Peter Munk built Barrick Gold Corp. into the world’s largest gold producer by expanding into Africa and South America. Now former Goldman Sachs Group Inc. President John Thornton is betting on China to help revive the beleaguered company’s fortunes.
Neel Kashkari, the former Goldman Sachs Group Inc. executive chosen by ex-Treasury Secretary Henry Paulson to help rescue the U.S. banking system, is readying a challenge to California Governor Jerry Brown even as the world’s 10th-largest economy reaches its highest level in more than three decades.
Hedge-fund managers including David Tepper, Ray Dalio and Daniel Loeb will help raise $5 million to fight poverty in New York by sharing some of their best trading ideas with attendees of the Robin Hood Foundation’s inaugural investors conference, said the charity’s executive director.
Private equity firm founder Bradford Freeman made it onto the field for one play as a Stanford University scholarship football player and jokes that he is “the highest-paid student-athlete, per minute, in history.”
Billionaire Tom Steyer recalls a dinner at the U.S. Treasury in Washington with two senior department officials and six money managers. It was August 2012, and the meal was part of an effort by the agency to keep up with what the financial community was worrying about. The diners discussed China’s slowdown, Federal Reserve policy and other trends affecting the U.S. economy.
Goldman Sachs Group Inc., which set Wall Street pay records when stocks surged and cheap credit abounded in 2007, is again leading the industry as markets boom anew: putting aside less money for staff and more for investors.
There is no shortage of billionaires -- the Koch brothers, Carl Icahn, Dan Loeb and, yes, Mike Bloomberg, to name a handful -- who are willing to use their vast wealth to push a particular political agenda or to advocate for a specific social reform. That’s hardly a revelation.
The Federal Reserve’s exit from quantitative easing will increase market volatility, said former U.S. Treasury Secretary Henry Paulson, who also praised Fed Chairman Ben S. Bernanke for navigating the economic recovery from the 2008 financial crisis.