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Goldman Sachs' Revolving Door

 

Written by Paula Reid, an intern at the CBS News Investigative Unit in New York.

A CBS News analysis of the revolving door between Goldman and government reveals at least four dozen former employees, lobbyists or advisers at the highest reaches of power both in Washington and around the world.

The Influence and Power of Goldman Sachs

For example, former Treasury Secretary Henry Paulson is a former Goldman CEO; Arthur Levitt, the head of the Securities and Exchange Commission is a now a Goldman adviser; and former House Majority Leader Dick Gephardt is now a paid lobbyist for the firm.

Our alphabetical list:

Joshua Bolten

Government: President George W. Bush's Chief of Staff from 2006-2009; Director of Office of Management and Budget from 2003-2006; White House Deputy Chief of Staff from January 20, 2001 - June 2003.

Goldman: Executive Director of Legal Affairs for Goldman based in London aka the bank's chief lobbyist to the EU from 1994-1999.

Kenneth D. Brody

Government: President and Chairman of the Export-Import Bank of the United States (1993-1996).

Goldman: Former general partner and member of the Management Committee at Goldman Sachs where he worked from 1971-1991.

Kathleen Brown

Government: Former California State Treasurer

Goldman: Senior Advisor responsible for Public Finance, Western Region.

Mark Carney

Government: Governor of the Bank of Canada since 2008.

Goldman: Mr. Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York, and Toronto offices. His progressively senior positions included Co-Head of Sovereign Risk; Executive Director, Emerging Debt Capital Markets; and Managing Director, Investment Banking. He stated at Goldman in 1995.

Robert Cogorno

Government: Former Gephardt aide and one-time floor director for Steny Hoyer (D-MD.), the No. 2 House Democrat.

Goldman: Works for [Steve] Elmendorf Strategies, which lobbies for Goldman.

Kenneth Connolly

Government: Staff Director of the Senate Environment & Public Works Committee 2001-2006.

Goldman: Vice President at Goldman from June 2008 - present.

E. Gerald Corrigan

Government: President of the New York Fed from 1985 to 1993.

Goldman: Joined Goldman Sachs in 1994 and currently is a partner and managing director; he was also appointed chairman of GS Bank USA, the firm's holding company, in September 2008.

Jon Corzine

Government: Governor of New Jersey from 2006-2010; U.S. Senator from 2001-2006 where he served on the Banking and Budget Committees.

Goldman: Former Goldman CEO. Worked at Goldman from 1975-1998.

Gavyn Davies

Government: Former chairman of the BBC from 2001 -2004.

Goldman: Chief Economist at Goldman where he worked from 1986-2001.

Paul Dighton

Government: Chief executive of the London Operating Committee of the Olympic Games (LOCOG).

Goldman: Former COO of Goldman where he worked for 22 years beginning in 1983.

Mario Draghi

Government: Head [Governor] of the Bank of Italy since January 2006.

Goldman: Vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee from 2002-2005.

William Dudley

Government: President Federal Reserve Bank of New York City (2009-present)

Goldman: Partner and Managing Director. Worked at Goldman from 1986-2007.

Steven Elmendorf

Government: Senior Advisor to then-House minority Leader Richard Gephardt.

Goldman: Now runs his own lobbying firm, where Goldman is one of his clients.

Dina Farrell

Government: Deputy Director, National Economic Council, Obama Administration since January 2009.

Goldman: Financial Analyst at Goldman Sachs from 1987-1989.

Edward C. Forst

Government: Advisor to Treasury Secretary, Henry Paulson in 2008.

Goldman: Former Global Head of the Investment Management Division at Goldman where he worked from 1994-2008.

Randall M. Fort

Government: Assistant Secretary of State for Intelligence and Research from November 2006-Jan 2009.

Goldman: Director of Global Security 1996-2006.

Henry H. Fowler

Government: Secretary of the Treasury from 1965-1968.

Goldman: After leaving the Treasury Department, Fowler joined Goldman Sachs in New York City as a partner.

Stephen Friedman

Government: Chairman of the President's Foreign Intelligence Advisory Board and of the Intelligence Oversight Board; Chairman Federal Reserve Bank of New York from 2008- 2009; former director of Bush's National Economic Council. Economic Advisor to President Bush from 2002-2004.

Goldman: Former Co-Chairman at Goldman Sachs and still a member of their board. Joined Goldman in 1966

Gary Gensler

Government: Chairman of the U.S. Commodity Futures Trading Commission since 2009; Undersecretary to the Treasury from 1999 to 2001; Assistant Secretary to the Treasury from 1997-1999.

Goldman: Former Co-head of Finance for Goldman Sachs worldwide. Worked at Goldman from 1979-1997.

Lord Brian Griffiths

Government: Head of the Prime Minister's Policy Unit from 1985 to 1990.

Goldman: International Advisor since 1991.

Jim Himes

Government: Congressman from Connecticut (on Committee on Financial Services) since 2009. Goldman: Began working at Goldman in 1990 and was eventually promoted to Vice President.

Robert D. Hormats

Government: Under Secretary of State for Economic, Energy and Agricultural Affairs-designate since July 2009; Assistant Secretary of State for Economic and Business affairs from 1981 to 1982.

Goldman: Vice Chairman of Goldman Sachs International and Managing Director of Goldman Sachs & Co. He worked at Goldman Sachs from 1982-2009.

Chris Javens

Government: Ex-tax policy adviser to Iowa Senator Chuck Grassley.

Goldman: Now lobbies for Goldman.

Reuben Jeffery III

Government: Under Secretary of State for Economic, Business, and Agricultural Affairs from 2007-2009; Chairman of the Commodity Futures Trading Commission from 2005-2007.

Goldman: Former Managing Partner of Goldman Sachs Paris Office. Worked at Goldman Sachs from 1983-2001.

Dan Jester

Government: Former Treasury Advisor.

Goldman: Former Goldman Executive.

James Johnson

Government: Selected to serve on Obama's Vice Presidential section committee but stepped down.

Goldman: Board of Director of Goldman Sachs since May 1999.

Richard Gephardt

Government: U.S. Representative (1977 to 2005);

Goldman: President and CEO, Gephardt Government Affairs (since 2007). Hired by Goldman to represent its interests on issues related to TARP.

Neel Kashkari

Government: Interim head, Treasury's Office of Financial Stability from October 2008-May 2009; Assistant Secretary for International Economics (confirmed in summer 2008) Special assistant to Treasury Secretary Henry Paulson from 2006-2008.

Goldman: Vice President at Goldman Sachs from 2002-2006.

Lori E Laudien

Government: Former counsel for the Senate Finance Committee in 1996-1997.

Goldman: Lobbyist for Goldman since 2005.

Arthur Levitt

Government: Chairman, SEC 1993-200;

Goldman: Advisor to Goldman Sachs (June 2009- present).

Philip Murphy

Government: U.S. Ambassador to Germany since 2009.

Goldman: Former Senior Director of Goldman Sachs where he worked from 1983-2006.

Michael Paese

Government: Top Staffer to House Financial Services Committee Chairman Barney Frank. Goldman: Director of Government Affairs/Lobbyist (2009)

Mark Patterson

Government: Treasury Department Chief of Staff since February 2009.

Goldman: Lobbyist for Goldman Sachs from 2003-2008.

Henry "Hank" Paulson

Government: Secretary of the Treasury from March 2006 to January 2009; White House Domestic Council, serving as Staff Assistant to the President from 1972 to 1973; Staff Assistant to the Assistant Secretary of Defense at the Pentagon from 1970 to 1972.

Goldman: Former Goldman Sachs CEO. Worked at Goldman from 1974-2006.

Romano Prodi

Government: Two time prime minister of Italy.

Goldman: From March 1990 to May 1993 and when not in public office, Mr. Prodi acted as a consultant to Goldman Sachs.

Steve Shafran

Government: Adviser to Treasury Secretary Henry Paulson.

Goldman: Worked at Goldman from 1993- 2000.

Sonal Shah

Government: Director, Office of Social Innovation and Civic Participation (April 2009); advisory board member Obama-Biden transition Project; former previously held a variety of positions in the Treasury Department from 1995 to early 2002.

Goldman: Vice President 2004-2007.

Faryar Shirzad

Government: Served on the staff of the National Security Council at the White House from March 2003 -August 2006; Assistant Secretary for Import Administration at the U.S. Department of Commerce in the Bush Administration.

Goldman: Global head of government affairs (Lobbyist) since 2006.

Robert K. Steel

Government: Under Secretary for Domestic Finance of the United States Treasury from 2006-08. Goldman: Former Vice Chairman of Goldman Sachs where he worked from 1976-2004.

Adam Storch

Government: COO of the SEC's Enforcement Division (October 2009-present). He was 29 years old at the time of his appointment.

Goldman: Former Vice President at Goldman Sachs where he worked from 2004-2009.

Richard Y. Roberts

Government: Former SEC commissioner from 1990 to 1995.

Goldman: Now working as a principal at RR&G LLC, which was hired by Goldman to lobby on TARP.

Robert Rubin

Government: Treasury Secretary from 1995-1999; Chairman of the National Economic Council from 1993-1995.

Goldman: Former Co-Chairman at Goldman Sachs where he worked from 1966-1992.

John Thain

Government: CEO President of NYSE (2004-07)

Goldman: President and Co- Chief Operating Officer from 1999-2004.

Marti Thomas

Government: Assistant Secretary in Legal Affairs and Public Policy in 2000. Treasury Department as Deputy Assistant Secretary for Tax and Budget from 1998-1999; Executive Floor Assistant to Dick Gephardt from 1989-1998.

Goldman: Joined Goldman as the Federal Legislative Affairs Leader from 2007-2009.

Massimo Tononi

Government: Italian deputy treasury chief from 2006-2008.

Goldman: Former Partner at Goldman Sachs from 2004 - 2006.

Malcolm Turnbull

Government: Member of the Australian House of Representatives since 2004.

Goldman: Chairman and Managing Director, Goldman Sachs Australia from 1997-2001 and Partner with Goldman Sachs and Co from 1998-2001.

Sidney Weinberg

Government: Served as Vice-Chair for FDR's War Production Board during World War II. Goldman: Worked at Goldman from 1907-1969, eventually becoming CEO after starting as a $3-a-week janitor's assistant.

Kendrick Wilson

Government: Advisor to Treasury Secretary Henry Paulson.

Goldman: Senior investment banker at Goldman where he worked from 1998- 2008.

Robert Zoellick

Government: President of the World Bank since 2007.

Goldman: Vice Chairman, International of the Goldman Sachs Group, and a Managing Director and Chairman of Goldman Sachs' Board of International Advisors (2006-07)