Categories
12 O’Clock High-a podcast on business leadership

Goldman Sachs, 100+ Hour Work Weeks and Millennials


Richard Lummis is on assignment this week so I am pleased to host Alyson Van Hooser, well know leadership consultant and coach. She is a partner at Van Hooser Associates. In this episode, we discuss the story of the Goldman Sachs employees and their PP slide deck about working 100+ hours per week. What does this tell us about priorities of and the leadership of Millennials. Highlights include:

  • Many of us worked very long hours early in our professional careers. It does several things: Forces you to learn about a wide variety of topics, work under pressure, weeds out the go-getters from those only along for the ride, ETC. It also makes it very difficult for women who are young mothers. What are your thoughts on a 100+ work week from a leadership perspective?
  • How does this type of attitude work for Millennials?
  • Will businesses, managers and employers have to adjust?
  • I have worked very long hours but never complained because that’s ‘just the way it was’ or it was expected or some other reason. What is it about millennials that they would speak up about that type of treatment?
  • Also at least I could commiserate with my peers about the long hours. But in Covid-19 everyone is working from home and there is largely no support. Has that made a difference?

Resources
Van Hooser Associates
Alyson Van Hooser on LinkedIn

Categories
Daily Compliance News

March 20, 2021 the In a Dark Place edition


In today’s edition of Daily Compliance News:

  • Coinbase settles with CFTC for $6.5MM. (WSJ)
  • Goldman employees ‘in a dark place’. (Houston Chronicle)
  • Texas regulators have COI with industry they regulate (this is my shocked face). (WaPo)
  • DOJ investigating Visa. (WSJ)
Categories
FCPA Compliance Report

Eric Young on the Fed and DFS Components of the Goldman Sachs Corruption Enforcement


In this episode, I am joined by Eric Young, recently retired long-time compliance professional. We explore an under-looked aspect of the Goldman Sachs FCPA enforcement action; the independent enforcement actions by the Federal Reserve Bank and state of New York’s Department of Financial Services.
Some of the highlights include:

  • Why was the Fed involved in the Goldman Sachs FCPA resolution?
  • The Fed Order seemed critical of Goldman Sachs compliance function. Do you find this criticism warranted?
  • Is the ongoing oversight of the Fed typical for this type of case?
  • Why was the state the New York DFS involved in the Goldman Sachs FCPA resolution?
  • What were the separate reporting obligations of the Goldman Sachs compliance function discussed in the DFS Order? Do such obligations exist at the federal level?
  • Were the dates, timing and amounts of these 3 bond offerings red flags?
  • Were the money laundering allegations in funding equally as troubling as the bribery and corruption? 

Resources
Federal Reserve Cease and Desist Order
State of New York, Department of Financial Services Consent Order

Categories
Compliance Into the Weeds

The Goldman Sachs FCPA Enforcement Action


Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode Matt and Tom go into the weeds to look at the recent FCPA enforcement action involving the US banking and finance entity Goldman Sachs. Some of the issues we consider are:

  • One of the most bold, audacious bribery schemes ever.
  • Complete total and utter failure of compliance? Or something worse?
  • Blatant assistance in money-laundering.
  • How watches the watchers?
  • Has Goldman really done anything different?
  • Largest FCPA fine ever. 

Resources
See Matt’s blog posts on Radical ComplianceGoldman Sachs, FCPA and Internal Controls
See Tom’s exploration on the FCPA Compliance and Ethics Blog
Part 1-Introduction
Part 2-Control Failures
Part 3-Fines and Penalties

Categories
Daily Compliance News

October 27, 2020-the Tx AG Strikes Again edition

In today’s edition of Daily Compliance News:

  • SEC provides fewer Wells notices. (WSJ)
  • The Dig digs into the Goldman earnings statement. (The Dig)
  • Texas AG fires 2nd (Houston Chronicle)
  • Bloomberg says hold individuals culpable. (Bloomberg)
Categories
Daily Compliance News

October 26, 2020-the More Goldman edition


In today’s edition of Daily Compliance News:

  • Goldman promises greater scrutiny of exec pay. (WSJ)
  • Trump vows to destroy US Civil Service. (WaPo)
  • AU hit with 9 corruption sanctions. (ESPN)
  • What are the hidden skills gaps? (FT)
Categories
Daily Compliance News

October 24, 2020-the Goldman Int’l Settlements edition


In today’s edition of Daily Compliance News:

Categories
Everything Compliance

Emergency Video Podcast on the Goldman Sachs FCPA Settlement

In this first live recording of Everything Compliance, an abbreviated crew of Matt Kelly, Jay Rosen and Tom Fox provide their initial thoughts and questions on the Goldman Sachs 1MDB FCPA settlement.

For a preliminary look, check out Matt’s blog post Goldman Sachs Giant FCPA Deal on Radical Compliance.

Categories
Daily Compliance News

October 23, 2020-the Goldman Settles edition


In today’s edition of Daily Compliance News:

  • Goldman settles. (WSJ)
  • Walmart sues US over opioid crisis. (WSJ)
  • Do we need a new Tech Regulator? (NYT)
  • Corruption whistleblower comes forward in Ohio. (WaPo)
Categories
Daily Compliance News

July 25, 2020-the Goldman Settles edition