Before the global economic meltdown happened in 2007, Goldman Sachs, an investment bank, used to host annual dinners and parties where they spoiled its most profitable bankers and their partners. Well, Goldman Sachs is back to their lavish affairs. These parties were mothballed following the financial crisis when many banks were bailed out using taxpayer’s dollars and bankers were encouraged to show some modesty and not flaunt their massive bonuses while other people were having their homes repossessed.
The company posted a 2.9 billion dollar quarterly profit earlier this year, this being the reason for having the party. Goldman had 450 of its top bankers attend. The black-tie event was held at Pier 36, on Manhattan’s Lower East Side, and people were very lucky to be invited. Goldman Sachs welcomed 70 new partners, some from all over the world. Becoming a partner at Goldman is seen as the pinnacle of a career on Wall Street and those that make it are richly rewarded with massive bonuses and many other perks. One guest was posting pictures of the event on Instagram. She described the pictures as “like attending the Golden Globes of investment banking.”
Original Title: “Good Times Roll Again…For Some: Inside the First Goldman Sachs Partners’ Dinner in Six Years as Lavish Parties Return for Bankers.”
Author: David McCormac
Source: Daily Mail, March 4, 2013
Student Researcher: Ashlie Gage, Sonoma State University
Faculty Evaluator: Andy Lee Roth, Sonoma State University