2016 Postmortem
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RobertEarl
(13,685 posts)You can take your attitude to the bank. They won't give you shit for it, but we will.
laserhaas
(7,805 posts)But moi has a surprise coming..for Sachs
YouDig
(2,280 posts)Armstead
(47,803 posts)YouDig
(2,280 posts)What is the point of posting that picture right now?
Armstead
(47,803 posts)We are about to elect the Goldman Sachs Worldview.
If you like the Goldman Sachs Worldview, it's a wonderful night.
laserhaas
(7,805 posts)YouDig
(2,280 posts)Look at what we're up against. His name is Trump.
Hillary does not have a "Goldman Sachs" worldview. She's a liberal, and has been all her life. MSNBC was just talking about her "women's rights" speech in China. You Hillary hating people just dwell on all the worst stuff you can think of and don't even try to look at the overall picture.
Armstead
(47,803 posts)http://www.nybooks.com/daily/2016/04/12/hillary-clinton-goldman-sachs-why-it-matters/
Yet Clintons repeated dealings with Goldman Sachs and its top executives since the financial crisisincluding the 2013 speeches and more recent events involving the Clinton Foundationrun counter to such claims. To understand the significance of these dealings we have to bring together two strands of history. One concerns Bill and Hillary Clintons long-running connections to Goldman, among their closest with any US corporation. The second concerns Goldmans activities leading up to and during the Wall Street crash of 20072008, including its deceptive marketing of contaminated mortgage derivatives.
The Clintons connections to Goldman Sachs can be traced back to their beginnings in national politics, in December 1991, when Robert Rubin, then co-chair co-senior partner of the bank, met Bill Clinton at a Manhattan dinner party and was so impressed by him that he signed on as an economic adviser to Clintons campaign for the 1992 Democratic nomination. According to a November 2015 survey of Clinton donors by The Washington Post, Rubin and other Goldman partners mobilized their networks to raise money for the upstart candidate.
As Bill Clintons secretary of the treasury from January 1995 until July 1999, Rubin was an architect of the financial deregulation that left financial derivatives such as Collateralized Debt Obligations (CDOs) largely free of controls. This paved the way for the large-scale, unregulated speculation in financial derivatives by Wall Street banks beginning in the early 2000s. (Goldman itself continued to enjoy special access to Washington during the George W. Bush administration, with former Goldman chief executive Hank Paulson serving as Treasury Secretary from 2006 to 2009.)
These long-running ties with Goldman have paid off for the Clintons. According to a July 2014 analysis in the Wall Street Journal, from 1992 to the present Goldman has been the Clintons number one Wall Street contributor, based on speaking fees, charitable donations, and campaign contributions, the three pillars of what Ive called the Clinton System. As early as 2000, Goldman was the second most generous funderafter Citigroupof Hillary Clintons 2000 Senate campaign, with a contribution of $711,000. In the early 2000s, Bill Clinton was also a Goldman beneficiary, receiving $650,000 from Goldman for four speeches delivered between December 2004 and June 2005. (The transcripts of these speeches do not appear to be currently available.)
By the winter of 20062007, however, Goldman and its CEO Lloyd Blankfein were becoming deeply involved in the collapsing housing bubbleand engaging in the practices that have since resulted in years of investigations and lawsuits. Data gathered mostly from the Corporate Research Project, a public interest website, show that on thirteen occasions between 2009 and 2016, Goldman was penalized by US courts or government agencies for fraudulent or deceptive practices that were committed mostly between 2006 and 2009. Four of these penalties amounted to $300 million or more.
In July 2010 the Securities and Exchange Commission fined Goldman $550 million for the fraudulent marketing of its Abacus CDO; the bank had allowed its client John Paulson to stuff the CDO with toxic ingredients, mostly in the form of mortgage-backed securities (MBSs), and then to bet against the CDO when it was marketed by taking a short position. Paulson earned around $1 billion when the CDO lost value as it was designed to do. In August 2011 the Federal Housing Finance Agency sued Goldman for negligent misrepresentation, securities laws violations and common fraud in its dealings with the semi-public mortgage banks Fannie Mae and Freddie Mac. In August 2014 Goldman agreed as restitution to buy back $3.15 billion worth of securities it had sold to the two banks for $1.2 billion more than they were currently worth.
In July 2012 Goldman agreed to pay $25.6 million to settle a suit brought by the Public Employees Retirement System of Mississippi accusing the bank of defrauding investors in a 2006 offering of MBSs. In January 2013, the Federal Reserve announced that Goldman would pay $330 million to settle allegations of foreclosure abuse by its mortgage loan servicing operations. Finally, in January of this year, Goldman announced that it would pay $5 billion to settle multiple lawsuits brought by official agencies against the bank, mainly for fraudulent marketing of CDOs; the final terms of the settlement were released on April 11. (Through the availability of tax credits and allowances, Goldman may end up paying less.) Among the plaintiffs were the Department of Justice, the New York and Illinois Attorneys General, the National Credit Union Administration, and the Federal Home Loan Banks of Chicago and Seattle.
These are summary descriptions of Goldman transgressions, which do no more than point to a pattern of deceptive and often fraudulent trading in derivatives. To get a more detailed sense of what exactly the bank was doing with these trades, we have to look at Goldmans own record of its behavior during the crash. This record, which is now in the public domain, provides a stark backdrop to Clintons recent dealings with Goldman...........
Nor are these the only indications of the Clintons continued close ties to Goldman. After the $650,000 he received from Goldman in 20042005 Bill Clinton received another $600,000 from the bank between 2006 and 2014, including $200,000 in 2011 at a time when the bank was lobbying Hillary Clintons State Department for changes in the Budget Control Act. The final bill included the reauthorization of the Export-Import Bank, which helped finance a company in which Goldman was a part-owner. In 2011 the Clinton Foundation decided to leave its Harlem offices on West 125th Street in Manhattan, and moved downtown to a Goldman building on Water Street. Three years later, in May 2014, when the Clintons convened their leading donors to discuss the foundations future plans, they chose Goldmans corporate headquarters in Lower Manhattan as the venue. In her current campaign for president, Hillary Clinton has hired Gary Gensler, a former Goldman banker and former chairman of the Commodity Futures Trading Commission, as her chief financial officer.
YouDig
(2,280 posts)So was Robert Reich, that doesn't seem to bother any of you.
Just for a day, drop the conspiracy mindset. At least try.
Armstead
(47,803 posts)senz
(11,945 posts)You think you're part of it?
YouDig
(2,280 posts)Segami
(14,923 posts)geek tragedy
(68,868 posts)maybe log off the Internet if you can't do anything but toss a turd in other people's punch bowl
Armstead
(47,803 posts)You wanted the Clintons you get their budskis too
geek tragedy
(68,868 posts)And a strong majority of all voters.
Whiny and bitter isn't the same thing as righteous.
Armstead
(47,803 posts)geek tragedy
(68,868 posts)You can have the last word. You're clearly here to get into fights. Off to Iggy for you.
senz
(11,945 posts)LexVegas
(6,107 posts)PepperHarlan
(124 posts)He's getting walloped! I bet Hillary wins Cali by 5 to 8 pts.
insta8er
(960 posts)Oops there does another leak...I mean quake..I mean poisoned wells
AmBlue
(3,117 posts)Trust Buster
(7,299 posts)geek tragedy
(68,868 posts)Armstead
(47,803 posts)geek tragedy
(68,868 posts)Oh, I forgot smugly sanctimonious.
Go wag your fingers somewhere else.
Barack_America
(28,876 posts)I'm sure this one will pay off well for them.
reformist2
(9,841 posts)Talk about delusional.
laserhaas
(7,805 posts)brooklynite
(94,757 posts)Tick, tick, tick
Response to brooklynite (Reply #21)
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think
(11,641 posts)LibDemAlways
(15,139 posts)the bankers and frackers. We're screwed.
wendylaroux
(2,925 posts)Oligarchy!!! Oligarchy!!!--can I get an amen!!!!! let's hear it for the 1%!!!
k8conant
(3,030 posts)workinclasszero
(28,270 posts)JoePhilly
(27,787 posts)...rotten apples and bitter herbs.
If you gnash your teeth when eating it ... maybe it tastes ok.
Luciferous
(6,086 posts)PepperHarlan
(124 posts)You're a poor representative of Bernie and his ideas.
mylye2222
(2,992 posts)Poor America...