", Scott Mead, the executive whose signature De-Laurey forged, called her a "Picasso of con-men— she was brilliant". During the fair, Turkcell promotes its new services as along with constantly developing new ones. A spokesman for Goldman Sachs described the thefts as "gross abuse of trust and an extremely unpleasant incident for all those affected". Turkcell will also continue to sponsor the Bilisim CeBIT event, one of the major Information Technology fairs in Europe, for the 7th time in 2004.

Joyti De-Laurey was convicted eleven to one in April 2004 by a UK jury for stealing more than £4m by forging cheques. The last phase of the project, The Restoration of Ancient Theater, was completed in June 2003. Apart from political careers, alumni of Goldman Sachs seek entrepreneurship and excel there:. Since 1999, Turkcell has supported the Restoration of the Ancient City Walls in Bodrum. Another former partner, Jack Ryan (Senate candidate), withdrew from his bid for the open United States Senate seat in Illinois after embarrassing allegations about his sexual past. Turkcell also continues to play a central role in the cultural life of the community by sponsoring the International Istanbul Film Festival and co-sponsoring the International Istanbul Jazz Festival. Bush's National Economic Council, incidentally the position Rubin held before moving to Treasury. Through this project, Turkcell aims to encourage "fair play" by awarding sports people that show fairness, impartiality and solidarity.

Also, Steven Friedman was Chairman of George W. The "Turkcell Football Awards" project was initiated in 2003 to promote fair play on and off the pitch. Many former partners of Goldman Sachs have gone on to hold prominent public positions including Robert Rubin the United States Secretary of the Treasury under Bill Clinton, Jon Corzine currently a United States Senator from New Jersey, and John Thain currently the CEO of the New York Stock Exchange. It also supports Turkish football by sponsoring 14 of the 18 football teams in the Turkish Super League. They commited Goldman Sachs to expand internationally. Turkcell has been the Official Communication Sponsor of the national football and basketball teams since 2002. John Whitehead and Weinbergs son next took over. The project received international recognition in June 2001, when it won the UK Institute of Public Relations Excellence Award and the Crystal Obelisk Award from the Foundation of Women Executives in Public Relations in New York in 2002.

He came from the firms trading department, and got Goldman Sachs into the business of trading for its own profit (its major source of profit today). Turkcell's main educational project, "Contemporary Girls of Contemporary Turkey", which started in 2000, grants scholarships to 5,000 young women in less developed parts of the country. Gustave Levy took over after Weinberg. Turkcell is a pioneer in supporting several ground-breaking projects aimed at improving the educational status of young people in Turkey. This had never been done before in investment banking. Hazir Kart subscribers have access to all Turkcell's global GSM services. Others at Goldman realized that essentially all new business was brought in from Weinberg, and so instituted an outbound sales force to attempt to become less reliant on Weinberg. In March 1999, Turkcell launched a prepaid service named Hazir Kart for subscribers with lower spending levels, or who preferred to have more incoming than outgoing calls.

This was a major coup for the company which enhanced its reputation greatly. This service enables subscribers to send pictures, voicemail and melody messages from their MaxiMeSaj compatible cellular phones to other cellular phones or e-mail addresses within the coverage area. His close friendship with the Ford family allowed Goldman Sachs to arrange for the Ford IPO, the largest in the world at that time. In July 2002, Turkcell launched its Multimedia Message Service (MMS), "MaxiMeSaj", across Turkey. He was a relentless salesman, trying to befriend as many leaders of top businesses and governments as possible. With GPRS roaming agreements with 203 operators in 81 countries, Turkcell is the world leader in terms of the number of contracted operators as of August 5, 2005. Sydney Weinberg became the head of Goldman Sachs. Turkcell's GPRS roaming agreements with foreign operators provide its subscribers with access to GPRS services in the international arena.

This damaged its repuation for a long time. Today, its GPRS services provide subscribers with Internet access through their GPRS compatible cellular phones anywhere within the coverage area allowing them to send or receive all types of files via e-mail in a mobile environment. It grew organically from this base, but suffered a major setback when it setup what would be called today a giant hedge fund (Goldman Sachs Trading Co.) in 1929 which crashed in the resulting great depression. In March 2001, Turkcell launched its GPRS services across Turkey. Goldman Sachs was founded by Marcus Goldman as a business which assisted other businesses in borrowing money via commercial paper (very short term loans). Since its inception, Turkcell has made investments in its infrastructure to ensure it is able to offer new services simultaneously with global players allowing its subscribers easy access to information, savings in time and improvements in the quality of life. "Securities services" is mostly a reference to Prime brokerage, which is a stock brokerage for hedge funds that executes many trades and is a particularly profitable division within Goldman Sachs. Having continually invested in human resources and technology by employing 2,300 trained and specialist personnel, Turkcell became the first GSM operator in Turkey to be awarded the prestigious ISO 9001 certificate for the quality of its service in November 1999.

This segment accounts for around 19 percent of Goldman's earnings. Coverage Area. "Asset Management" is an industry term for mutual funds, of which Goldman runs many. Through a state-of-the-art GSM network, Turkcell provides comprehensive coverage of an area that, as of March 31, 2005, includes 100% of the population living in cities of 10,000 or more people and 99.89% of the population living in cities of 5,000 or more people, 95.91% of total population, and 75.26% of Turkish geography. The final segment is Asset Management and securities services. This enables the Company to closely track global developments and act as an active player in defining global strategies. The opposite has been true, however. Turkcell uses the GSMA Board as a platform to meet the world's leading GSM operators, cell phone manufacturers, and data/content providers and developers on a regular basis.

Upon its IPO, Goldman predicted that this segment would not grow as fast as its Investment Banking division and would be responsible for a shrinking proportion of earnings. Apart from Turkcell, some of the world's major GSM operators including Vodafone, Orange, NTT DoCoMo, and AT&T Wireless are among the 21 new board members. Around 65 percent of Goldman's revenues and profits are from this area. With over 700 members from 192 countries and a total of around 1 billion subscribers, the GSM Association represents approximately 77% of the world communication industry. Like the rest of the Investment Banking industry, this occurs primarily in the bond market. As the leading operator in Turkey and the region, Turkcell was appointed Member of the Board of the GSM Association in early 2003. Most trading done by Goldman is not a "bet" of a particular outcome in the market, but rather attempting to sell something for an incrementally greater amount of money it was forced to buy something for, in the process of acting as a market maker. It has 4.2 million subscribers via Fintur and its affiliates in partnership with TeliaSonera in Azerbaijan, Kazakhstan, Georgia and Moldova, as of March 31, 2005.

Many trades however are done for both reasons. Turkcell also provides GSM services internationally. This segment consists of the revenues and profit gained from the Bank's trading activities, both on behalf of its clients and for its own account (called proprietary trading). Group, 0.01% by other, and the free float is 16.55%. Trading and Principal Investments is the largest segment and profit center for Goldman. As far as direct and indirect ownership is concerned, Turkcell's shareholder structure is as follows: 40.28% is held by the Cukurova Group, 37.09% by Sonera Holding, 6.07% by M.V. This segment accounts for around 15 percent of Goldman Sach's revenues. Turkcell is the first Turkish company to be listed on the New York Stock Exchange (NYSE) where its shares have been traded since July 11, 2000 along with trading on the Istanbul Stock Exchange (IMKB).

Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile takeover, which increased the firm's reputation immensely. According to company data and a report published in Global Mobile Magazine's November 2003 issue, Turkcell is among Europe's top ten biggest GSM operator in terms of subscribers. In mergers and acquisitions, it gained fame historically by advising clients on how to avoid a hostile takeover. Having invested approximately $4.1 billion since its inception (as of December 31, 2004 - domestic operations only, including license fee), Turkcell provides services to 25.6 million subscribers as of June 30, 2005. Goldman Sachs is one of the leading investment banks, topping the league tables many times, especially in equity operations. Having signed a 25-year GSM license contract with the Turkish Ministry of Transportation on April 27, 1998, Turkcell has made continuous improvements to the range and quality of the voice and data communication services it offers; and hence, increased its number of subscribers. Investment Banking includes traditional investment banking, and mergers and acquisitions (M&A) advisory. In February 1994, Turkcell introduced mobile communication in Turkey with its GSM services.

Goldman Sachs is divided into three different lines of business: Investment Banking, Trading and Principal Investments, and Asset Management and securities services. . . [3]. In fact, investment banking accounts for only 5 percent of Goldman's profits. "Şirket Hakkında", Avea. Its largest area of activity is proprietary trading, that is, executing trades for its own profit with its own money. [2].

Goldman is mostly involved in wholesale financial services, although it has a newer and growing Private Client Services arm. "The beginning of 'freedom' with mobile Turkcell services", Turkcell. New York City, Frankfurt, London, Hong Kong and Tokyo. [1]. Headquartered in downtown New York City at 85 Broad Street ([1]), Goldman operates globally with offices in leading financial centers, e.g. "Tarihçe", Telsim. The firm was founded in 1869. Speaking at a specific time of day with a discount,.

NYSE: GS (referred to as GS, or just Goldman) is an investment bank. Speaking to all Turkcell users with a low discount,. The Goldman Sachs Group, Inc. Speaking to 1 person with a very high discount, (Targeted at lovers etc.). Edward S Lampert, a former protégé of Robert Rubin and founder of ESL Investments, is a member of the Forbes 400. Speaking to just 3 people with a high discount, and other people normal price, (Targeted for family members). Flowers & Company, he is a member of the Forbes 400 list.

J Christopher Flowers, a former partner who set up J.C. The CEO is Hank Paulson. Pre-tax earnings in the 2003 fiscal year ending November 30 were $4.445 billion. Employed 20,722 people at the end of November 2004.

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