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Goldman Sachs: Timeline

Goldman from the beginning Goldman, Sachs & Co. rose from humble roots to become one of the most successful and envied firms on Wall Street. But now it faces questions about whether its success during the financial crisis came at the expense of its clients and the American economy. 1885 -- Goldman, Sachs & Co. general partnership created. 1956 -- Goldman helps run the initial public offering of Ford Motor Co. stock. 1995 -- Robert Rubin, former Goldman co-chairman, named Treasury secretary. 1999 -- Goldman goes public on the New York Stock Exchange. May 2006 -- Henry M. Paulson resigns as Goldman chairman to become Treasury secretary. April 2007 -- Goldman Vice President Fabrice Tourre creates ABACUS 2007-AC1, a security based on high-risk subprime mortgages. 2007 -- Goldman traders begin betting against the mortgage market. 2007 -- Goldman Chairman Lloyd Blankfein receives a $68-million compensation package. September 2008 -- Hit by the financial downturn, Goldman becomes a bank holding company so it can access federal funds more easily. October 2008 -- Goldman receives a $10-billion taxpayer bailout from the government’s Troubled Asset Relief Program. June 2009 -- Goldman pays back the TARP money plus 23% interest. November -- Blankfein says in an interview that he is doing “God’s work.” January -- Goldman announces a record quarterly profit of $4.9 billion. April -- The Securities and Exchange Commission sues Goldman and Tourre, alleging fraud in the marketing of the firm’s ABACUS 2007-AC1 securities. Source: Times research


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