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Goldman Sachs Allows Employee Donations to Clinton, Not Trump

Image: Goldman Sachs Allows Employee Donations to Clinton, Not Trump

Donald Trump (AP Photo/Evan Vucci)

By    |   Wednesday, 07 Sep 2016 01:43 PM

Goldman Sachs announced as of Sept. 1, partners of the multinational banking firm cannot make campaign contributions to state and local candidates running for local and federal offices.

The Washington Examiner reported top employees are still allowed to contribute to Hillary Clinton's presidential campaign.

The rule that became effective Sept. 1 said, "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" are not allowed to receive donation from the firm's 467 partners.

Under that rule, for example, Virginia Sen. Tim Kaine, Clinton's running mate, could receive contributions, because he is a Virginia senator, not a local official. Indiana Gov. Mike Pence, Trump's vice presidential running mate, is not eligible because he is a governor.

The memo from Goldman Sachs explained the policy change.

"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," the memo read.

The memo said employees must clear their donations to politicians first.

"All failures to pre-clear political activities as outlined below are taken seriously and violations may result in disciplinary action," according to the memo.

The Washington Examiner reported both Trump's and Clinton's campaigns include former Goldman Sachs bankers as campaign finance directors: Steve Mnuchin for Trump and Gary Gensler for Clinton.

The bank recommended Aug. 1 staying away from investing in stocks for three months, according to CNN.

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Goldman Sachs announced as of Sept. 1, partners of the multinational banking firm cannot make campaign contributions to state and local candidates running for local and federal offices.
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Wednesday, 07 Sep 2016 01:43 PM
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