Goldman Sachs' Governmental Influence

I know, Goldman Sachs isn't in the business of government...



Hank Paulson was former CEO of ... Goldman Sachs.
Lehman Brothers and Bear Stearns were allowed to go belly up, but we "saved" AIG, which owed a LOT of money to... Goldman Sachs.
Placed in charge of the TARP was an employee of... Goldman Sachs.
Tim Geitener chose as his Chief of Staff a former lobbyist of ... Goldman Sachs.
To head up the Commodity Futures Trading commission, Obama selected a veteran of... Goldman Sachs.

The TARP money that Goldman Sachs got from US netted them a $3.2 billion quarterly profit. They're doing VERY well! And their bonuses are better than ever!

And this month, the SEC (Securities and Exchange Commission) named a new COO of its Enforcement Division to help keep Wall Street in line. Guess where he's from? That's right, Goldman Sachs.

And where did I get this information? From Rachel Maddow

I strongly suggest you watch this segment of her show, wherein the former governor of New York, Elliot Spitzer, talks about Goldman Sach's influence in Washington. It's pretty incredible.

I know we all know that the corporations, lobbyists and Wall Street run this country, but it's really laid out clearly and in plain English in this segment.

Goldman Sachs: Your Tax Dollars at Work

The bonus pool is on pace to hit $21 billion for 2009, which would match the record bonus payout of 2007.

Makes me feel all warm and fuzzy.

Goldman denies that it is taking on too much risk and leaning on the government for support. "We don't operate the company that way," said financial chief David Viniar in response to a question on Thursday morning's Goldman media call. "We stand on our two feet as a financial institution. None of our bondholders has ever talked to us about" an implicit government backstop.

What is this guy drinking?

More than a million Americans have filed for bankruptcy this year, according to the American Bankruptcy Institute. A September survey of state finances by the Center on Budget and Policy Priorities think tank found that state governments faced a collective $168 billion budget shortfall for fiscal 2010.

Goldman, by contrast, is sitting on $167 billion in cash, in the name of making sure it can withstand another market meltdown if that day comes.

Well, I hope they have some money set aside for another market meltdown... I'm not sure the American taxpayers could come through for them again.

[edit on 17-10-2009 by Benevolent Heretic]

This banking fiasco concerns me a lot.
We recently watched a Frontline episode called Breaking the Bank

The whole subprime mortgage thing, Wall street, both parties playing the taxpayer/citizens....makes me dizzy.

This DVD shows how the guys at Goldman ran the show, and obviously are in power with both parties.
Leads me to think the bankers are working for neither us or the government.
Big business comes to mind...