New rules: Goldman Sachs bans partners from donating to Trump campaign, but not Hillary’s

[sharenow]

For the entire Democrat primary Bernie Sanders pushed the point that Hillary Clinton was in bed with Goldman Sachs and now the company is proving his point.

New company rules that went into effect on Sept 1. bans its partners from donating to any politician running for state or local office or for state officials that are running for federal office, Fortune reported.

The memo sent to the partners, and obtained by Fortune, specifically mention the Trump – Pence campaign as being banned.

“Any federal candidate who is a sitting state or local official (e.g., governor running for president or vice president, such as the Trump/Pence ticket, or mayor running for Congress), including their Political Action Committees (PACs),” it read.

But the ban does not restrict employees from donating to the Clinton – Kaine ticket because, per Goldman Sachs rules, Kaine, a U.S. senator representing the state of Virginia, does not qualify as a local official.

How convenient.

Ironically the company claims the rules are meant to remove the appearance it is participating in “pay to play.”

“The policy change is also meant to minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners’ seniority and visibility,” it said in the memo. “All failures to pre-clear political activities as outlined below are taken seriously and violations may result in disciplinary action.”

Lower level employees of the company are free to donate to whoever they want, but those with the deep pockets are off-limits for the Trump campaign, Fortune reported.

The ban doesn’t eliminate a large number of potential Trump donors. The bank has 467 partners globally, out of 30,000 plus employees. But since Goldman partners tend to be some of the wealthiest people in finance, the fact that they aren’t allowed to send money to the Trump campaign could make a difference, particularly among the race for Wall Street dollars, where Trump has been trailing Clinton but catching up lately.

What’s more, both of the campaign finance directors—Steven Mnuchin for Trump and Gary Gensler for Clinton—are former Goldman bankers. You would expect both to turn to former colleagues for donations.

Goldman Sach’s CEO Lloyd Blankfein has not endorsed a candidate but is a known, long time Clinton supporter.

The firm declined requests for comment on the new rules.

The entire memo can be read below.

Goldman Sachs Video

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[sharenow]
Carmine Sabia

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