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It was a case of chicken coming home to roost – anyone remembers Goldmam Sachs causing Greece’s crisis?
In 2001, Goldman’s financial alchemists formulated a scheme to allow the Greek government to hide the extent of its rising debt from the public and the European Community’s budget overseers. Under this diabolical deal, Goldman funneled new capital from super-wealthy investors into the government’s coffers.
.while Boston Herald zeroed on the funny part
.and Newsday has a deceiving headline
while The Express takes on Twitter
.the rest of NYC tabloids are on police blotter stuff.
I will have two covers of the day – one for each of the major topics today.
For putting it into a huge headline, NY Post gets the Goldman Sachs cover
.and for putting the AP headline on page one, Orlando Sentinel gets the oil spill cover
.Washington Times has a hopeful headline on elections: all the cash in the world doesn’t affect polls anymore – maybe Obama accomplished something after all
if you overlook the fact that the amounts are now ten times higher than before his POTUS billion
.The Wall Street Journal startles by how it hides the Goldman Sachs news under the oil spill – literally
.In New York City, the papers offer us a variety of trivia
The cover of the day goes to AM-NY for capturing the essence of what went on – and without the “S” word too
Tabloids are taking from the SG senate hearing the “shitty deals” Carl Levin used from their e-mails. It makes for some colorful headlines.
.while NY Post seems to blame Senate for the language in GS’s e-mails
By comparison, WaPo seems to defend GS
not so Washington Times
.The Wall Street Journal sees it a secondary headline after Greece
After days and days of headlines, I was struck by its absence on the tabloids today.
Especially after reading this news from an overenthusiastic Obama flunkie in the media
Obama Takes on Goldman Sachs Through Clever Internet Ad
A new White House ad that pops up on Google searches for “Goldman Sachs SEC” features a plea by President Obama for financial reform, and is creating its own controversy. The ad is triggering praise as a smart bit of cyber marketing, but is also being cited as possible evidence of White House pressure in a financial investigation.
I did the search and what startled me was not the add – I never pay attention to those, but the fact that there was only one article for today, and from a local paper from New Jersey.
I didn’t find WSJ cover on Newseum today, but my search revealed only one brief note about the German equivalent on SEC preparing to investigate them.
We were warned the “R”s will seek to tie Obama to Goldman Sachs – a ridiculously easy task – but there’s little evidence of that.
Is Goldman Obama’s Enron? No, it’s worse
.where we find out that
after outrageously claiming that Bush was somewhat tarred an feathered in the media for his Enron connection, the article does go a bit in the Obama/sachs connections
Rahm Emanuel, White House chief of staff, was paid $35,000 as a consultant to Goldman while also working as Bill Clinton’s top fundraiser. Obama’s fundraiser and economic adviser Warren Buffett is very long on Goldman, having bet on them in 2008 in the expectation of a bailout. Mark Patterson, chief of staff to Treasury Secretary Tim Geithner, was a Goldman Sachs lobbyist until months before joining Team Obama.
What does that add up to? Getting a hand in making the regulations:
Politico quoted a Goldman lobbyist Monday saying, “We’re not against regulation. We’re for regulation. We partner with regulators.”
Which is a good start, but where’s the follow up today?
What gives? Is Obama trying to back of the “R”s accusations of bad timing by silencing his media? Did Goldman use its leverage to accomplish this?
Which makes me wonder about the efficiency of Gregg Craig’s rolodex: could the omerta been put on the coverage so fast?
But it’s on the low circulation pink Financial Times
The original headline on this was so good, I hardly wanted to change it
Goldman Sachs taps ex-White House counsel
.Obama may try to pose as populist by pushing a very tepid financial regulation and set some distance between himself and his financial backers, but it’ll take a lot of propaganda to get that sticky, sticky entanglement off.
For one, the “R” are for once armed with the truth
Republicans sought to tie President Barack Obama to Wall Street firm Goldman Sachs after it was hit with civil fraud charges.
House Minority Leader John Boehner (R-Ohio) released a statement after the Securities and Exchange Commission filed charges against the Wall Street titan, calling the firm a “key supporter” of the president’s bid to reform the nation’s financial regulatory system.
Furthermore, the sinking Goldman Sachs is determined to pull his protegee with him. Hence hiring Obama’s reject counsel, Greg Craig. You might remember him as the one fired because he made Obama look bad by putting a deadline to the promise to close Guantanamo
His departure frustrated many liberal Obama supporters who saw Craig as a strong advocate for undoing some of what they saw as the worst excesses of the Bush era.
help in navigate the halls of power in Washington, a source familiar with the firm toldIn Craig, Goldman Sachs will have help from a lawyer with deep connections in Democratic circles.
But the source familiar with Goldman’s operations said Craig wasn’t hired just because he’s well-connected.
Craig wasn’t hired just because he’s well-connected.
“A former White House employee cannot appear before any unit of the Executive Office of the President on behalf of any client for 2 years—one year under federal law and another year under the pledge pursuant to the January 2009 ethics E0,” said a White House official.
The official also said that the White House had no contact with the SEC on the Goldman Sachs case. “The SEC by law is an independent agency that does not coordinate with the White House any part of their enforcement actions.”
Would this ever have happened under the administration of a corporate tool? No. No it wouldn’t.
And think for a moment about the TIMING of this. As we go into the debate over financial regulation.
(Heloooo? Bush? Enron?).
Goldman’s White House connections raise eyebrows
WASHINGTON — While Goldman Sachs’ lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive visited the White House at least four times.
White House logs show that Chief Executive Lloyd Blankfein traveled to Washington for at least two events with President Barack Obama, whose 2008 presidential campaign received $994,795 in donations from Goldman’s political action committee, its employees and their relatives. He also met twice with Obama’s top economic adviser, Larry Summers.
This list was compiled by Mother Jones before the SEC suit.
some picks (only the Goldman Sachs bankers)
CURRENT ROLE IN WASHINGTON
PREVIOUS ROLE ON WALL STREET
Treasury secretary’s chief of staff
Goldman Sachs lobbyist
Counselor to the treasury secretary
Made nearly $900,000 advising Goldman Sachs
Acting assistant treasury secretary for financial markets
Foreign exchange dealer at Goldman Sachs
Managing executive of the SEC’s Division of Enforcement
VP of Goldman Sachs’ Business Intelligence Group
Chairman of Commodity Futures Trading Commission
18 years at Goldman Sachs, where he made partner