Kaplan is a sophisticated trader who previously worked at Goldman Sachs for 22 years, rising to the rank of Vice Chairman. Kaplan's financial disclosure forms suggest that he maintained a trading relationship with Goldman Sachs, since he lists proprietary products created by "GS," short for Goldman Sachs. (See Kaplan's financial disclosure forms from 2015 through 2020 here .) Goldman Sachs is supervised by the Fed.