Founder(s): Marcus Goldman. Samuel Sachs, in 1869
Goldman Sachs History
GS was founded in New York in 1869 by the German-born Marcus Goldman. In 1882, Goldman’s son-in-law Samuel Sachs joined the firm.In 1885, Goldman took his son Henry and his son-in-law Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs & Co.
Goldman Sachs Trivia
- GS Headquarters, at 200 West Street, in Manhattan.
- In the early 20th century, Goldman was a player in establishing the initial public offering (IPO) market
- On December 4, 1928, it launched the Goldman Sachs Trading Corp. a closed-end fund with characteristics similar to that of a Ponzi scheme. The fund failed as a result of the Stock Market Crash of 1929, hurting the firm’s reputation for several years afterward
- On November 16, 1981, the firm made a move by acquiring J. Aron & Company, a commodities trading firm which brought Lloyd Blankfein on board of Sachs.
- The firm joined David Rockefeller and partners in a 50–50 joint ownership of Rockefeller Center during 1994, but later sold the shares to Tishman Speyer in 2000.
- In 1996, Goldman was lead underwriter of the Yahoo! IPO and in 1998 it was global coordinator of the NTT DoCoMo IPO.
- In 1999, Henry Paulson took over as Senior Partner
- In 1999, Goldman acquired Hull Trading Company, one of the world’s premier market-making firms,
- It expanded its investments in companies to include Burger King, McJunkin Corporation, and in January 2007, Alliance Atlantis alongside CanWest Global Communications to own sole broadcast rights to the all three CSI series.
- In May 2006, Paulson left the firm to serve as U.S. Treasury Secretary, and Lloyd C. Blankfein was promoted to Chairman and Chief Executive Officer.
- GSAMP originally stood for Goldman Sachs Alternative Mortgage .
- GS Capital Partners is their private equity arm . It has invested over $17 billion in the 20 years from 1986 to 2006. One of the most prominent funds is the GS Capital Partners V fund, which comprises over $8.5 billion of equity
- In December 2005, four years after its report on the emerging “BRIC” economies (Brazil, Russia, India, and China), Goldman Sachs named its “Next Eleven” list of countries, using macroeconomic stability, political maturity, openness of trade and investment policies and quality of education as criteria: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam.
- In April, 2010, Goldman director Rajat Gupta was named in an insider-trading case. It was said Gupta had “tipped off a hedge-fund billionaire,” Raj Rajaratnam of Galleon Group, about the $5 billion Berkshire Hathaway investment in Goldman in September, 2008