CNBC ORIGINAL TAKES A REVEALING LOOK AT WALL STREET’S MOST POWERFUL AND PROFITABLE BANK FIGHTING TO RESTORE ITS REPUTATION
One-Hour Documentary Reported by CNBC’s David Faber to Premiere on CNBC on Wednesday, October 6th at 9PM ET/PT
ENGLEWOOD CLIFFS, N.J., September 30, 2010—Goldman Sachs is the most famous name on Wall Street. Founded nearly 150 years ago as a one-man operation, the firm is a powerhouse whose 34,000 employees are known as the best and the brightest. Its unique corporate culture and history of success have long been the envy of its competitors, but now Goldman Sachs finds itself fighting to restore its reputation.
On Wednesday, October 6th at 9PM ET/PT, CNBC presents “Goldman Sachs: Power And Peril,” a CNBC Original reported by award-winning correspondent David Faber. CNBC, First in Business Worldwide, takes viewers inside the firm’s tightly knit corporate culture of extraordinarily driven professionals to help explain both its success and the reasons why it’s come under such widespread criticism.
The program looks at how Goldman Sachs' aggressive trading culture has come under scrutiny both in Washington, D.C. and on Main Street, amid accusations that the investment bank misled investors. CEO Lloyd Blankfein is on record as defending the firm’s actions and maintaining that it acted appropriately.
Faber reveals how Goldman Sachs benefited from controversial deals before, during and after the global economic crisis. CNBC travels to Cleveland, OH where critics believe that Goldman Sachs and other Wall Street banks fueled reckless mortgage lending that created a real estate bubble whose implosion battered neighborhoods.
The one-hour documentary also considers Goldman Sachs' unparalleled presence in Washington. Numerous executives – from Henry Paulson to Robert Rubin and Jon Corzine – have left Goldman Sachs over the years to take on influential roles in government. Faber speaks to critics who question whether the firm's presence in Washington gave it an unfair advantage in surviving the global financial crisis.
While Goldman Sachs' image – once untouchable – has been tarnished and thrown into question, the firm's ability to produce profits may be as strong as ever. It has a long history of fighting back from adversity with innovation and fierce competitiveness. Faber examines whether Goldman Sachs will be able to maintain its dominant position atop the world of finance.
For more information including web extras and extended video clips, log onto goldman.cnbc.com.
CNBC’s award-winning correspondent David Faber is host of CNBC’s“The Strategy Session” (M-F, 12PM-12:30PM ET).
Mitch Weitzner is the Senior Executive Producer of “Goldman Sachs: Power And Peril.” James Segelstein is the Senior Producer. Jonathan Dann, Clem Taylor and Bob Waldman are Producers. Ray Borelli is the Vice President of Strategic Research, Scheduling and Long Form Programming.
CNBC’s “Goldman Sachs: Power And Peril” will re-air on Wednesday, October 6th at 10PM ET/PT, Thursday, October 7th at 8PM ET and Sunday, October 10th at 10PM ET.
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