Goldman Sachs has banned its partners to contribute money to the campaign of trump

Us investment Bank Goldman Sachs has banned its associates to make donations to some of the election campaigns. According to the magazine Fortune, we are talking about the election campaign of Donald trump running for US presidents from Republican party.

From 1 September all partners shall be prohibited from participating in political activities and making donations to campaigns of politicians running for local governments and state governments and officials of local authorities of the States elected to Federal authorities, said in an internal Memorandum of the Bank dated 29 August, which the Bank sent to partner companies, says Bloomberg.

According to Politico, the disposal of which was the text of the Memorandum, changes in the Bank policy aims to prevent unintentional violation of the rules and fees for resources (pay-to-play rule), as well as to minimize potential reputational damage. For violation of these restrictions may be followed by “severe penalties, including fines and a ban on working with government clients in the relevant field for at least two years.”

The name of the Republican who leads the Politico, not mentioned, but Fortune magazine says it has a copy of the document, where Goldman Sachs “especially notes the campaign of trump and his colleague Michael Pence as an example, those partners are no longer entitled to support.” Pens, in particular, is the current Governor of Indiana, and is therefore the official authorities of the state.

At the same time, the rules do not prohibit donations to the campaign of Hillary Clinton and her colleague Michael Caine, who is running for Vice-presidents, because Cain is the Senator from the state of Virginia and is not an employee of the local authority, says Fortune. The partners of the Bank are no longer permitted to make donations to the democratic party of Virginia, which could be linked with Kane.

At the time of publication notes have not yet received a response to Goldman Sachs to your request.

The rule “pay for resources” available in the United States since 2010. He was introduced by the Commission on securities and stock exchanges after a series of scandals involving investment managers who are accused of trying to influence officials to obtain privileges in the industry of investment management, reminds Bloomberg. As explained by the Agency, as a tool of influence used and / or monetary contributions to political needs. Scheme pay-to-play include making the investment advisors to political contributions or other contributions to influence decisions on state contracts, says CNBC.

Goldman Sachs reacted to the facts of any donations to the campaign of trump from his staff before making a Memorandum. As wrote the New York Times, in February the Bank was placed on administrative leave from its financial Advisor Luke Thorburn learn that in September last year he donated $534 to the campaign of trump and tried to capitalize on the production of baseball caps with the slogan, almost repeating the main campaign slogan of the Republican “let’s Make America great again”. Employees of Goldman Sachs are allowed to do business, but they must first notify the Bank Thorburn has not done so, said the newspaper.

At the time of donation to the election campaign were made by other employees of Goldman Sachs, but Thorburn was the only one who lost their money in favor of trump. According to the New York Times, as of mid-February, the Bank’s employees donated $94 thousand for the campaign of Democratic candidate Hillary Clinton and $200 thousand for the campaign of the Senator from Florida, Marco Rubio.

In addition, says Fortune, the head of Goldman Sachs Lloyd Blankfein is known as a longtime supporter of Clinton. In particular, he donated to her campaign in the 2008 election. To comment on who he will support in the upcoming election, Blankfein declined, the magazine notes.