Samuel Sachs History: Goldman Sachs And Co. Bank

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Goldman Sachs and co. Goldman Sachs history: The story of the Goldman Sachs and co. Bank is an interesting one. In 1848 Marcus Goldman who was a teacher in Germany decided to take take a big step and head out to America to try and pursue the American Dream. Marcus settled in relatively quickly in America and within 1869 he started trading valuable or commercial papers between companies. As a part of his business he helped smaller companies to gain short-term capital while taking a small cut for himself. More and more businesses started approaching him regarding capital and he quickly become renowned between various business and gained a reputation and a broker. The name of the company was created when in 1882 Marcus’ son-in-law Samuel Sachs…show more content…
were doing, they are an investment company and thus they were offering/investing in other companies. During the great depression it all quickly went sour as most of their investments collapsed and Goldman Sachs found themselves in a very dangerous situation, almost at the bottom. John Kenneth also stated in the following passage that “The metaphor for all these promotions was Goldman Sachs.” Goldman Sachs were a prime example of what could happen when things go wrong and they did. The story unfolded a little earlier, about a year before the crash when Goldman decided to venture into its Trading cooperation. Goldman Sachs Trading corporation was created on the 4th of December in 1928. Goldman bought 10% the initial stocks for Trading cooperation which had a total of 100,000,000$ with 100$ a piece and quickly sold 90% of it to the public at 104$ a piece instantly generating a quick buck and a profit of 4% (4,000,000) which was nice to start with. Within two months they merged the Trading corp with another Financial and Industrial securities corporation and more than doubled its total value of assets to over…show more content…
But, as many gigantic companies and banks they had a “back-door” to this whole situation as former employees of Goldman Sachs were head of the national treasure, one specific name that comes to mind is Henry Paulson. Suddenly Goldman Sachs and the Treasure were in partnership, meaning that the Treasure was very helpful with assisting Goldman with finances, and very quickly within the second quarter of 2009 Goldman Sachs were making gigantic profits once
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