Goldman Sachs saw its value drop by 1.35% after reports emerged that CEO David Solomon met with President Trump to pitch for the bank’s role in the upcoming IPO of mortgage giants Fannie Mae and Freddie Mac. The meeting, which included a group of athletes from Trump’s sports council, suggests that the bank is vying for significant stakes in the deal.
Solomon was reportedly at the White House during the summer to make his case to Trump on why Goldman Sachs should be chosen to lead the massive IPO. The presentation was attended by former professional wrestler Paul “Triple H” Levesque and golfer Bryson DeChambeau, adding a touch of unconventional flair to the high-stakes negotiations.
The move highlights the intense competition for control of Fannie Mae and Freddie Mac, two major mortgage giants that are set to go public in the near future. The IPO is expected to be one of the largest in US history, with potential stakes reaching into the hundreds of billions of dollars.
Source: https://www.wsj.com/finance/banking/fannie-freddie-ipo-big-banks-6d8884aa