Reuters exclusively reported on Goldman Sachs’ aggressive campaign to water down a proposal to raise capital requirements for big banks. A Reuters review of private Goldman documents, interviews with program participants and public disclosures revealed how Goldman recruited small business owners from across the country in its battle against the so-called Basel Endgame. Their task in Washington was to urge lawmakers to sign a letter asking the Fed to reconsider the proposal.
Basel battle: Goldman’s unlikely foot soldiers in the fight against bank capital hikes | Reuters News Agency
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Business & Finance
16 May 2024, 5:40 pm 1 minute
Market Impact
The Reuters report is the first full account of Goldman’s grassroots campaign. It illustrates the extreme lengths big U.S banks have taken to try to kill the Basel proposal which they say will force them to overhaul or shut down a range of products and businesses.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceFinancial Services
Regions: Americas
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
