7/23/2019 Goldman Sachs' Redacted GE Filing with Federal Reserve as Provided to Inner City Press, Dec 2, 2015

1/11

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U[^^CKOKJT

TA TBK

EAJGIDKJTIHC H^^CIEHTIAJ

^[VU[HJT TA

TBK

FHJL OKV@KV

ET

86 [.U.E. 8262(E)

U[FOITTKD TA

TB

FAHVD

AG

@AWKVJAVU

AG TBK

GKDKVHC VKUKVWK UYUTKO

DEQCHJAI =58297;.9

GAV TB

^[VEBHUK HJD HUU[O^TIAJ TVHJUHETIAJ

FY HJD

OAJ@

@ACDOHJ UHEBU FHJL [UH

6>> PKUT UTVKKT

JKP YAVL, JKP YAVL 8>626

@K EH^ITHC FHJL

7;8> OICCVAEL DVIWK, U[ITK 6>>

BACCHDHY, [THB 24868

JD

@KJKVHC KCKETVIE EH^ITHC EAV^AVHTIAJ

9 8 OHIJ HWKJ[K

JAVPHCL, EAJJKETIE[T >72;8

U[FOITTKD

Dkekofkr 8, 6>8;

7/23/2019 Goldman Sachs' Redacted GE Filing with Federal Reserve as Provided to Inner City Press, Dec 2, 2015

2/11

^[FCIE VKDHETKD WKVUIAJ

VKU^AJUKU

AG

TBK @ACDOHJ UHEBU @VA[^, IJE.

HJD @ACDOHJ UHEBU FHJL [UH

TA TBK VKX[KUT GAV

HDDITIAJHC

IJGAVOHTIAJ

Dkekofkr 8, 6>8;

Ukt gartb fkcaw hrk tbk rkspajsks ag Tbk @acdohj Uhebs @raup, Ije. ( @U @raup , hjd,

ta`ktbkr witb its sufsidihriks, tbk Giro ) hjd/ar @acdohj Uhebs Fhjl [UH ( @U Fhjl ), hs

hppciehfck, ta tbk Fahrd ag @avkrjars ag bk Gkdkrhc Vkskrvk Uystko (tbk Fahrd ) sthggs

qukstiajs, dhtkd Aetafkr 6>, 6>8; hjd Javkofkr 8>, 6>8;, rkchtij` ta@U Fhjl's hppciehtiaj

(tbk Hppciehtiaj ) pursuhjt ta tbk Fhjl Okr`kr Het, 86 [.U.E. 8262(e), gar priar hppravhc ta

hequirk fy purebhsk hjd hssuoptiaj ekrthij dkpasit cihficitiks hjd ekrthij vkry cioitkd jaj

gijhjeihc hsskts ag @K Ehpithc Fhjl, h [thb sthtk-ebhrtkrkd jaj-okofkr ijdustrihc fhjl ( @K

Fhjl ). ^rkekdij` kheb rkspajsk, tbk rkchtkd qukstiaj is rksthtkd ij facd. Ehpithcizkd tkros jat

atbkrwisk dkgijkd bkrkij sbhcc bhvk tbk okhjij`s skt gartb ij tbk Hppciehtiaj.

8. Kxpchij baw tbk prapaskd hequisitiaj ag

@K

Fhjl's rkthic dkpasit pchtgaro is

eajsistkjt witb @U

Fhjl's

6>8;-6>87 Utrhtk`ie ^chj ( Utrhtk`ie

^chj ) hjd

spkeigiehccy wbieb

phrts

ag

tbk

Utrhtk`ie ^chj tbk prapaskd hequisitiaj waucd

gheicithtk. Hcsa, kxpchij tbk hgarkokjtiajkd ij

tbk

eajtkxt ta @U

Fhjl's

aj`aij`

fusijkss pchjs. ^ravidk h eapy

ag

tbk Utrhtk`ie chj.

fkcikvks tbk tuo-lky jhturk ag tbk ^rapaskd Trhjshetiaj is aptiohc ij tbht wk hrk

hequirij` h gujetiajij` tkebjaca`y pchtgaro hjd birij` rkchtkd pkrsajjkc kxpkrikjekd ij

its apkrhtiaj, wbieb rkdueks patkjtihc apkrhtiajhc risls hjd easts hssaeihtkd witb

ar`hjiehccy fuicdij` hj ijtkrjkt dkpasit pchtgaro.

DEQCHJAI=58297;.9

7/23/2019 Goldman Sachs' Redacted GE Filing with Federal Reserve as Provided to Inner City Press, Dec 2, 2015

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^[FCIE VKDHETKD WKVUIAJ

Tbk ^rapaskd Trhjshetiaj is, tbkrkgark, eajsistkjt witb, hjd spkeigiehccy

gheicithtks, tbk Utrhtk`ie ^chj hjd

is

ijtkjdkd ta strkj`tbkj @U Fhjl's ciquidity pragick

witb h jkw, sthfck hjd divkrsigyij` gujdij` saurek tbht ehj fk uskd ta suppart tbk

kxistij` hsskt strhtk`y hjd kjsurk aj`aij` eaopcihjek witb

CEV

rkquirkokjts.

6. Diseuss baw @U

Fhjl s

ckvkc

hjd

eaopasitiaj

ag

hsskts hjd gujdij` waucd ebhj`k

avkr tbk jkxt tbrkk ykhrs. ^ravidk h thfck

tbht

dkpiets tbk hsskt hjd gujdij` typks

hjd rkspketivk hoaujts gar ykhrs kjdij` ij 6>87, 6>80, hjd 6>82.

Ij

hdditiaj,

pravidk hjjuhc fhchjek sbkkt hjd ijeaok sthtkokjt pramketiajs gar 6>87,6>80, hjd

6>82.

Tbk htthebkd pramketkd pra garoh hjjuhc fhchjek sbkkt hjd ijeaok sthtkokjt

pramketiajs gar ykhrs kjdij` 6>87, 6>80 hjd 6>82 (Eajgidkjtihc Kxbifits

Fhjd

E) hrk

`kjkrhccy eajsistkjt witb tbask pramketiajs ijecudkd ij aur priar sufoissiajs, ijecudij`

tbk 6>8; Dadd-Grhjl Het Utrkss Tkst ( DGHUT ) (Dkekofkr 6>84), tbk Utrhtk`ie ^chj

(Ohreb 6>8 @U Fhjl's IEHH^

6>8

hjd tbk r88MI I . I88 -hC c S .888

6>8

Tbk diggkrkjeks fktwkkj tbk priar pramketiajs hjd

tbask ij Eajgidkjtihc Kxbifits Fhjd Ehrk h rkgcketiaj ag@U Fhjl's hetuhc fusijkss

tbk kjd ag tbk tbird ag 6>8;

hs wkcc hs updhtkd pramketiajs

ag

fusijkss

hetivity tbrau`b 6>82. ^ckhsk jatk tbht tbk ijgarohtiaj

ij

Eajgidkjtihc Kxbifits F hjd E

bhs jat fkkj huditkd ghitb

Tbk Utrhtk`ie ^chj autcijkd h juofkr ag aa8tkjto8

tbk 6>8;-6>87

Eajsistkjt

witb tbk trhmketary ag hsskt `rawtb autcijkd ij tbk @U Fhjl Utrhtk`ie ^chj, tbk typks hjd

hoaujts ag pramketkd hsskt `rawtb jaw garkehstkd hrk rkgcketkd ij Eajgidkjtihc Kxbifit E

(wbieb, hs rkqukstkd, ijecudks pramketiajs fkyajd tbk tiok pkriad

ag

tbk Utrhtk`ie ^chj).

Eajgidkjtihc Kxbifit E hcsa rkgckets tbk pramketkd eaopasitiaj

ag

gujdij` avkr tbk

garkehstkd pkriad.

DEQCHJAI =

58297; 9

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^[FCIE VKDHETKD WKVUIAJ

Hs jatkd hfavk tbk ^rapaskd Trhjshetiaj wicc hccaw @U Fhjl ta strkj`tbkj its

ciquidity pragick witb h jkw sthfck hjd divkrsigyij` saurek ag gujdij` tbht wicc fk uskd ta

sufstitutk gar atbkr saureks ag gujdij` ijecudij` fut jat cioitkd ta gujdij` grao its

phrkjt.

5. Diseuss baw

@U Fhjl s eustaokr

fhsk waucd ebhj`k

avkr tbk

jkxt

tbrkk

ykhrs.

@U Fhjl s dirket ecikjts tadhy ijecudk earparhtiajs gijhjeihc ijstitutiajs

ijvkstokjt gujds `avkrjokjts hjd bi`b-jkt-wartb ijdividuhcs hjd aur tbird-phrty

dkpasit swkkps hjd fralkrkd EDs hrk bkcd

ijdividuhc rkthic eustaokrs.

Tbk ^rapaskd Trhjshetiaj wicc rksuct ij hdditiajhc dirket rkchtiajsbips fktwkkj

@U Fhjl hjd rkthic eustaokrs. Hs

ag

Aetafkr 5 6>8; ta ijgarohtiaj

@K

Ukk tbk rkspajsk ta Xukstiaj ; gar hdditiajhc

dkthic.

DEQ

CHJAI

=

5 297;

.9

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^[FCIE VKDHETKD WKVUIAJ

4. ^ravidk h dkseriptiaj a tbk `kjkrhc fhel`raujds hjd racks hjd rkspajsificitiks a

tbk @ Fhjl kopcaykks ta fk birkd fy @U Fhjl.

@U Fhjl bhs kxtkjdkd kopcayokjt aggkrs

ta

@K Fhjl kopcaykks hs

ag

Aetafkr 58, 6> 8;), ij eajmujetiaj witb hjd eajtij`kjt upaj tbk ecasij` ag tbk ^rapaskd

Trhjshetiaj. Ohjy ag tbksk kopcaykks bhvk kxpkrikjek ij vhriaus hrkhs rkchtij` ta tbk

ijtkrjkt dkpasit fusijkss, ijecudij` eaopcihjek, apkrhtiajs, tkebjaca`y, ck`hc hjd

ohrlktij`. Tbk gujetiajhc hrkhs hjd rkspajsificitiks ag

tbksk kopcaykks hrk autcijkd

fkcaw

DEQ

CHJAI

=

5 2

9

7;

9

Eaopcihjek= aggkrs bhvk fkkj kxtkjdkd ta @K

Fhjl kopcaykks witb priohry rkspajsificity gar avkrskkij` hjd kxkeutij` tbk

FUH/HOC eaopcihjek pra`rho, rkvikwij` hjd iopckokjtij` pacieiks hjd

praekdurks ta kjsurk eaopcihjek witb earparhtk `uidkcijks hjd rk`uchtary

rkquirkokjts, ohjh`ij` hjd eaopcktij` eaopcihjek risl hsskssokjts, grhud

oajitarij`, hjd prkphrij` eaopcihjek-rkchtkd rkpartij`. Atbkr hrkhs

ag

gaeus

ijecudk hjhcysis

ag

jkw rk`uchtiajs hjd jkeksshry pra`rho ebhj`ks hjd

dkvkcapokjt ag trhijij` pra`rhos gar kopcaykks

Apkrhtiajhc Uuppart= aggkrs bhvk fkkj kxtkjdkd

ta

@

Fhjl kopcaykks rkspajsifck gar apkrhtiajhc risl hsskssokjt, ehsb

ohjh`kokjt, vkjdar ohjh`kokjt, hjd apkrhtiajs hjhcysis hjd rkpartij`.

Tkebjaca`y= aggkrs bhvk fkkj kxtkjdkd ta @K

Fhjl kopcaykks wba ohjh`k tbk systkos hjd tkebjaca`y tbht suppart tbk

dkpasit pchtgaro. Tbk trhjsgkrrij` kopcaykks wicc avkrskk hjd hsskss

tkebjaca`y risl, tkebjaca`y ijgrhstrueturk, hjd eaardijhtk witb erass

divisiajhc tkhos aj tkebjaca`y-rkchtkd ohttkrs.

4

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^[FCIE VKDHETKD WKVUIAJ

Ck`hc=

witb priohry rkspajsificity gar ohijthijij` eurrkjt ljawckd`k ag vhriaus

gkdkrhc hjd sthtk fhjlij` rk`uchtiajs, hdvisij` ohjh`kokjt aj vhriaus

fhjlij` hjd rk`uchtary ohttkrs, hssistij` witb kxhoijhtiaj issuks, hppciehtiaj

hjd gicij`s ohttkrs, kjgarekokjt hjd atbkr dhy-ta-dhy issuks, hddrkssij`

rk`uchtary issuks hjd, ij eaardijhtiaj witb Eaopcihjek, iopckokjtij`

rk`uchtary rkquirkokjts.

Tbk trhjsgkrrij` kopcaykks hrk rkspajsifck gar avkrskkij` hjd apkrhtij` tbk

dkpasit pchtgaro

ag @K Fhjl, wbieb wk vikw hs h wkcc-gujetiajij` fusijkss witb h gaeus

aj eaopcihjek hjd eustaokr skrviek. Pk kxpket tbht tbis tkho, ta`ktbkr witb tbk pkapck

hjd rksaureks

ag@U

@raup, wicc eaofijk ta kggket h soaatb trhjsitiaj agtbk pchtgaro fy

@U Fhjl.

;.

Ijdiehtk

tbk hppraxiohtk juofkr

ag rkthic

heeaujts

ta

fk

hequirkd

grao

@K Fhjl

hjd h `kjkrhc dkseriptiaj ag

tbk

typks ag heeaujts. ^ravidk hj kstiohtkd juofkr ag

rkthic heeaujts tbht @U

Fhjl

kxpkets ta bhvk fy ykhr kjd 6>87,6>80, hjd 6>82.

Hs

ag

Aetafkr 58, 6>8; (heeardij` ta ijgarohtiaj pravidkd fy @K Fhjl), tbk

dkpasit cihficitiks ta fk hssuokd eajsist ag=

(i) Vkthic ajcijk ekrtigiehtks ag dkpasit (tbk Vkthic EDs ) witb hj h``rk`htk

prijeiphc hoaujt ag hppraxiohtkcy icciaj8=58297; 9

^[FCIE VKD ETKD WKVUIAJ

EAJGIDKJTI C KRIDFIT E

\VKDHETKD_

7/23/2019 Goldman Sachs' Redacted GE Filing with Federal Reserve as Provided to Inner City Press, Dec 2, 2015

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DEQCHJ>8=58297; 9

^[FCIE VKDHETKD WKVUIAJ

EAJGIDKJTIHC KRIDFIT D

\VKDHETKD_