Word: goldmans
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Dates: during 2000-2009
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After getting his degree, Michael E. Kopko ’07 did what many recent college grads do—packed up his stuff and moved into an even smaller living space in New York. However, instead of choosing (selling his soul to) Goldman Sachs, he decided to gather some of his friends from high school and start his own company: GradeFund.com. GradeFund connects college students to sponsors who pay them for their good grades. Potential sponsors range from parents to prospective employers. People who pay you to get good grades? Sounds like parents...awesome parents. And this isn?...
...that a massive stimulus measure is needed--and soon. The éminence grise of Republican economic advisers, Harvard's Martin Feldstein, raised some eyebrows in October by saying the stimulus package might need to be as big as $300 billion. Already that seems timid. Jan Hatzius, chief economist for Goldman Sachs, is telling clients he expects Obama's stimulus package to be $400 billion to $500 billion a year in order to compensate for a retrenchment in personal spending. Regardless of the final size, here are some of the likely elements of Obama's plan...
...could replace Pandit? Robert Rubin, the former Treasury Secretary and head of Goldman Sachs, could be one choice. He is currently a director and senior council at the firm. But Rubin has been at Citigroup for a number of years, and it's not clear he has been helpful so far in stopping the losses. What's more, with a Democrat headed back to the White House his eye may be on Pennsylvania Ave. and not Park Ave., where Citi's executive offices are located...
...Goldman Sachs is one possible suitor. Its market capitalization of $21 billion is now slightly larger than Citigroup's. And at $53 a share, investors don't seem to be too worried about Goldman going under, yet. So Goldman could use its shares to finance an acquisition. What's more, Goldman might like to get its hands on Citi's $780 billion in bank deposits and 200 million customers. Goldman recently converted to a bank holding company and plans to start attracting bank deposits on its own. But opening up branches is costly. Buying Citi, even with its troubled assets...
...haven't been through anything this bad in a while. The last time the economy shrank faster than 3% was in the first quarter of 1982, when GDP dropped at a 6.4% annual rate. It hasn't exceeded Goldman's worst-case forecast of -7.8% since the first quarter of 1958, when...