Goldman Sachs has been dominating the business news,but many may not understand what the company actually does.Professor Samuel Hayes of the Harvard Business School says Goldman Sachs affects all of our lives.It serves as brokerage and researcher for pension funds;raises money for cities and towns;facilitates new issues of stock for companies we work for or invest in;and engages in trading for its own profit.
Goldman Sachs has a lot of influence through its alumni in government.Two of them went on to become U.S Treasury Secretary,but the alumni are active all over the world.Professor Hayes is sure there are elements of both resentment and actual misconduct fueling the current furor over the company.Goldman Sachs should know that the perception of this behavior is damaging.They will have to live with it for a long time,in the professor's opinion.
Goldman Sachs is 140 years old.It employs 35,000 people worldwide.In recent years,its proprietary trading has grown in importance,which has been criticized by some as being less than socially useful.
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