Susanne Craig has a fascinating piecethis morning about Goldman Sachs redeeming itself since the financial crisis via charitable giving.
The Goldman Sachs Foundation has helped the investment banking giant establish itself as one of the biggest corporate philanthropists, the report said.
However, some Goldman insiders have become bitter because the foundation, which gives away hundreds of millions, has been getting more resources while other areas at the bank have seen cuts, according to DealBook citing unnamed executives.
What’s more is some of these Goldman insiders are also bitter that Dina Habib Powell, the head of Goldman’s corporate engagement, has been receiving a sizeable paycheck even though her job isn’t about making money.
From DealBook (emphasis ours):
But this is still Wall Street, where money is the ultimate measure of worth, and how it is allocated creates resentments. Executives inside the bank say the Goldman Sachs Foundation, the clearinghouse of the company’s giving, has been given more resources at a time when the bank itself has been cutting back sharply on expenses — and people — on big trading desks.
This has created bitterness among some employees — bitterness stoked by the favoured status seemingly granted to Dina Powell, who runs the foundation. At a firm where pay is almost always tied to what money you bring in, Ms. Powell, who is in charge of giving money away, has made roughly $US2 million annually in some recent years, according to people familiar with her compensation but not authorised to speak on the record. Her pay, which is considered high to some at the firm, is up there with some of the leaders of the best-paying charities, who receive between $US1.8 million and $US3 million, according to the Chronicle of Philanthropy. Those inclined to look for signs of status also note that the 20-year-old daughter of Goldman’s chief executive, Lloyd C. Blankfein, worked as an intern in Ms. Powell’s department last summer.
Powell, 40, joined Goldman in 2007. In 2010, Goldman made her a “partner” — one of the most highly-coveted titles on Wall Street.
Under her leadership, Goldman launched its 10,000 Women program — a $US100 million initiative that trains underprivileged women running small businesses around the world.
Before she worked for Goldman, Powell was the Assistant Secretary of the State for Educational and Cultural Affairs during the George W. Bush administration. She also served as the Deputy Undersecretary of State for Public Diplomacy and Public Affairs.
Powell is married and has two daughters.
She graduated from the University of Texas — Austin.