secretary of defense at the Pentagon, 1970–1972
Goldman: Former CEO; worked at Goldman from 1974 to 2006
R OMANO P RODI
Government: Two-time prime minister of Italy
Goldman: From March 1990 to May 1993 and when not in public office, acted as a consultant to Goldman Sachs
R ICHARD Y. R OBERTS
Government: Former SEC commissioner, 1990–1995
Goldman: Principal at RR&G LLC; retained by Goldman to lobby on TARP
J OHN F. W. R OGERS
Government: Served as undersecretary of state for management at the US Department of State, 1991–1993
Goldman: Executive vice president since April 2011; chief of staff and secretary to board of directors since November 2001; joined in 1994 in the fixed income division and served in various positions, 1994–2001
R OBERT R UBIN
Government: Treasury secretary, 1995–1999; chairman, National Economic Council, 1993–1995
Goldman: Former co-senior partner at Goldman, where he worked from 1966 to 1992
S TEVE S HAFRAN
Government: Adviser to Treasury Secretary Henry Paulson
Goldman: Worked at Goldman from 1993 to 2000
S ONAL S HAH
Government: Director, Office of Social Innovation and Civic Participation (April 2009); advisory board member, Obama-Biden Transition Project; variety of positions in the Treasury Department, 1995–2002
Goldman: Vice president, 2004–2007
F ARYAR S HIRZAD
Government: Served on the staff of the National Security Council at the White House, March 2003–August 2006; assistant secretary for import administration at US Department of Commerce in the Bush administration
Goldman: Global head of government affairs (lobbyist) since 2006
G ENE S PERLING
Government: Director of the National Economic Council in Obama administration
Goldman: Consultant to Goldman in 2008
R OBERT K. S TEEL
Government: Under secretary for domestic finance, Treasury, 2006–2008
Goldman: Former vice chairman of Goldman, where he worked from 1976 to 2004
A DAM S TORCH
Government: Managing Executive of the SEC’s enforcement division, October 2009 to present
Goldman: Former vice president at Goldman, where he worked from 2004 to 2009
M ARTI T HOMAS
Government: Assistant secretary in legal affairs and public policy, 2000; deputy assistant secretary for tax and budget, Treasury Department, 1998–1999; executive floor assistant to Richard Gephardt, 1989–1998
Goldman: Joined Goldman as federal legislative affairs leader, 2007–2009
M ASSIMO T ONONI
Government: Italian deputy Treasury chief, 2006–2008
Goldman: Former partner, 2004–2006
M ALCOLM T URNBULL
Government: Member of the Australian House of Representatives since 2004
Goldman: Chairman and managing director, Goldman Sachs Australia, 1997–2001
S IDNEY W EINBERG
Government: Vice-Chair, War Production Board, during World War II
Goldman: Worked at Goldman from 1907 to 1969
J OHN W HITEHEAD
Government: Under secretary of state from 1985 to 1989; former Chairman of the Board of the Federal Reserve of New York
Goldman: Worked at Goldman from 1947 to 1984. Was co-senior partner with John L. Weinberg
K ENDRICK W ILSON
Government: Adviser to Treasury Secretary Henry Paulson
Goldman: Senior investment banker at Goldman, where he worked from 1998 to 2008
R OBERT Z OELLICK
Government: President, World Bank, since 2007
Goldman: Vice chairman, Goldman Sachs International; managing director and chairman, Board of International Advisors, 2006–2007
A reminder: I am not judging the involvement of these individuals—good or bad. This is merely to present a selected group as data. 1 A spokesman of Goldman stated: “We’re proud of our alumni, but frankly, when they work in the public sector, their presence is more of a negative than a positive for us in terms of winning business. There is no mileage for them in giving Goldman Sachs the corporate equivalent of most-favored-nation status.” 2
Appendix D
Value of Partners’ Shares at IPO
A list of Goldman partners at the time of the IPO is shown in table D-1