Big Cut, Big Man
Goldman Sachs is one of the most well respected and coveted names in the world of finance. Since their IPO in 1999, Goldman has been synonymous with wealth and status for many in the industry. At the top of this bank’s massive totem pole is Chairman and CEO, David Soloman. Solomon began his role as CEO back in October of 2018. Despite his high-status Solomon is a unique CEO and is also known as “D-Sol” on weekends, when he performs his side gig as a DJ at nightclubs in New York City. Solomon also rides the New York City subway to work and prefers to fetch his own coffee at the office. Solomon has even relaxed dress codes and Goldman.
Since his appointment as CEO, Soloman has done well navigating the bank through the virus, with Goldman Sach stock up to around the $300 mark, a long way from its $190 price tag back just 3 months ago in November of 2020. Recently however, this rally has taken a steep drop, along with Solomon’s salary.
This comes as news broke regarding a recent scandal involving Soloman. Specifically, CNN reports: Goldman Sachs arranged and underwrote for a Malaysian strategic development company, from which the US Justice Department alleges $4.5 billion was stolen. The Justice Department accused Malaysian financier Jho Low, who had ties to the film “The Wolf of Wall Street,” of masterminding a plot to channel the money from the fund to former Malaysian Prime Minister Najib Razak’s bank accounts.
How would you feel if you were a Soloman? Is 10 Million really a big deal if you’re already making so much money?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.