WASHINGTON, May 16 (Reuters) – Jeff Riggs, a Montana businessman who owns a small data center, flew to Washington D.C. in November to meet with his U.S. Senator Steve Daines.
The trip wasn’t his idea. It was arranged, paid for and scripted by Goldman Sachs (GS.N), opens new tab as part of the bank’s aggressive campaign to water down a proposal to raise capital requirements for big banks.
Riggs was one of dozens of small business owners Goldman recruited from all over 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.
The Wall Street bank set up meetings with members of Congress who have sway over financial regulation, providing employee escorts, talking points, and an agenda timed down to the minute. Goldman’s schedule even suggested the tone the entrepreneurs should adopt in the meetings: “A balance between optimism about growth prospects and difficulty accessing capital.”
A Reuters review of private Goldman documents, interviews with program participants and public disclosures show how Goldman leveraged its philanthropic 10,000 Small Businesses program to advocate for its own interests.
Source: REUTER
