When it Comes to Banking, Why Are You Paying the Price?
It was a Friday evening in December 2013, and the National Review was buzzing about a conference call with a group of people at Goldman Sachs, led by Paul A. Singer, the former hedge fund manager who has become one of the leading voices of the conservative movement in recent years.
The company was being interviewed for a job at one of its firms, and it had a list of people who were going to take a stab at it.
Singer had been a partner at Goldman from 2008 to 2010, and in that time, he’d helped lead the firm through the financial crisis, then become one to which the firm returned.
He’d also been a big player in the American Recovery and Reinvestment Act of 2009, which was passed in the aftermath of the financial meltdown.
But as Singer was getting the call, he noticed that the person on the line wasn’t one of his former partners.
Instead, it was the chief investment officer of one of Goldman’s banks.
The two had known each other for years, Singer said on the call.
When he asked the banker, “Why don’t you want to go for a beer?” he recalls the banker asking.
“I said, ‘I’m not interested.
You’re not going to get anything out of this,'” Singer said.
And that it was not going down well with our clients, and that they didn’t want to be associated with us.” “
They were telling me that, as far as our clients were concerned, this was not a good deal for us.
And that it was not going down well with our clients, and that they didn’t want to be associated with us.”
The bankers had to understand that they weren’t going to be able to get any of their fees if they left the bank, Singer noted.
“We were told we would get nothing out of it.
But they would get an even better deal if they were gone,” Singer said of Goldman Sachs’s financial services.
“That’s not right.”
It’s not clear exactly what Singer meant by that.
But the bankers were on the brink of financial Armageddon, as the financial system around the globe imploded and millions of Americans lost their jobs.
And for Singer, it all started with a meeting with one of these bankers.
At the time, Singer was the managing director of a hedge fund in New York that was managing the capital of a bank that he was advising.
He was doing a lot of work with the bank’s bank clients.
He also was a senior advisor to a bank he was working for, and he was doing some business for Goldman Sachs that he wasn’t really representing at all.
“What I was getting was the impression that the bank wasn’t in the position to be a customer of ours,” Singer recalled.
“And the banker I was talking to at the time was saying to me, ‘If you don’t want me to get this job, why don’t we do something about it?'”
“So I said, we’ll just talk to some of our lawyers and see if we can come up with something that would be acceptable to them.” “
The banker and the banker’s partner decided to go to a financial advisor who worked at the bank. “
So I said, we’ll just talk to some of our lawyers and see if we can come up with something that would be acceptable to them.”
The banker and the banker’s partner decided to go to a financial advisor who worked at the bank.
“The banker and I went to the advisor and asked if he could speak to him,” Singer told me.
“Because he’s an expert in our field, he said, there is nothing we can do for you that we can’t do for him.
We have to get him to see what he could do for us.”
So Singer and his team started working with the advisor.
They called him Bob.
He would spend hours on the phone and emailing and calling to try to get information from Goldman Sachs about how the bank was handling certain issues and how the bankers’ fee was being calculated.
“Bob was doing everything we could do to help us, and we were happy with what we were getting,” Singer remembered.
But that wasn’t all.
In the spring of 2014, Singer and Bob went to meet with Goldman Sachs’ former chief investment officers, who had been on the board for about five years.
“At the meeting, the two Goldman investment officers were saying that they were very happy to be part of the board, and they were looking forward to working with us,” Singer says.
“But I was just starting to get a little bit nervous about the direction in which they were going.”
After all, Goldman Sachs had been one of many financial firms that had been targeted by the government in the last few years.
Singer and the bankers agreed to meet a few days later to discuss their options.
“One thing that was definitely not clear to me was what the government was doing about these issues,” Singer recalls.
“As I sat there, I was thinking, ‘Well, they have a good track record.
What would we do if they suddenly stopped doing