OLDEST IRISH AMERICAN NEWSPAPER IN USA, ESTABLISHED IN 1928
Category: Archive

Stock offering a windfall for Sutherland

February 16, 2011

By Staff Reporter

By Andrew Bushe

DUBLIN – Former EU Commissioner and GATT boss Peter Sutherland is set to become a multi-millionaire as a result of the decision to float part of American firm Goldman, Sachs, one of the world’s most profitable investment banks.

It will be one of the biggest cash bonanzas the financial world has ever seen, with the stock offer is expected to be the largest ever in U.S. history.

Sutherland, 53, a former Fine Gael attorney general, as chairman of Goldman, Sachs Europe, is believed to hold a stake of about 0.35 percent in the 130-year-old partnership, which is being valued by economic analysts at up to $30 billion. Sutherland himself could come away with upwards of $70 million.

The huge windfall for Sutherland crowns a glittering career that spans politics, the bar, industry and banking.

Sutherland was appointed chairman in September 1995 and joined the partnership that November.

Follow us on social media

Keep up to date with the latest news with The Irish Echo

Even without the share flotation, being made one of 190 partners in Goldman, Sachs is highly coveted as the annual bonuses for the bosses has also been in the multi-million-pound bracket.

Last year, Goldman, Sachs made $3 billion profit. The company decided to float shares because of concerns that its capital base is not large enough to allow it develop to compete with other large investment rivals.

The bank partners met amid tight security last weekend at the Palisades Conference Center in New York to decide on whether to go public.

The bank prides itself on hiring and motivating the toughest, brightest and most hard-working men and women in banking worldwide. It employs about 11,000 staff and many of the 210 key top staff who are not partners are also expected to benefit in the float.

It is the last of the major Wall Street firms still in private ownership, having been founded in 1869 by a Jewish immigrant, Marcus Goldman.

Sutherland, known as “Suds,” is a barrister who was an unsuccessful Fine Gael candidate in 1973. He was attorney general in 1981, 1982 and 1982-84, taking the post within a year of being made a senior counsel. He was EU Commissioner from 1985-89.

He got the GATT job in 1993 and was also chairman of Allied Irish Banks and a member of the boards of British Petroleum, James Crean, Cement Roadstone and GPA. He was European Person of the Year in 1988

A keen sportsman, he is a former captain of Lansdowne Rugby club and member of the Fitzwilliam tennis club.

Other Articles You Might Like

Sign up to our Daily Newsletter

Click to access the login or register cheese