Lot’s of controversy today about @HillaryClinton & @GoldmanSachs. Incidentally, Teach For America (TFA) and Goldman Sachs have had a longstanding and very fruitful relationship. @TeachForAmerica has been allied with Goldman Sachs in several ways. Who is Goldman Sachs? From Wikipedia:
The Goldman Sachs Group, Inc. is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients….Goldman Sachs was [was in the middle] of the 2008 economic crisis, because of its involvement in subprime mortgages, and was subsequently rescued as part of a massive U.S. government bailout.
Goldman Sachs has done LOTS of bad stuff.
On October 28, 2008, the US Treasury paid Goldman Sachs $10 billion in exchange for Goldman Sachs shares as one of the six large banks initially given funding from TARP intended to unfreeze credit markets
And made lots of money even while many Americans lost everything.
Are you surprised that Goldman Sachs is on the $100,000 Teach For America donor list? (For more on TFA’s funding see The Teat: ~Half Billion for Teach (Temp) For America)
In fact, Goldman Sachs treasures TFA alums after they leave their short classroom stay. The Business Insider reported that,
Goldman Sachs is the largest non-academic hirer of Teach for America alumni in New York City.
The leadership of TFA and Goldman Sachs have had a cozy relationship. For example, TFA gives the leadership of Goldman Sachs awards,
“I was a horrible student,” Cohn, the president and COO of Goldman Sachs, told a room full of teachers. On Thursday night, Cohn was honored at Teach For America’s Annual New York City Benefit Dinner held at the Waldorf-Astoria…Cohn praised Teach for America for the nonprofit’s work in the American public-school system.
TFA has also had a lucrative special program arranged with Goldman Sachs to expedite their teachers into Goldman Sachs.
Through this program, Goldman Sachs will offer up to twenty paid summer internships… The internship with Goldman Sachs takes place between the first and second years of teaching and is 8-10 weeks in length. Goldman Sachs hires interns for a variety of roles within various divisions, including:
- Global Compliance
- Global Investment Research
- Human Capital Management
- Investment Banking
- Investment Management – Legal and Internal Audit – Operations
- Securities – Services
- World Financial Domination and Hegemony*
Internships are designed to give a sense of the day-to-day activities of full-time Goldman Sachs employees. Interns in the program will work with teams on actual projects.
Candidates who are selected and commit to the internship program will receive a $5,000 stipend to assist with transitional needs prior to starting as corps members. The $5,000 stipend does not impact any intern’s eligibility for Teach For America’s transitional loans and grants and will be paid upon the intern’s completion of Goldman Sachs’ pre-employment screening.
Interns will attend a one day orientation session and a one day skill-building session during their first year of teaching. Both sessions will be held at Goldman Sachs’ offices in New York (travel and accommodations provided).
*I added this one.
Between academic years the TFA teachers would trot off to Wall Street
During the first week of the summer internship, interns take part in a firm-wide orientation where they are introduced to the work culture and receive an overview of both the benefits and responsibilities of being a member of Goldman Sachs. Each division provides its own training workshops. These workshops focus on divisional strategies, the core skills required to perform, and hands-on practical applications and exercises. Interns do much of the same work as entry-level employees.
What do young people think about TFA and Goldman Sachs? The Huff Post reported,
Among college seniors, an analyst position with Goldman Sachs is often regarded as a golden meal ticket to a successful future business career. It pays well and looks good on a resume. The same could be said about Teach for America, minus the money. Both programs carry with it a certain prestige sought by frantic college seniors on the verge of graduation.
TFA alums do have some touch choices though after their short term teaching stay— they could choose McKinsey instead (See Tough Choices: TFA or Goldman Sachs or McKinsey?) Mercedes Schneider also covered the rumination of TFA alums on which wall street job to take in the post What Teach for America Says When It Talks to Itself. There is more— just Google Teach For America and Goldman Sachs… there is quite allot to read.
None of this fits TFA’s popular narrative (which they spend hundreds of thousands of dollars spinning) about being a grassroots and spunky civil rights organization dedicated to teaching.
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