Robert S. Kaplan 0.825% 2,186,407 115,879,590 153,879,349
Steven M. Heller 0.825% 2,186,407 115,879,590 153,879,349
W. Mark Evans 0.825% 2,186,407 115,879,590 153,879,349
David B. Ford 0.725% 1,921,388 101,833,579 135,227,307
Gavyn Davies 0.725% 1,921,388 101,833,579 135,227,307
Gene T. Sykes 0.725% 1,921,388 101,833,579 135,227,307
J. David Rogers 0.725% 1,921,388 101,833,579 135,227,307
John S. Weinberg 0.725% 1,921,388 101,833,579 135,227,307
Robert B. Morris III 0.725% 1,921,388 101,833,579 135,227,307
Robert E. Higgins 0.725% 1,921,388 101,833,579 135,227,307
Robert J. Katz 0.725% 1,921,388 101,833,579 135,227,307
Thomas E. Tuft 0.725% 1,921,388 101,833,579 135,227,307
Barry L. Zubrow 0.650% 1,722,624 91,299,071 121,238,275
David A. Viniar 0.650% 1,722,624 91,299,071 121,238,275
Eff W. Martin 0.650% 1,722,624 91,299,071 121,238,275
James P. Riley Jr. 0.650% 1,722,624 91,299,071 121,238,275
Kevin W. Kennedy 0.650% 1,722,624 91,299,071 121,238,275
Lee G. Vance 0.650% 1,722,624 91,299,071 121,238,275
Leslie C. Tortora 0.650% 1,722,624 91,299,071 121,238,275
Richard A. Sapp 0.650% 1,722,624 91,299,071 121,238,275
Richard E. Witten 0.650% 1,722,624 91,299,071 121,238,275
Robin Chemers Neustein 0.650% 1,722,624 91,299,071 121,238,275
Sharmin Mossavar-Rahmani 0.650% 1,722,624 91,299,071 121,238,275
Terence M. O’Toole 0.650% 1,722,624 91,299,071 121,238,275
Thomas B. Walker III 0.650% 1,722,624 91,299,071 121,238,275
Barry S. Volpert 0.600% 1,590,114 84,276,065 111,912,254
Christopher A. Cole 0.600% 1,590,114 84,276,065 111,912,254
David W. Blood 0.600% 1,590,114 84,276,065 111,912,254
Donald C. Opatrny Jr. 0.600% 1,590,114 84,276,065 111,912,254
Eric M. Mindich 0.600% 1,590,114 84,276,065 111,912,254
Eric S. Schwartz 0.600% 1,590,114 84,276,065 111,912,254
Gary D. Cohn 0.600% 1,590,114 84,276,065 111,912,254
Gregory K. Palm 0.600% 1,590,114 84,276,065 111,912,254
J. Michael Evans 0.600% 1,590,114 84,276,065 111,912,254
Joseph H. Gleberman 0.600% 1,590,114 84,276,065 111,912,254
Masanori Mochida 0.600% 1,590,114 84,276,065 111,912,254
Paul M. Achleitner 0.600% 1,590,114 84,276,065 111,912,254
Peter C. Gerhard 0.600% 1,590,114 84,276,065 111,912,254
Peter S. Kraus 0.600% 1,590,114 84,276,065 111,912,254
Robert J. O’Shea 0.600% 1,590,114 84,276,065 111,912,254
Scott B. Kapnick 0.600% 1,590,114 84,276,065 111,912,254
Scott M. Pinkus 0.600% 1,590,114 84,276,065 111,912,254
Steven T. Mnuchin 0.600% 1,590,114 84,276,065 111,912,254
Sylvain M. Hefes 0.600% 1,590,114 84,276,065 111,912,254
Thomas K. Montag 0.600% 1,590,114 84,276,065 111,912,254
Wiet H. Pot 0.600% 1,590,114 84,276,065 111,912,254
Byron D. Trott 0.550% 1,457,605 77,253,060 102,586,233
George W. Wellde Jr. 0.550% 1,457,605 77,253,060 102,586,233
Jim O’Neill 0.550% 1,457,605 77,253,060 102,586,233
John J. Powers 0.550% 1,457,605 77,253,060 102,586,233
Michael S. Sherwood 0.550% 1,457,605 77,253,060 102,586,233
Richard S. Sharp 0.550% 1,457,605 77,253,060 102,586,233
Andrew M. Alper 0.525% 1,391,350 73,741,557 97,923,222
Carlos A. Cordeiro 0.525% 1,391,350 73,741,557 97,923,222
Charles B. Seelig Jr. 0.525% 1,391,350 73,741,557 97,923,222
Daniel W. Stanton 0.525% 1,391,350 73,741,557 97,923,222
E. Gerald Corrigan 0.525% 1,391,350 73,741,557 97,923,222
E. Scott Mead 0.525% 1,391,350 73,741,557 97,923,222
John L. Townsend III 0.525% 1,391,350 73,741,557 97,923,222
John O. Downing 0.525% 1,391,350 73,741,557 97,923,222
Jonathan R. Aisbitt 0.525% 1,391,350 73,741,557 97,923,222
Joseph R. Zimmel 0.525% 1,391,350 73,741,557 97,923,222
Kendrick R. Wilson III 0.525% 1,391,350 73,741,557 97,923,222
Lawrence H. Linden 0.525% 1,391,350 73,741,557 97,923,222
Michael J. Zamkow 0.525% 1,391,350 73,741,557 97,923,222
Michael R. Lynch 0.525% 1,391,350 73,741,557 97,923,222
Reuben Jeffery III 0.525% 1,391,350 73,741,557 97,923,222
Simon M. Robertson 0.525% 1,391,350 73,741,557 97,923,222
Sir Peter D. Sutherland 0.525% 1,391,350 73,741,557 97,923,222
Suzanne M. Nora Johnson 0.525% 1,391,350 73,741,557 97,923,222
Timothy J. O’Neill 0.525% 1,391,350 73,741,557 97,923,222
Anthony G. Williams 0.475% 1,258,841 66,718,552 88,597,201
Armen A. Avanessians 0.475% 1,258,841 66,718,552 88,597,201
Arthur J. Reimers 0.475% 1,258,841 66,718,552 88,597,201
Edward A. Mulé 0.475% 1,258,841 66,718,552 88,597,201
Frank L. Coulson Jr. 0.475% 1,258,841 66,718,552 88,597,201
Henry Cornell 0.475% 1,258,841 66,718,552 88,597,201
Howard A. Silverstein 0.475% 1,258,841 66,718,552 88,597,201
Joseph D. Gatto 0.475% 1,258,841 66,718,552 88,597,201
Joseph Della Rosa 0.475% 1,258,841 66,718,552 88,597,201
Lawton W. Fitt 0.475% 1,258,841 66,718,552 88,597,201
Peter G.C. Mallinson 0.475% 1,258,841 66,718,552 88,597,201
Richard G. Sherlund 0.475% 1,258,841 66,718,552 88,597,201
Robert Litterman 0.475% 1,258,841 66,718,552 88,597,201
Robert V. Delaney 0.475% 1,258,841 66,718,552 88,597,201
Tracy R. Wolstencroft 0.475% 1,258,841 66,718,552 88,597,201
Connie K. Duckworth 0.425% 1,126,331 59,695,546 79,271,180
Danny O. Yee 0.425% 1,126,331 59,695,546 79,271,180
David L. Henle 0.425% 1,126,331 59,695,546 79,271,180
Esta E. Stecher 0.425% 1,126,331 59,695,546 79,271,180
Gary W. Williams 0.425% 1,126,331 59,695,546 79,271,180
Michael G. Rantz 0.425% 1,126,331 59,695,546 79,271,180
Peter D. Kiernan III 0.425% 1,126,331 59,695,546 79,271,180
Thomas J. Healey 0.425% 1,126,331 59,695,546 79,271,180
Ann F. Kaplan 0.400% 1,060,076 56,184,043 74,608,169
Cody J. Smith 0.400% 1,060,076 56,184,043 74,608,169
Donald F. Textor 0.400% 1,060,076 56,184,043 74,608,169
Fredric E. Steck 0.400% 1,060,076 56,184,043 74,608,169
Jonathan M. Lopatin 0.400% 1,060,076 56,184,043 74,608,169
Joseph Sassoon 0.400% 1,060,076 56,184,043 74,608,169
Mark A. Zurack 0.400% 1,060,076 56,184,043 74,608,169
Nomi P. Ghez 0.400% 1,060,076 56,184,043 74,608,169
Stephen D. Quinn 0.400% 1,060,076 56,184,043 74,608,169
T. Willem Mesdag 0.400% 1,060,076 56,184,043 74,608,169
Zachariah Cobrinik 0.400% 1,060,076 56,184,043 74,608,169
Bradford C. Koenig 0.375% 993,822 52,672,541 69,945,159
David B. Heller 0.375% 993,822 52,672,541 69,945,159
Howard B. Schiller 0.375% 993,822 52,672,541 69,945,159
Mark R. Tercek 0.375% 993,822 52,672,541 69,945,159
Milton R. Berlinski 0.375% 993,822 52,672,541 69,945,159
Peter L. Briger Jr. 0.375% 993,822 52,672,541 69,945,159
Robert S. Harrison 0.375% 993,822 52,672,541 69,945,159
Ron E. Beller 0.375% 993,822 52,672,541 69,945,159
Stuart M. Rothenberg 0.375% 993,822 52,672,541 69,945,159
Alok Oberoi 0.325% 861,312 45,649,535 60,619,138
Barry A. Kaplan 0.325% 861,312 45,649,535 60,619,138
C. Steven Duncker 0.325% 861,312 45,649,535 60,619,138
Douglas W. Kimmelman 0.325% 861,312 45,649,535 60,619,138
Eric P. Grubman 0.325%
861,312 45,649,535 60,619,138
Erland S. Karlsson 0.325% 861,312 45,649,535 60,619,138
Francis J. Ingrassia 0.325% 861,312 45,649,535 60,619,138
Geoffrey T. Grant 0.325% 861,312 45,649,535 60,619,138
Glenn P. Earle 0.325% 861,312 45,649,535 60,619,138
Gregory H. Zehner 0.325% 861,312 45,649,535 60,619,138
James M. Sheridan 0.325% 861,312 45,649,535 60,619,138
Jide J. Zeitlin 0.325% 861,312 45,649,535 60,619,138
John C. “Jack” Ryan 0.325% 861,312 45,649,535 60,619,138
John R. Tormondsen 0.325% 861,312 45,649,535 60,619,138
Jonathan L. Kolatch 0.325% 861,312 45,649,535 60,619,138
Joseph D. Gutman 0.325% 861,312 45,649,535 60,619,138
Karsten N. Moller 0.325% 861,312 45,649,535 60,619,138
Kipp M. Nelson 0.325% 861,312 45,649,535 60,619,138
Lawrence R. Buchalter 0.325% 861,312 45,649,535 60,619,138
Marc A. Spilker 0.325% 861,312 45,649,535 60,619,138
Mary C. Henry 0.325% 861,312 45,649,535 60,619,138
Muneer A. Satter 0.325% 861,312 45,649,535 60,619,138
Paul C. Deighton 0.325% 861,312 45,649,535 60,619,138
Peter Savitz 0.325% 861,312 45,649,535 60,619,138
Randolph L. Cowen 0.325% 861,312 45,649,535 60,619,138
Ronald G. Marks 0.325% 861,312 45,649,535 60,619,138
Steven J. Wisch 0.325% 861,312 45,649,535 60,619,138
Timothy C. Plaut 0.325% 861,312 45,649,535 60,619,138
Timothy D. Dattels 0.325% 861,312 45,649,535 60,619,138
David G. Lambert 0.250% 662,548 35,115,027 46,630,106
Girish V. Reddy 0.250% 662,548 35,115,027 46,630,106
Jacquelyn M. Hoffman-Zehner 0.250% 662,548 35,115,027 46,630,106
Steven M. Shafran 0.250% 662,548 35,115,027 46,630,106
Abby Joseph Cohen 0.200% 530,038 28,092,022 37,304,085
Alexander C. Dibelius 0.200% 530,038 28,092,022 37,304,085
Amy O. Goodfriend 0.200% 530,038 28,092,022 37,304,085
Andrew A. Chisholm 0.200% 530,038 28,092,022 37,304,085
Andrew M. Gordon 0.200% 530,038 28,092,022 37,304,085
Anthony D. Lauto 0.200% 530,038 28,092,022 37,304,085
Antoine Schwartz 0.200% 530,038 28,092,022 37,304,085
Avi M. Nash 0.200% 530,038 28,092,022 37,304,085
Bradley I. Abelow 0.200% 530,038 28,092,022 37,304,085
Chansoo Joung 0.200% 530,038 28,092,022 37,304,085
Christian J. Siva-Jothy 0.200% 530,038 28,092,022 37,304,085
Christopher G. French 0.200% 530,038 28,092,022 37,304,085
Christopher J. Carrera 0.200% 530,038 28,092,022 37,304,085
Claudio Costamagna 0.200% 530,038 28,092,022 37,304,085
David A. Dechman 0.200% 530,038 28,092,022 37,304,085
David J. Mastrocola 0.200% 530,038 28,092,022 37,304,085
David M. Baum 0.200% 530,038 28,092,022 37,304,085
Dinakar Singh 0.200% 530,038 28,092,022 37,304,085
Edward C. Forst 0.200% 530,038 28,092,022 37,304,085
Emmanuel Roman 0.200% 530,038 28,092,022 37,304,085
George H. Walker 0.200% 530,038 28,092,022 37,304,085
Greg M. Ostroff 0.200% 530,038 28,092,022 37,304,085
Hsueh J. Sung 0.200% 530,038 28,092,022 37,304,085
Jeffrey B. Goldenberg 0.200% 530,038 28,092,022 37,304,085
John E. Urban 0.200% 530,038 28,092,022 37,304,085
Jonathan S. Savitz 0.200% 530,038 28,092,022 37,304,085
Jonathan S. Sobel 0.200% 530,038 28,092,022 37,304,085
M. Roch Hillenbrand 0.200% 530,038 28,092,022 37,304,085
Malcolm B. Turnbull 0.200% 530,038 28,092,022 37,304,085
Mary Ann Casati 0.200% 530,038 28,092,022 37,304,085
Matthew G. L’Heureux 0.200% 530,038 28,092,022 37,304,085
Michael A. Price 0.200% 530,038 28,092,022 37,304,085
Michael D. Ryan 0.200% 530,038 28,092,022 37,304,085
Michael E. Novogratz 0.200% 530,038 28,092,022 37,304,085
Michael J. Carr 0.200% 530,038 28,092,022 37,304,085
Gordon Dyal 0.200% 530,038 28,092,022 37,304,085
Michael S. Rubinoff 0.200% 530,038 28,092,022 37,304,085
Paul S. Efron 0.200% 530,038 28,092,022 37,304,085
Philip M. Darivoff 0.200% 530,038 28,092,022 37,304,085
Pieter Maarten Feenstra 0.200% 530,038 28,092,022 37,304,085
Ralph F. Rosenberg 0.200% 530,038 28,092,022 37,304,085
Richard J. Bronks 0.200% 530,038 28,092,022 37,304,085
Richard J. Gnodde 0.200% 530,038 28,092,022 37,304,085
Richard M. Ruzika 0.200% 530,038 28,092,022 37,304,085
Robert B. Tudor III 0.200% 530,038 28,092,022 37,304,085
Robert H. Litzenberger 0.200% 530,038 28,092,022 37,304,085
Robert J. Pace 0.200% 530,038 28,092,022 37,304,085
Sanjeev K. Mehra 0.200% 530,038 28,092,022 37,304,085
Scott S. Prince 0.200% 530,038 28,092,022 37,304,085
Stefan J. Jentzsch 0.200% 530,038 28,092,022 37,304,085
Thomas D. Lasersohn 0.200% 530,038 28,092,022 37,304,085
Thomas S. Murphy Jr. 0.200% 530,038 28,092,022 37,304,085
Timothy J. Ingrassia 0.200% 530,038 28,092,022 37,304,085
Tsutomu Sato 0.200% 530,038 28,092,022 37,304,085
Wayne L. Moore 0.200% 530,038 28,092,022 37,304,085
Yasuyo Yamazaki 0.200% 530,038 28,092,022 37,304,085
Yoel Zaoui 0.200% 530,038 28,092,022 37,304,085
Total 99.20% 262,898,920 $13,933,642,782 $18,502,826,019
Average per partner 1,189,588 $63,048,157 $83,723,195
Note: The percentages came from a New York Times article; see http://dealbook.nytimes.com/2011/05/16/the-goldman-sachs-diaspora/. It notes that the information was based on the most recent available data for the partnership class at Goldman’s IPO. The shares were calculated by taking the total shares owned by the partners—265,019,073—as disclosed on page 30 of Goldman’s IPO prospectus. In the article Gordon Dyal’s percentage was “not available;” his percentage was based on interviews. The implied shares for Paulson, Corzine, Hurst, Thain, and Thornton are different than the shares disclosed in the IPO prospectus. The values were calculated by multiplying the IPO price of $53.00 per share and the closing price on the first day of $70.38 per share. The total of the percentages provided in the New York Times article is 99.2%, and it appears one partner is missing because the list has 220 names. The analysis indicates an IPO total of $13.9 billion, or an average of $63 million per partner. Reported average estimates in the press have been from $52 million to $75 million per partner.
Appendix E
Goldman’s History of Commitment to Public Service
Figures E-1 and E-2 highlight key milestones demonstrating Goldman’s long-standing commitment to public service and corporate citizenship.1
FIGURE E-1
Goldman document listing its commitment to public service
Source: Goldman Sachs, www.goldmansachs.com/investor-relations/corporate-governance/corporate-governance-documents/culture.pdf.
FIGURE E-2
Goldman document showing a timeline of public service projects
Source: Goldman Sachs, www.goldmansachs.com/investor-relations/corporate-governance/corporate-governance-documents/culture.pdf.
Appendix F
Key Goldman People
Following is a list of key Goldman people who are mentioned in this book: the Weinbergs and others who formerly ran the firm, those currently running the firm, and other former executives. Individuals are categorized by role or position and alphabetized within those categories.
The Weinbergs
John L. Weinberg, with John C. Whitehead, was co-senior partner from 1976 to 1984 and continued to lead the firm after Whitehead retired in 1984, until Weinberg’s own retirement in 1990, capping a forty-year career at th
e bank. “John L.,” as he was known (to distinguish him from John Whitehead), also served briefly on Goldman’s board of directors following the public offering in 1999. John L. was part of a family dynasty that has been at the firm since 1907. His father was Sidney Weinberg. Jimmy Weinberg was his brother, John S. Weinberg is his son, and Peter Weinberg is his nephew.
John L. Weinberg graduated from Deerfield Academy, Princeton University, and Harvard Business School. During his senior year at Deerfield, he joined the Marines and led troops in the Pacific while still a teenager. After beginning at Goldman, he returned to duty during the Korean War and was promoted to captain before returning to Goldman. He died in 2006.
John S. Weinberg has been vice chairman of Goldman since June 2006 and has been co-head of Goldman’s investment banking division since December 2002. From January 2002 to December 2002, he was co-head of the investment banking division in the Americas. Before that, he served as co-head of the investment banking services department, beginning in 1997. He was elected partner in 1994. John S. Weinberg graduated from Princeton University, where he was on the tennis team, and from Harvard Business School. His father was John L. Weinberg, and Sidney Weinberg was his grandfather. Jimmy Weinberg was his uncle, and Peter Weinberg is his first cousin.
Peter Weinberg is a partner in Perella Weinberg Partners LP. Before joining the firm, Peter Weinberg held a number of senior management positions at Goldman, where he was elected partner in 1992. For the last six years of his career there, Weinberg was CEO of Goldman Sachs International. Peter Weinberg spent time at Morgan Stanley before joining Goldman. He received a bachelor’s degree from Claremont McKenna College and an MBA from Harvard Business School. His father was Jimmy Weinberg, and Sidney Weinberg was his grandfather. John L. Weinberg was his uncle, and John S. Weinberg is his first cousin.
Sidney J. Weinberg led Goldman from 1930 to 1969 and in many ways defined the art of relationship banking on Wall Street. Starting as a janitor’s assistant, Weinberg became partner in 1927 and became head of the firm in 1930, saving it from bankruptcy, and held that position until his death in 1969. He organized the Business and Advisory Council for President Franklin D. Roosevelt. In 1942, he took a leave of absence and entered government service as assistant to the chairman of the War Production Board. John L. Weinberg and Jimmy Weinberg were his sons; John S. Weinberg and Peter Weinberg are his grandsons.
What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences Page 29