Goldman Sachs
corporationFinance / Investment Banking · 44.0K employees
Lobbying (2024)
$5.5M
Political Spending
$8.0M
Gov Contracts
$500.0M
Revolving Door
40
25 lobbyists
📖 The Story
Goldman Sachs spent $5.5M lobbying Washington in 2024, deploying an army of 25 registered lobbyists to influence federal policy. That figure places it among the most politically active finance / investment banking entities in the country — spending roughly $458K per month just to ensure lawmakers hear its message.
The company's influence extends beyond paid lobbyists. Goldman Sachs employs 40 former government officials — people who once wrote the rules and now help Goldman Sachs navigate them. This "revolving door" between industry and government is one of the most potent, and least visible, tools of corporate influence in Washington.
Meanwhile, the federal government paid Goldman Sachs $500.0M in contracts during 2024. Critics argue this creates a troubling feedback loop: the company lobbies for policies that benefit its business, then wins government contracts from the very agencies it lobbied.
In total political spending — including PAC contributions, direct donations, and independent expenditures — Goldman Sachs deployed $8.0M during the 2024 cycle. Every dollar is an investment, and in Washington, investments are expected to produce returns.
Called 'Government Sachs' for a reason. Four Goldman partners have served as Treasury Secretary — spanning Clinton, Bush, and Trump administrations. Mnuchin and Cohn wrote the 2017 tax cuts from inside the White House. Received $10B in TARP bailout money during the 2008 crisis they helped create. The 40 revolving door connections make it the most government-connected bank in history.
👔 Key Executives
The people steering Goldman Sachs's political machine — and their connections to power.
David Solomon
Chairman & CEO
Regular Davos and White House visitor; personal relationships with financial regulators; positions Goldman as responsible Wall Street voice
Steven Mnuchin
Former Partner → Treasury Secretary
Goldman partner who became Trump Treasury Secretary; architect of 2017 TCJA; Goldman highest-ranking government alumnus
Gary Cohn
Former President → NEC Director
Goldman President became Trump top economic advisor; co-wrote TCJA from inside the White House
Hank Paulson
Former CEO → Treasury Secretary
Goldman CEO who designed the 2008 TARP bailout that saved Goldman — the defining conflict of the financial crisis
🏆 What They Bought
Policy outcomes that aligned with Goldman Sachs's lobbying priorities. Correlation isn't causation — but when you spend millions lobbying for something and then get it, the pattern speaks for itself.
| Policy | Year | What Happened |
|---|---|---|
| TARP Bailout | 2008 | Former CEO Paulson as Treasury Secretary designed the $700B bailout; Goldman received $10B direct + $12.9B indirect through AIG rescue |
| 2017 Tax Cuts (TCJA) | 2017 | Goldman alumni Mnuchin and Cohn wrote the tax bill from inside the White House; corporate rate cut from 35% to 21% dramatically reduced Goldman tax bill |
| Dodd-Frank Rollbacks | 2018 | Goldman lobbied for and benefited from the Economic Growth Act that weakened Dodd-Frank regulations for large banks |
| Volcker Rule Weakening | 2019 | Regulations limiting proprietary trading were weakened under Trump, expanding Goldman trading activities |
💡 Did You Know?
FOUR Goldman Sachs partners have served as Treasury Secretary — spanning Clinton, Bush, and Trump administrations
Goldman received $10B in direct TARP bailout funds plus $12.9B indirectly through the AIG rescue — paid for by taxpayers
The 1MDB scandal resulted in $2.9B in fines — the largest penalty ever imposed on an investment bank
Goldman earned $600M in fees from 1MDB — far above market rates — while $4.5B was stolen from the fund
The firm's nickname 'Government Sachs' is so well-known it has its own Wikipedia disambiguation
⚠️ Controversies & Scandals
Public controversies, legal actions, and ethical concerns involving Goldman Sachs.
Four partners became Treasury Secretary
$10B TARP bailout in 2008
1MDB scandal ($2.9B in fines)
Called 'Government Sachs'
Wrote tax policy while alumni ran Treasury
🚪 The Revolving Door
4 individuals with connections between Goldman Sachs and government.
📋 Key Government Contracts
Total contract value: $500.0M.
| Agency | Description | Value | Year |
|---|---|---|---|
| Treasury | — | $3.0B | — |
| Various | — | $1.0B | — |
| Federal Reserve | — | $1.0B | — |
📌 Key Issues
Policy areas where Goldman Sachs concentrates its lobbying firepower.
🎯 Top Recipients
Politicians who received the most from Goldman Sachs in 2024.
🔎 Related Investigations
PowerMap investigations that reference Goldman Sachs.