For Further Research: Goldman Sachs

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One of the somewhat unusual skills of the librarian is to be able to look at an object, whether it is a painting, novel , or film and be able to conjure up questions about it. This is helpful so that when the librarian has a perplexed and desperate patron, he or she is able to reassure them with many answers to the as to the areas they can research, and even knows what sources to begin with. And given the librarians' thorough training in both online and old fashioned citation manuals, the librarian can teach the novice scholar how to effectively document his or her research in a paper. In addition to key areas of an information source, the librarian must be able to see "beyond" what is presented. Does the road of research stop at the end of an article or documentary, or is it just the beginning of research for an economist, and anthropologist, or a philosopher? The librarian needs to be able to help each one of these individuals locate pertinent information in a source.

Areas for further research:

The role of banks in industry

Quote from Chairman and CEO of Goldman Sachs Lloyd Blankfein, "We help companies to grow by helping them raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It's a virtuous cycle"(Arlidge 2).

The importance of bonuses paid out by banks

Quote from Chairman and CEO of Goldman Sachs Lloyd Blankfein, "Paying top dollar to recruit and retain the best bankers won't sink the system, but save it.... If you examine our practices on compensation, you will see a complete correlation throughout our history of having remuneration match performance over the long term. Others made no money and still paid large bonuses. Some are not around any more. I wonder why"(3).

Workplace culture

Quote from Goldman Sachs employee Sara Smith, "It's a 24/7 culture" she says. "When you're needed, you're here. And if you're needed and you're not answering your phone, you won't be needed very long"(4). Quote about Goldman Sachs in general: "Other practices are distinctly creepy. Goldmanites are forced to check their secure voicemail morning, noon and night for the latest bon mots of Blankfein and Eileen Dillon, 48, who is officially head of operations for the executive office but unofficially camp counselor. Goldman is the biggest user of voicemail in the world "(5).

"Goldman's political web"(8).

"Robert Rubin/Bill Clinton-Rubin spent 26 years at Goldman before joining the Clinton administration as an economic advisor. He served as treasury secretary for four years from 1995, and remains an advisor to President Barack Obama.

Hank Paulson/George Bush-Paulson was CEO of Goldman before becoming the US treasury secretary. At the height of the credit crunch, when Paulson was working on the AIG bail-out, Blankfein's name appeared on Paulson's call sheet 24 times in six days.

Larry Summers/Barack Obama-Obama's economic advisor Summers never worked directly for Goldman, but served in Clinton's government under his mentor, Robert Rubin. Goldman paid Summers $135,000 to appear at a one-day speaking event in 2008 before Barack Obama came to power"(8-9).

Earnings

"Goldman Sachs isn't nicknamed 'Goldmine Sachs' for nothing. There's so much of the stuff sloshing around that in an average year a good investment banking partner will make $3.5m, a good trading partner $7-10m and a management committee member $15-20m"(5).

Career advancement

"At Goldman, people are money. The top are richly rewarded, while the fourth quartilers? Who cares? They won't be around much longer. It's up or out. 'We say goodbye to the bottom 3-5% every year (about 1,500 people),' says Richard Gnodde, 49, co-boss of the European operation, based in London"(5).

Work cited

Arlidge, John.'I'm doing 'God's work'. Meet Mr. Goldman Sachs.: The Sunday Times gains unprecedented access to the world's most powerful, and most secretive, investment bank. Times Online 8 Nov. 2009, 10pgs. 28 May, 2010 http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece.