Goldman Sachs Forbids Top Brass From Making Donations To Trump

(RTTNews) - Goldman Sachs has banned its partners from contributing to certain political campaigns, which includes the Donald Trump-Mike Pence presidential ticket.

The story was first reported by Politico.

"The policy change is meant to prevent inadvertently violating pay-to-play rules, particularly the look-back provision, when partners transition into roles covered by these rules," the memo said.

"The policy change is also meant to minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners' seniority and visibility," the memo added.

Securities and Exchange Commission limits contributions to politicians that have some control over pensions, such as state and local officials.

The Bank's partner can't contribute to Trump/Pence campaign because Pence is the governor of Indiana, giving him influence over state pensions. While, they can contribute for Democratic presidential candidate Hillary Clinton as she currently doesn't hold office and her vice presidential candidate Tim Kaine also is not a state or local official.

In 2012, Goldmand Sachs had paid $12 million in fine to SEC to settle charges over contribution of funds to the campaign of a then Massachusetts state treasurer and governor candidate Timothy Cahill.