Goldman Sachs was

Goldman Sachs was founded in 1869 by Marcus Goldman. The company became known as a pioneer in the issuance of bills of exchange are not guaranteed for entrepreneurs and was invited to join the New York Stock Exchange in 1896. It was during this time that Goldman’s son, Samuel Sachs joined the firm, prompting the name change for “Goldman Sachs”. In the early twentieth century Goldman played a major role in establishing the initial public offerings (IPO) market. He came to handle the largest IPO of the time, that of Sears, Roebuck and Company in 1906. He also became one of the first companies to recruit those with a Masters in Business Administration from the major schools of economics and the practice continues today. In 1929 he launched the Goldman Sachs Trading Corp., something close to a common investment fund.Amid the U.S. financial crisis of 2008 and the possibility of face bankruptcy on 21 September 2008, Goldman Sachs received approval from the Federal Reserve to stop being an investment bank and become a commercial bank. The next day along with the other largest investment bank, Morgan Stanley, Goldman Sachs confirmed he had ended the era of big investment banks on Wall Street. In the year 2 008, Goldman Sachs received U.S. 10.000 billion TARP program. Because of the restrictions included in the program, the firm has had restrictions on the salaries to their employees. According to Lloyd Blankfein, the chairman of the firm, said it would limit the U.S. ability to compete. States and abroad. On Monday 12, Goldman said it would collect 5 000 million by selling new common shares to investors, the bank also said quarterly net profit of 1 810 million.