Goldman Sachs Bars Partners From Donating To Trump

Goldman Sachs bars partners from donating to Trump

NEW YORK, (APP - UrduPoint / Pakistan Point News -7th Sept,2016) :- Goldman Sachs has barred partners from donating to some US political campaigns, including the Trump-Pence presidential ticket, according to a company memo seen by AFP on Wednesday.

The Trump-Pence campaign was one of several cases listed as prohibited because of 2010 US regulations intended to block donations to state and local officials that could sway the awarding of government investment business, said the memo, which was dated August 29.

The memo barred donations to Trump-Pence because vice presidential candidate, Mike Pence, is governor of the state of Indiana. The restriction does not extend to Democratic presidential candidate Hillary Clinton, who does not currently hold office, or to her vice presidential nominee, US Senator Tim Kaine of Virginia.

"The policy change is meant to prevent inadvertently violating pay-to-play rules," said the memo, which was provided to AFP by a person familiar with the matter. "The penalties for failing to comply with these rules can be severe and include fines and a ban on the firm from doing business with government clients in a particular jurisdiction for a period of at least two years." Goldman partners also cannot donate to state and local officials or candidates, state and local party committees, such as the Democratic Party of Virginia, or to inauguration or transition committees for newly elected state and local officials.

The policy pertains to Goldman partners, an elite group of about 470 employees out of the investment bank's 34,800 global staff.