Gregory Palm
Gregory Palm | |
|---|---|
 Palm in 1974 | |
| Born | September 25, 1948 Binghamton, New York, U.S. |
| Education | Massachusetts Institute of Technology (BS) Harvard University (MBA, JD) |
| Occupations |
|
Gregory Kenneth Palm (born September 25, 1948) is an American lawyer and businessman. He was the executive vice president of Goldman Sachs.[1] In 2019, Palm retired from Goldman Sachs as its general counsel and took a role as its senior advisor.[2] Bloomberg valued his net worth at more than $500 million in 2019.[1] From shares, distributions, and dividends from Goldman Sachs, he is one of the wealthiest corporate lawyers in the United States.[3][4]
Early life and education
Palm was born in Binghamton, New York, on September 25, 1948.[5] His father was an electrician.[6] Palm attended Chenango Valley High School, then was educated at the Massachusetts Institute of Technology (MIT), receiving a Bachelor of Science (B.S.), summa cum laude, in economics in 1970.[5][7] He attended college on a scholarship and was awarded a fellowship from the National Science Foundation.[6] Palm was also a Woodrow Wilson Fellow.[7]
Palm dual enrolled at Harvard Business School and Harvard Law School, receiving a Master of Business Administration (M.B.A.) and Juris Doctor (J.D.) in 1974, magna cum laude. At Harvard Law School, he was a member of the Harvard Law Review.[8] He was admitted to the bar of New York in 1977 and to the bar of the District of Columbia in 1978.[5]
Career
Palm was a law clerk to Judge Henry Friendly of the United States Court of Appeals for the Second Circuit from 1974 to 1975, during which time he held the record for the longest amount of hours worked with co-clerk James Smoot.[9] Afterwards, he clerked for Justice Lewis F. Powell Jr. at the U.S. Supreme Court.[10] Powell later recommended him to the white-shoe firm of Sullivan & Cromwell.[1] He became a partner at the law firm, then resigned in 1992 to become a general counsel at the legal team, based in London, of Goldman Sachs.[11]
Palm was made a member of Goldman Sach's management committee in 1999.[12] After the 2007–2008 financial crisis, he was paid $38.3 million by the company to purchase stakes.[13] He played a significant role in its $550 million settlement with the U.S. Securities and Exchange Commission on July 15, 2010.[14] As of 2019, Palm owned more than a million shares in the stock of the investment firm, more than any other person.[3] In a memo to the firm that year, CEO David M. Solomon announced Palm's retirement from the legal department.[2] Goldman Sachs appointed Karen Seymour in 2021 to replace him.[15]
Palm is a life member of the American Law Institute.[16]
Personal life
Palm is married to Sara Ellison, a senior lecturer in economics at MIT.[10]
See also
References
- ^ a b c Natarajan, Sridhar; Metcalf, Tom (January 9, 2019). "Goldman's $500 Million Lawyer Has Called It Quits". Bloomberg Business.
- ^ a b Clark, Dan (January 9, 2019). "Goldman Sachs Co-General Counsel to Retire". Law.com. Retrieved 2024-01-17.
- ^ a b Weiss, Debra Cassens (January 9, 2019). "One of America's wealthiest corporate lawyers is retiring". ABA Journal. Retrieved 2024-01-17.
- ^ Vogele, William (January 10, 2019). "Goldman Sachs Lawyer Retires With Huge Nest Egg". FindLaw. Retrieved January 18, 2024.
- ^ a b c The Martindale-Hubbell Law Directory. Martindale-Hubbell Law Directory, Incorporated. 1996. ISBN 978-1-56160-178-3.
- ^ a b Story, Louise (2010-07-17). "The Men Who Ended Goldman's War". The New York Times. ISSN 0362-4331. Retrieved 2024-01-17.
- ^ a b "Miss Palm Bride of MIT Graduate". Press and Sun-Bulletin. June 28, 1970. p. 63. Retrieved January 17, 2024.
- ^ "Like Studying? Try Harvard Times 2". Press and Sun-Bulletin. August 14, 1974. p. 33. Retrieved January 17, 2024.
- ^ Dorsen 2012, p. 107, 364.
- ^ a b "Ellison is named inaugural Palm Professor of Economics". MIT News. Massachusetts Institute of Technology. 2007-03-26. Retrieved 2024-01-17.
- ^ Thomson, Richard (June 21, 1992). "Top US lawyer leads Goldman's UK team". The Independent. p. 114. Retrieved January 17, 2024.
- ^ Clark, Dan (January 11, 2019). "Goldman Sachs appoints sole legal chief as co-GC confirms retirement". Law.com. Retrieved 2024-01-17.
- ^ Neil, Martha (July 19, 2010). "Goldman Sachs General Counsel Got $38.3M in Midst of 2008 Crisis". ABA Journal. Retrieved 2024-01-17.
- ^ Lat, David (2010-07-19). "Goldman General Counsel Greg Palm Is Still Richer Than You". Above the Law. Retrieved 2024-01-17.
- ^ Baxter, Brian (March 17, 2023). "Goldman Sachs Legal Chief Ruemmler's Pay Tops $17 Million". Bloomberg Law. Retrieved 2024-01-18.
- ^ Institute, The American Law. "Members". American Law Institute. Retrieved 2024-01-17.
Additional sources
- Dorsen, David M. (2012). Henry Friendly, Greatest Judge of His Era. Foreword by Richard Posner. Harvard University Press. doi:10.4159/harvard.9780674064935. ISBN 9780674064935. S2CID 159335898.