On April 14, 2011, the United States Senate's Permanent Subcommittee on Investigations released a 635-page report entitled Wall Street and the Financial Crisis: Anatomy of a Financial Collapse which described some of the causes of the financial crisis. Senate report on the causes of the financial crisis of 2007–2008 Goldman has denied wrongdoing in these cases. Goldman has also been accused of an assortment of other misdeeds, including a general decline in ethical standards, working with dictatorial regimes, cozy relationships with the US federal government via a " revolving door" of former employees, insider trading by some of its traders, and driving up prices of commodities through futures speculation. The firm also promised a "comprehensive examination of our business standards and practices", more disclosure and better relationships with clients. It has stated that its customers were aware of its bets against the mortgage-related security products it was selling to them, and that it only used those bets to hedge against losses, and was simply a market maker. In a widely publicized story in Rolling Stone, Matt Taibbi characterized Goldman Sachs as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major market manipulation since the Great Depression. While all the investment banks were scolded by congressional investigations, Goldman Sachs was subject to "a solo hearing in front of the Senate Permanent Subcommittee on Investigations" and a quite critical report. Visibility and antagonism came from the $12.9 billion Goldman received-more than any other firm-from AIG counterparty payments provided by the bailout of AIG, the $10 billion in TARP money it received from the government (though the firm paid this back to the government), and a record $11.4 billion set aside for employee bonuses in the first half of 2009. Goldman Sachs was "excoriated by the press and the public" according to journalists McLean and Nocera -this despite the non-retail nature of its business that would normally have kept it out of the public eye. Securities and Exchange Commission that resulted in Goldman paying a $550 million settlement. That time - "one of the darkest chapters" in Goldman's history according to The New York Times - brought investigations from the United States Congress, the United States Department of Justice, and a lawsuit from the U.S. Goldman has been harshly criticized, particularly in the aftermath of the financial crisis of 2007–2008, where some alleged that it misled its investors and profited from the collapse of the mortgage market. In a widely publicized story in Rolling Stone, Matt Taibbi characterized Goldman Sachs as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major market manipulation since the Great Depression." Role in the financial crisis of 2007–2008 The bank and its activities have generated substantial controversy and legal issues around the world and is the subject of speculation about its involvement in global finance and politics.
Goldman Sachs controversies are the controversies surrounding the American multinational investment bank Goldman Sachs. Goldman Sachs Tower at 30 Hudson Street in Jersey City.
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