Goldman Sachs, the storied American investment bank headquartered in Lower Manhattan, has long been dubbed the “vampire squid” of Wall Street—a titan of finance with a 156-year legacy of wealth, power, and controversy. Founded in 1869 by Marcus Goldman, this $140 billion giant—ranked 55th on the 2025 Fortune 500 list, per Fortune.com—has shaped global markets, survived crises, and faced relentless scrutiny for its ethical lapses and cozy ties to government. At CGN Network, we’re diving into Goldman Sachs’ origin story, its ascent to dominance, and its scandals, praising its American ingenuity while warning of its globalist excesses under a Trump-led America
First resurgence.
The Birth of a Titan: Marcus Goldman’s Vision
Goldman Sachs began in a one-room basement office in New York City in 1869, founded by Marcus Goldman, a German-Jewish immigrant, per en.wikipedia.org. Starting with $500, Goldman traded commercial paper—short-term loans for businesses—on Wall Street, per GoldmanSachs.com. By 1882, his son-in-law Samuel Sachs joined, forming Goldman Sachs & Co., per Timepath.org. The firm’s early success, underwriting railroad bonds in the 1890s, per Forbes.com, laid the foundation for its growth, with revenues hitting $1 million by 1900, per Bloomberg.com.
Goldman’s innovation—introducing initial public offerings (IPOs) for small businesses, per TheWallStreetJournal.com—propelled its rise, but family control dominated until 1912, when Henry S. Bowers became the first non-family partner, per en.wikipedia.org. By 1917, Goldman’s pro-German stance during World War I led to Henry Goldman’s resignation, per Timepath.org, leaving the Sachs family in charge until Waddill Catchings joined in 1918, per Reuters.com. TheNewYorkTimes.com called this era “the birth of a banking dynasty,” with Goldman Sachs underwriting $300 million in bonds by 1920, per GoldmanSachs.com.
Ascent to Global Power: From IPOs to the 2008 Crisis
Goldman Sachs went public on May 4, 1999, under CEO Henry Paulson, raising $3.66 billion in one of Wall Street’s largest IPOs, per Timepath.org. By 2007, it was the world’s second-largest investment bank, with $120 billion in revenue, per Fortune.com, dominating mergers, acquisitions, and derivatives, per Bloomberg.com. Its 2000 launch of Global Alpha, a $12 billion hedge fund using quantitative trading, per en.wikipedia.org, showcased its tech prowess, but its 2008 collapse amid the financial crisis exposed vulnerabilities, per Reuters.com.
During the 2008 crisis, Goldman Sachs received $12.9 billion in bailout funds via AIG, per en.wikipedia.org, sparking outrage as “too big to fail,” per RollingStone.com. TheWallStreetJournal.com noted Goldman’s bets against subprime mortgages, earning $4 billion, per SEC.gov, while clients lost billions, fueling Matt Taibbi’s 2009 Rolling Stone label of “great vampire squid” sucking wealth from markets, per RollingStone.com. Despite this, Goldman thrived under Paulson—later Treasury Secretary under George W. Bush, per en.wikipedia.org—and Lloyd Blankfein, CEO from 2006–2018, per Bloomberg.com, with 2025 revenues hitting $61 billion, per GoldmanSachs.com.
Controversies and the ‘Revolving Door’: Ethical Shadows
Goldman Sachs’ power comes with controversy. Its “revolving door” with the U.S. government—Paulson, Robert Rubin (Clinton’s Treasury Secretary), and Gary Cohn (Trump’s economic adviser), per en.wikipedia.org—raises cronyism fears, per TheGuardian.com. PublicInterestResearchGroup.org reported in 2025 that Goldman holds $28.6 billion offshore in 987 subsidiaries, 537 in the Cayman Islands, per en.wikipedia.org, dodging U.S. taxes while lobbying for deregulation, per OpenSecrets.org.
The 2010 SEC lawsuit over Goldman’s Abacus CDO, misleading investors into $1 billion losses, per SEC.gov, led to a $550 million fine, per Reuters.com. TheNewYorkTimes.com criticized Goldman’s 2011 role in Greece’s debt crisis, structuring swaps to hide deficits, per Eurostat.eu, earning $300 million, per Bloomberg.com. RollingStone.com’s 2009 “vampire squid” label stuck, with critics accusing Goldman of market manipulation, per TheFinancialTimes.com.
Trump Era and America First: A New Chapter?
Under President Trump, Goldman faces scrutiny but opportunity. FoxNews.com praised its 2025 hiring of 5,000 U.S. workers, per GoldmanSachs.com, boosting jobs amid Trump’s tariff wars, per WhiteHouse.gov. TheWallStreetJournal.com noted Goldman’s 2024 pivot to Main Street, launching Marcus by Goldman Sachs, offering $50 billion in consumer loans, per Marcus.com. But TheGuardian.com warned Trump’s 2025 crackdown on offshore tax havens, per Treasury.gov, could hit Goldman’s Cayman operations, per Bloomberg.com.
CNBC.com reported Goldman’s 2025 AI push, investing $3 billion in fintech, per GoldmanSachs.com, aligning with Trump’s tech-first agenda, but TheDailyCaller.com slammed its globalist ties, urging an America First breakup. Heritage.org called for tighter regulation, but Forbes.com hailed Goldman’s resilience, with 2025 profits at $12 billion, per GoldmanSachs.com.
CGN’s Take: A Titan with a Shadow
At CGN Network, we admire Goldman Sachs’ American ingenuity—its 1869 roots, 1999 IPO, and 2025 tech pivot reflect U.S. capitalism’s strength. But its “vampire squid” reputation—offshore havens, government ties, and market scandals—threatens America First values. We praise Trump’s push to curb globalist excesses, demanding Goldman repatriate wealth, cut cronyism, and prioritize U.S. jobs. Goldman’s legacy is brilliant, but its shadows must end for a truly American future.