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GOLDMAN'S TRAVAILS

Re: Matthew Vadum's Goldman Sachs Government:

Nice article by Mr. Vadum. I would add the Enron melt-down, when Clinton Treasury Secretary Robert Rubin asked Bush Treasury Undersecretary Peter Fisher in 2001 to pressure the NRSROs (Nationally Recognized Statistical Rating Organization, e.g. Fitch, Standard & Poor's, Moody's) not to downgrade Enron's credit rating after it was clear that the company had cooked the books by keeping debt off its balance sheet. More recently Citigroup, where Mr. Rubin sits on the Board of Directors, has been such an economic disaster that even the billions of dollars of capital provided by Singapore and Dubai have not been enough to fix its problems. Naturally, Mr. Rubin claims that he was not involved in the massively leveraged Structured Investment Vehicles that Citigroup created and kept off its balance sheet, and later led to its near-demise. You'd think such talented fellow would have learned the first time the danger of off-balance sheet financing.

Another instance of Goldman self-dealing was the September "rescue" of American International Group (AIG) by the Paulson Treasury. During the weekend meeting of government agency officials where the intervention was planned the only nongovernmental attendee was Goldman Sachs. Not surprising, given Goldman's $20 billion exposure to AIG debt.

As a final example of Goldman incompetence belying its reputation for brilliance look no further than Trenton, where Governor Corzine, a former Goldman chairman and supposed finance whiz, and despite his 17% increase in the state sales tax, is presiding over a multi-billion dollar state budget deficit. The governor's slavish obedience to his masters in the public employee unions has led to a complete breakdown in spending discipline. This coupled with his near total disregard for the taxpayer has the Garden State experiencing an exodus of talent and business that shows no sign of ending.

-- Paul M. DeSisto, CFA
Cedar Grove, New Jersey

OUR PROBLEM

Re: Mark Hyman's Obama's Farrakhan Problem:

Barack Obama has no Farrakhan problem. Why? Because virtually no one ever mentions his associations with the leader of the Nation Of Islam.

Louis Farrahkan is arguably the most powerful man in what is left of the black civil rights movement. He is also totally anti-semitic, anti-white and anti-American. He preaches segregation and black supremacy. He has close allies in Rev. Jeremiah Wright and Father Phleger and collaborates, from time to time, with Al Sharpton, Jessie Jackson and Barack Obama. He is also a self-proclaimed practicing Muslim, though other Islamic organizations dispute the legitimacy of the Nation of Islam. Barack Obama was a principle organizer of and participant in the "Million Man March" with Farrahkan and Sharpton. When Obama went to Washington, he took two members of the Nation oF Islam with him to work on his staff. And, despite the public radicalism of Minister Farrahkan, Barack Obama seems to have no desire to disassociate himself from the Minister's ideology.

Now, why is there so much reluctance on the part of the American media and American politicians to comment on people like Louis Farrahkan and Jeremiah Wright? Fear. White America is terrified of being labeled as racist. Farrakhan, Wright, Phleger all preach hate, racial intolerance, segregation and anti-Americanism. Yet few stand up and say that this is dangerous. If John McCain had close ties to David Duke, the KKK or the Aryan Brotherhood, we would have been inundated with exposes. Yet Barack Obama's ties with America-hating radicals is almost completely ignored. And, if the MSM is to be believed, a man, closely allied to men who publicly advocate the destruction of the United States of America, is about to be elected to be the leader of that very country.

This is not about race, this is about philosophy. Why would anyone elect a man who associates with people who advocate the destruction of a nation to lead that nation? Can any of us conceive of a Presidential cabinet composed of people with the names Ayers, Wright, Farrakhan and Phleger? People have to remember that when they elect someone to public office, they are also electing his philosophies and giving his associates access to the highest levels of our Government. It is therefor wise to educate yourself as to the candidates closest associates. This is something that has not been done in this election.

Barack Obama does not have a Farrahkan problem, the people of the United States do.

-- M. Tobias

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