Moral Outrage
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Cozy connections between Goldman Sachs and the White House

While Goldman Sachs’ lawyers were negotiating with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive Lloyd Blankfein visited the White House at least four times.

White House logs also indicate that Blankfein met twice in 2009 with Larry Summers, Obama’s top economic adviser, who was undersecretary of the Treasury Department during the Clinton administration when it was headed by Robert Rubin, a former Goldman CEO.

Several former Goldman executives hold senior positions in the Obama administration, including Gary Gensler, the chairman of the Commodity Futures Trading Commission; Mark Patterson, a former Goldman lobbyist who is chief of staff to Treasury Secretary Timothy Geithner; and Robert Hormats, the undersecretary of state for economic, energy and agricultural affairs.

Another White House insider who knows something about how Wall Street does business is chief of staff Rahm Emanuel, who earned millions of dollars in investment banking after he left the Clinton White House. His work for the Chicago-based financial services firm Wasserstein Perella & Co. intersected with Goldman in at least one deal.

Meanwhile, Goldman is retaining former Obama White House counsel Gregory Craig as a member of its legal team.

Goldman’s connections to the White House and the Obama administration are raising eyebrows at a time when Washington and Wall Street are dueling over how to overhaul regulation of the financial world.

Goldman’s nearly $1 million in campaign contributions to Obama’s presidential campaign were the most from any single employer except the University of California.

Lawrence Jacobs, a University of Minnesota political scientist, said that “almost everything that the White House has done has been haunted by the personnel and the money of Goldman . . . as well as the suspicion that the White House, particularly early on, was pulling its punches out of deference to Goldman and its war chest.

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2 Responses to “Cozy connections between Goldman Sachs and the White House”

  1. As Jimmy Paige once wrote – or was it Robert Plant? – “It makes me wonder”. I wonder what defect it is in the psychological makeup of a group of human beings that would have them putting the health and well being of millions of other human beings behind the private profit of a very few. Most of these lawmakers who live in the pockets of the Plutocracy call themselves “Christians”. Have they ever made a serious study of the books? You know! – Matthew, Mark, Luke and John? – Those guys! How do they justify their actions? How do they sleep at night? We’re talkin’ major hypocrisy here! That’s what makes them so much fun to watch! I always get a certain twisted delight in watching their fake piety. Imagine Wendy O. Williams being cast as Bernadette of Lourdes; or Marilyn Manson as Mahatma Gandhi. It’s kind of the same thing.

    Sooner or later our right wing friends, within the Congress and without, are going to be forced to admit that the era of anything goes deregulation was a really stupid idea. You can only sit calmly in a burning house, ignoring the flames all about you, for just so long. Sooner or later you’ll be forced to flee for your life. After making your escape, if you still refuse to acknowledge that the house is indeed on fire, you’re beyond the point where you can make rational decisions on your own. You’ve entered Librium Country, hombre!

    http://www.tomdegan.blogspot.com

    Tom Degan

  2. Tom, As far as how they justify their actions, Goldman Sachs and cohorts have its roots in another religion. The greed-centered religion fostered by novelist Ayn Rand of “Atlas Shrugged” fame.

    https://moraloutrage.wordpress.com/2010/04/27/atlas-shrugs-at-goldman-sachs-greed/

    They will one day, however, have to face the Fellow who turned over the corrupt desks of the Wall Street of His day, the money-changers who were fleecing the people back then.


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