Trump puts Goldman Sachs in spotlight, for better or worse(Reuters) - No Wall Street firm is set to do better under U.S. President-elect Donald Trump than Goldman Sachs Group Inc.  But the selection of several current and former Goldman bankers to high-profile positions in his administration could reignite flames of resentment against the bank, and the Wall Street elite it represents, which Trump himself fanned during his campaign. Goldman’s shares have jumped by nearly a third since Trump’s Nov. 8 election victory, outpacing gains by rivals, as investors bet on a resurgence in trading stocks and bonds due to increased volatility, and the prospect of less onerous financial regulation. But Trump’s selection of Steve Bannon as chief White House strategist and Steven Mnuchin as his nominee for Treasury secretary - both of them former Goldman bankers - has prompted an outcry from Democratic senators Elizabeth Warren and Bernie Sanders, who have pledged to resist Trump’s efforts to dismantle recent financial reforms. Trump’s expected pick of Gary Cohn, Goldman’s second-in-command, to advise him on economic policy, has only made that chorus louder.  The proximity of so many Goldman executives to the seat of power could make sympathetic treatment of banks more likely, some critics have said. But at the same time, the public display of Goldman’s reach could stir up calls for renewed scrutiny just as Wall Street wants to see some restrictions imposed after the 2008 financial crisis eased.    “Goldman has spent the last couple of years doing their work quietly, but now they have the focus on them, which means people who weren’t interested in them last week, now are,” said Erik Gordon, a business professor focusing on investment banking at the University of Michigan. “In the harsh spotlight, every wrinkle, scar and freckle shows.” U.S. governments have a tradition of choosing former Goldman bankers for key positions, stretching back to President Franklin D. Roosevelt.       But during the latest financial crisis, when Main Street bailed out Wall Street, Goldman’s connections within government and the profits it made selling toxic mortgage debt led Rolling Stone writer Matt Taibbi to call it “a great vampire squid wrapped around the face of humanity.” Popular anger at Wall Street generally and Goldman in particular provided the backdrop to the Dodd-Frank post-crisis regulations, which made it much more expensive for banks to trade securities as they had before. Following the financial crisis, Goldman acknowledged it needed to do more work to improve the firm’s image with ordinary people, current and former executives have said.  While Goldman - the leader in the lucrative business of advising on mergers and acquisitions - had previously thrived on keeping its head down, focusing on clients and shunning the media, it began to focus more closely on its reputation.  “We’ve withdrawn from some businesses and withdrawn from some opportunities out there in the world because we decided we shouldn’t do that type of business because the brand and the reputation was too valuable,” Cohn said in a 2014 interview with a Canadian newspaper. Executives also started giving more interviews and the bank rolled out its first nationwide advertising campaigns aimed at regular people that emphasized its role in alternative energy and job creation. BANK-FRIENDLY REGULATIONS  Goldman’s engagement with Main Street has grown more important as the bank has entered consumer markets, launching an online lending business earlier this year, called Marcus, with video ads on Facebook, Hulu, Pandora and YouTube. Despite efforts to revamp its image, Goldman has remained a byword for elitism, something that Trump tapped into during the election campaign, releasing a television ad that characterized Chief Executive Lloyd Blankfein as part of a “global power structure” that had robbed America’s working class.  The bank’s association with Trump’s government may reignite feelings of anger that ad may have stirred up.  “If the decisions made by the Trump administration are seen as supporting the ‘old Wall Street’, that will bring the connection with Goldman to the forefront,” said Jim Marous, a financial industry strategist who works with banks on branding and marketing. For now, investors do not appear to be worried. With its consumer operations just a small sliver of its overall business, they are confident that any negative publicity Goldman may suffer will be far outweighed by the positive benefits that will flow from having more bank-friendly regulations. “Goldman will always be linked with politics, even if that goes away from time to time,” said Jerry Braakman, chief investment officer of First American Trust, which holds shares in Goldman Sachs. “Money and politics always go together.” politicsNews
trump puts goldman sachs spotlight better worse reuters no wall street firm set better donald trump goldman sachs group inc but selection several current former goldman bankers positions administration could reigning flames resentment bank wall street elite represents trump banned campaign goldman shares jumped nearly third since trump election victory outpacing gains rivals investors bet resurgence trading stocks bonds due increased volatility prospect less nervous financial regulation but trump selection steve cannon chief white house strategist steven mnuchin nominee treasury secretary former goldman bankers prompted outcry democratic senators elizabeth warren bernie sanders pledged resist trump efforts dismantle recent financial reforms trump expected pick gary con goldman advise economic policy made chorus louder the proximity many goldman executives seat power could make sympathetic treatment banks likely critics said but time public display goldman reach could stir calls renewed scrutiny wall street wants see restrictions imposed financial crisis eased goldman spent last couple years work quietly focus means people interested last week said erik gordon business professor focusing investment banking university michigan in harsh spotlight every twinkle scar freckle governments tradition choosing former goldman bankers key positions stretching back president franklin roosevelt but latest financial crisis main street bailed wall street goldman connections within government profits made selling toxic mortgage debt led rolling stone writer matt rabbi call great vampire squid wrapped around face popular anger wall street generally goldman particular provided backdrop regulations made much expensive banks trade securities following financial crisis goldman acknowledged needed work improve firm image ordinary people current former executives said while goldman leader lucrative business advising mergers acquisitions previously thrived keeping head focusing clients stunning media began focus closely reputation we withdrawn businesses withdrawn opportunities world decided type business brand reputation valuable con said interview canadian newspaper executives also started giving interviews bank rolled first nationwide advertising campaigns aimed regular people emphasized role alternative energy job creation regulations goldman engagement main street grown important bank entered consumer markets launching online lending business earlier year called marcus video ads facebook hulu pandora youtube despite efforts revamp image goldman remained word elitist something trump tapped election campaign releasing television ad characterized chief executive lloyd blankfein part global power structure robbed america working class the bank association trump government may reigning feelings anger ad may stirred if decisions made trump administration seen supporting old wall street bring connection goldman forefront said jim marcus financial industry strategist works banks branding marketing for investors appear worried with consumer operations small silver overall business confident negative publicity goldman may suffer far outweighed positive benefits flow regulations goldman always linked politics even goes away time time said jerry braakman chief investment officer first american trust holds shares goldman sachs money politics always go politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump puts Goldman Sachs in spotlight, for better or worse(Reuters) - No Wall Street firm is set to do better under U.S. President-elect Donald Trump than Goldman Sachs Group Inc.  But the selection of several current and former Goldman bankers to high-profile positions in his administration could reignite flames of resentment against the bank, and the Wall Street elite it represents, which Trump himself fanned during his campaign. Goldman’s shares have jumped by nearly a third since Trump’s Nov. 8 election victory, outpacing gains by rivals, as investors bet on a resurgence in trading stocks and bonds due to increased volatility, and the prospect of less onerous financial regulation. But Trump’s selection of Steve Bannon as chief White House strategist and Steven Mnuchin as his nominee for Treasury secretary - both of them former Goldman bankers - has prompted an outcry from Democratic senators Elizabeth Warren and Bernie Sanders, who have pledged to resist Trump’s efforts to dismantle recent financial reforms. Trump’s expected pick of Gary Cohn, Goldman’s second-in-command, to advise him on economic policy, has only made that chorus louder.  The proximity of so many Goldman executives to the seat of power could make sympathetic treatment of banks more likely, some critics have said. But at the same time, the public display of Goldman’s reach could stir up calls for renewed scrutiny just as Wall Street wants to see some restrictions imposed after the 2008 financial crisis eased.    “Goldman has spent the last couple of years doing their work quietly, but now they have the focus on them, which means people who weren’t interested in them last week, now are,” said Erik Gordon, a business professor focusing on investment banking at the University of Michigan. “In the harsh spotlight, every wrinkle, scar and freckle shows.” U.S. governments have a tradition of choosing former Goldman bankers for key positions, stretching back to President Franklin D. Roosevelt.       But during the latest financial crisis, when Main Street bailed out Wall Street, Goldman’s connections within government and the profits it made selling toxic mortgage debt led Rolling Stone writer Matt Taibbi to call it “a great vampire squid wrapped around the face of humanity.” Popular anger at Wall Street generally and Goldman in particular provided the backdrop to the Dodd-Frank post-crisis regulations, which made it much more expensive for banks to trade securities as they had before. Following the financial crisis, Goldman acknowledged it needed to do more work to improve the firm’s image with ordinary people, current and former executives have said.  While Goldman - the leader in the lucrative business of advising on mergers and acquisitions - had previously thrived on keeping its head down, focusing on clients and shunning the media, it began to focus more closely on its reputation.  “We’ve withdrawn from some businesses and withdrawn from some opportunities out there in the world because we decided we shouldn’t do that type of business because the brand and the reputation was too valuable,” Cohn said in a 2014 interview with a Canadian newspaper. Executives also started giving more interviews and the bank rolled out its first nationwide advertising campaigns aimed at regular people that emphasized its role in alternative energy and job creation. BANK-FRIENDLY REGULATIONS  Goldman’s engagement with Main Street has grown more important as the bank has entered consumer markets, launching an online lending business earlier this year, called Marcus, with video ads on Facebook, Hulu, Pandora and YouTube. Despite efforts to revamp its image, Goldman has remained a byword for elitism, something that Trump tapped into during the election campaign, releasing a television ad that characterized Chief Executive Lloyd Blankfein as part of a “global power structure” that had robbed America’s working class.  The bank’s association with Trump’s government may reignite feelings of anger that ad may have stirred up.  “If the decisions made by the Trump administration are seen as supporting the ‘old Wall Street’, that will bring the connection with Goldman to the forefront,” said Jim Marous, a financial industry strategist who works with banks on branding and marketing. For now, investors do not appear to be worried. With its consumer operations just a small sliver of its overall business, they are confident that any negative publicity Goldman may suffer will be far outweighed by the positive benefits that will flow from having more bank-friendly regulations. “Goldman will always be linked with politics, even if that goes away from time to time,” said Jerry Braakman, chief investment officer of First American Trust, which holds shares in Goldman Sachs. “Money and politics always go together.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump puts goldman sachs spotlight better worse reuters no wall street firm set better donald trump goldman sachs group inc but selection several current former goldman bankers positions administration could reigning flames resentment bank wall street elite represents trump banned campaign goldman shares jumped nearly third since trump election victory outpacing gains rivals investors bet resurgence trading stocks bonds due increased volatility prospect less nervous financial regulation but trump selection steve cannon chief white house strategist steven mnuchin nominee treasury secretary former goldman bankers prompted outcry democratic senators elizabeth warren bernie sanders pledged resist trump efforts dismantle recent financial reforms trump expected pick gary con goldman advise economic policy made chorus louder the proximity many goldman executives seat power could make sympathetic treatment banks likely critics said but time public display goldman reach could stir calls renewed scrutiny wall street wants see restrictions imposed financial crisis eased goldman spent last couple years work quietly focus means people interested last week said erik gordon business professor focusing investment banking university michigan in harsh spotlight every twinkle scar freckle governments tradition choosing former goldman bankers key positions stretching back president franklin roosevelt but latest financial crisis main street bailed wall street goldman connections within government profits made selling toxic mortgage debt led rolling stone writer matt rabbi call great vampire squid wrapped around face popular anger wall street generally goldman particular provided backdrop regulations made much expensive banks trade securities following financial crisis goldman acknowledged needed work improve firm image ordinary people current former executives said while goldman leader lucrative business advising mergers acquisitions previously thrived keeping head focusing clients stunning media began focus closely reputation we withdrawn businesses withdrawn opportunities world decided type business brand reputation valuable con said interview canadian newspaper executives also started giving interviews bank rolled first nationwide advertising campaigns aimed regular people emphasized role alternative energy job creation regulations goldman engagement main street grown important bank entered consumer markets launching online lending business earlier year called marcus video ads facebook hulu pandora youtube despite efforts revamp image goldman remained word elitist something trump tapped election campaign releasing television ad characterized chief executive lloyd blankfein part global power structure robbed america working class the bank association trump government may reigning feelings anger ad may stirred if decisions made trump administration seen supporting old wall street bring connection goldman forefront said jim marcus financial industry strategist works banks branding marketing for investors appear worried with consumer operations small silver overall business confident negative publicity goldman may suffer far outweighed positive benefits flow regulations goldman always linked politics even goes away time time said jerry braakman chief investment officer first american trust holds shares goldman sachs money politics always go politicsnews