From the Looks of it, Goldman Sachs is more powerful than the sum of their parts can reveal:
The Raw Story.com
Goldman Sachs has played a crucial role in creating every market bubble since the 1920s -- and has profited from not only the bubbles, but from
the crash that followed as well, says a new expose in Rolling Stone magazine.
An article in the July 9-23 issue of the magazine, written by Matt Taibbi, lists five asset bubbles that the 140-year-old investment bank helped
create -- and one that Taibbi asserts the firm is currently working to make happen.
The five bubbles the article says Goldman was central to creating are the Wall Street stock bubble in the 1920s, which led to the Great Depression;
the tech-stock bubble of the late 1990s, which ended in the 2001 recession; the housing bubble of the past decade, which resulted in the current
economic crisis; the oil price run-up last summer, when oil shot up to $140 a barrel, likely helping tilt the entire world into recession; and what
Taibbi describes as "rigging the bailout," when Goldman Sachs' well-placed alumni inside the U.S. government engineered last fall's bank bailout
in such a way that the company profited massively.
Evidence of this can be seen in how many former and current Goldman Sachs personnel are working for the government, or should I say working the
Last Treasury secretary, Henry M. Paulson Jr: ex- Goldman.
Treasury secretary before him, Robert Rubin: ex-Goldman CEO
Current Treasury secretary Timothy Geithner has lots of ties to Goldman Sachs, and he's also a former NY Fed Chairman.
His informal group of advisers includes E. Gerald Corrigan, a managing director of Goldman Sachs and a former New York Fed president; Treasury
Secretary Henry M. Paulson Jr.; John Thain, the CEO of Merrill Lynch; Paul A. Volcker, the former Fed chairman; and Peter G. Peterson, the former U.S.
secretary of commerce.
Goldman Sachs Takes over the Treasury: Steve Shafran
Kendrick Wilson III
, and Neel
Former Bush Administration Chief of Staff: Joshua Bolten
Current Goldman CEO Lloyd C. Blankfein
is known to have been among the few working out the
details of TARP and other government initiatives. It is a revolving door of Goldman Sachs personnel
Call me a conspiracy theorist, but this is just screwed up. They've even went as far as to hire a law firm to have a blogger shut down, I wonder why?
hires law firm to shut blogger's site
As a matter of fact Goldman Sach's was Barack H. Obama's largest corporate
contributor during the election campaign
His largest contribution coming from the
University of California totaling $1,385,675.
But here's the kicker: This was one of John S. McCain's top contributors as well with $256,045 in the pot. Why would one institution contribute to
the candidacy of TWO opposing candidates? If this isn't rigging the playing field I don't know what is. We have these people engineering bailouts,
the stimulus, healthcare reform, and they are now threatening to put the ENTIRE economy into the hands of the Federal Reserve, which is rumored to be
changing hands to Larry Summers which has been receiving millions of dollars in dubious kick-backs from bailed out companies such as Goldman Sachs:
Larry Summers, Tim Geithner and Wall Street's ownership of government
White House officials yesterday released their personal financial disclosure forms, and included in the millions of dollars which top Obama
economics adviser Larry Summers made from Wall Street in 2008 is this detail:
Lawrence H. Summers, one of President Obama's top economic advisers, collected roughly $5.2 million in compensation from hedge fund D.E. Shaw over
the past year and was paid more than $2.7 million in speaking fees by several troubled Wall Street firms and other organizations. . . .
Financial institutions including JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch paid Summers for speaking appearances in
2008. Fees ranged from $45,000 for a Nov. 12 Merrill Lynch appearance to $135,000 for an April 16 visit to Goldman Sachs, according to his disclosure
That's $135,000 paid by Goldman Sachs to Summers -- for a one-day visit. And the payment was made at a time -- in April, 2008 -- when everyone
assumed that the next President would either be Barack Obama or Hillary Clinton and that Larry Summers would therefore become exactly what he now is:
the most influential financial official in the U.S. Government (and the $45,000 Merrill Lynch payment came 8 days after Obama's election). Goldman
would not be able to make a one-day $135,000 payment to Summers now that he is Obama's top economics adviser, but doing so a few months beforehand
was obviously something about which neither parties felt any compunction. It's basically an advanced bribe. And it's paying off in spades. And
none of it seemed to bother Obama in the slightest when he first strongly considered naming Summers as Treasury Secretary and then named him his top
economics adviser instead (thereby avoiding the need for Senate confirmation), knowing that Summers would exert great influence in determining who
benefited from the government's response to the financial crisis.
This calls into question the ENTIRE programs for TARP, TALF, the stimulus bill(Bush Era), the American Recovery and Reinvestment Act of 2009, The
healthcare reform bill, the Federal Reserves proposed new role as sole economic police. This calls into question even further Obama's promised
commitment to make a clean break with the past administration. And with his positions on blanket warrant-less wiretapping, preventive-prolonged
detention, his request to the US Supreme Court to overturn Michigan vs. Jackson
, as well as
his refusal to prosecute former Bush administration officials, makes for a potentially scary episode in American history, with criminal, mob style
government running the show. No need to look at the past huh? I can see why they are saying this and trying to drive it home. Politics is a game of
cloak and dagger. But the truth always comes out. This is why I say you shouldn't listen to politicians, but look at what they do.
Make your own conclusion people. But my bet is that ONCE AGAIN we voted against our interests. And once again, they might very well get away with it.
Only this time it will be because Americans will be Too
Hungry to fight back!
[edit on 18-7-2009 by projectvxn]