Goldman's White House Connections Raise Eyebrows

[IndianaGreen]

Published on Thursday, April 22, 2010 by McClatchy Newspapers

Goldman's White House Connections Raise Eyebrows

by Greg Gordon

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.

No evidence has surfaced to suggest that Blankfein or any other Goldman executive raised the SEC case with the president or his aides. SEC Chairwoman Mary Schapiro said in a statement Wednesday that the SEC doesn't coordinate enforcement actions with the White House or other political bodies.

Meanwhile, however, Goldman is retaining former Obama White House counsel Gregory Craig as a member of its legal team. In addition, when he worked as an investment banker in Chicago a decade ago, White House Chief of Staff Rahm Emanuel advised one client who also retained Goldman as an adviser on the same $8.2 billion deal.

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.

http://www.commondreams.org/headline/2010/04/22-4

[Cali_Democrat]

1. Some "connection" that turned out to be

Goldman Sachs is being SUED by the SEC :rofl:

This only bolsters claims that Obama is immune to lobbying efforts by the financial industry

A true man of the people :)

[IndianaGreen]

2. SEC is an independent agency

They don't do the White House's bidding!

[Cali_Democrat]

3. The story here is that Goldman Sachs couldn't buy influence.

That only makes me more confident in this government.

BTW..the chairman of the SEC was appointed by Barack Obama.

My confidence in Obama only grows :)

[IndianaGreen]

4. The President is required by law to appoint the SEC commisioners, with a caveat

The SEC consists of five presidentially-appointed Commissioners, with staggered five-year terms (see SEC Organization Chart; text version also available). One of them is designated by the President as Chairman of the Commission — the agency's chief executive. By law, no more than three of the Commissioners may belong to the same political party, ensuring non-partisanship.

http://www.sec.gov/about/whatwedo.shtml

[Cali_Democrat]

6. Another sign that the government has been returned to normalcy

In the days of the Bush Administration, lobbying efforts would have gone a long way.

Why do you think these financial criminals were never investigated and sued under Bush? After all, that is when all these illegal activities were occurring. It really doesn't take a genius to figure out....Boosh had the SEC doing HIS bidding.

You can no longer buy influence and the SEC is starting to function properly.

:)

[IndianaGreen]

7. The SEC is an independent agency

Bush had no more control over the SEC than Obama does, or Clinton did.

As to the return to normalcy you are talking about, I see no restoration of our civil liberties and the separation of powers, or ending on spying on Americans. I see the same unitary Presidency we have had since 9/11.

[Cali_Democrat]

8. HAHAHA...perhaps you forgot how influential the Bush Crime Family was

Why do you think that financial institutions like Goldman Sachs were never investigated and sued under Bush?

Bush tried to turn Social Security funds over to the stock market for cryin' out loud.

If you actually believe that Bush never influenced the SEC, you're even more dense than I thought.

[amborin]

11. couldn't buy influence? check out the banksters on Obama's team:

The Bankers on Obama's Team

The latest round of Wall Street muckety-mucks now in charge of regulation.

— By Andy Kroll

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GOLDMAN SACHS CEO turned Treasury Secretary Hank Paulson wasn't the first, or the last, to use the revolving door between Wall Street and Washington. Here's a short list of Obama officials who got their start in the private sector—many, like Paulson, at "Government Sachs."

OFFICIAL
CURRENT ROLE IN WASHINGTON
PREVIOUS ROLE ON WALL STREET

Neal Wolin
Deputy secretary of the treasury (Tim Geithner's No. 2)
Exec at one of the largest insurance and investment firms

Mark Patterson
Treasury secretary's chief of staff
Goldman Sachs lobbyist

Gene Sperling
Counselor to the treasury secretary
Made nearly $900,000 advising Goldman Sachs

Larry Summers
Obama's chief economic adviser
Made $5 million as managing director of a hedge fund

Rahm Emanuel
White House chief of staff
Made $16 million as a partner at a Chicago investment bank

Herbert Allison
Assistant secretary of the treasury (oversees TARP)
Longtime exec at Merrill Lynch; headed Fannie Mae

Kim Wallace
Assistant secretary of the treasury for legislative affairs
Managing director at Barclays Capital and Lehman Brothers

Karthik Ramanathan
Acting assistant treasury secretary for financial markets
Foreign exchange dealer at Goldman Sachs

Matthew Kabaker
Deputy assistant secretary of the treasury
Made $5.8 million at the Blackstone Group in 2008-2009

Lewis Alexander
Counselor to the treasury secretary
Chief economist at Citigroup; paid $2.4 million in 2008-2009

Adam Storch
Managing executive of the SEC's Division of Enforcement
VP of Goldman Sachs' Business Intelligence Group

Lee Sachs
Counselor to the treasury secretary
Made more than $3 million at a New York hedge fund

Gary Gensler
Chairman of Commodity Futures Trading Commission
18 years at Goldman Sachs, where he made partner

Michael Froman
Deputy assistant to Obama, deputy nat'l security adviser
Managing director of a Citigroup investment arm

[Cali_Democrat]

12. Yet Obama charges on with financial reform

:)

[amborin]

13. political theater, not real reform; same as HCR "reform" until naked shorting is banned by banks,

there's no reform

[Cali_Democrat]

14. It is real reform of the financial system

You just refuse to open your eyes :hi:

[amborin]

15. not really; in name only; nothing to celebrate; many loopholes that allow the same bubbles

and fraudulent activities

[alcibiades_mystery]

19. be specific, please

What loopholes are you referring to?

[alcibiades_mystery]

18. Be specific, please

And don't just chant Glass-Steagall. Be specific.

[harkadog]

16. She was originally appointed by Ronald Reagan.

[amborin]

just as Larry Summers, Obama's economic advisor, was a Reaganomics devotee

[Uzybone]

5. Lupus of news type headline

apart from permanently raised eyebrows is there an issue here?

[Aramchek]

17. This OP is definitely infected with Lupus of News

[FrenchieCat]

9. While you spend your time attempting to denigrade this WH,

many of us spend our time denigrading the opposition to this WH.

You should try it, you might like it.

[IndianaGreen]

10. Are you speaking of McClatchy Newspapers, or are you engaging in an ad hominem attack?

The former is just your opinion, the latter is a violation of DU rules.