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Special Report
The Left’s Favorite Bank
Big Government has never had a better friend than Goldman Sachs.
In the ubiquitous echo chambers of the left, the embattled Goldman Sachs is being falsely characterized as both Republican-friendly and a symbol of free-market corruption.
Of course it’s pure nonsense that has been eagerly lapped up by those who want to believe the worst about Republicans, capitalism, and America itself. The Securities and Exchange Commission lawsuit against Goldman for securities fraud was filed just in time for the bank to bend over for a televised spanking in Congress.
But Goldman, which engages in the ritual of public self-flagellation from time to time on advice of counsel, is the best friend that Democrats and leftists ever had on Wall Street. Its alumni and enablers have pushed faddish, left-wing, pro-Big Government policies for as long as I’ve been a journalist.
Goldman’s business model is simple: the bigger and more stifling government gets, the more profit Goldman makes.
Why would a highly profitable company — it made a staggering $3.46 billion in the first quarter– —want more regulation unless it stood to benefit from such assaults on the marketplace?
Because laissez-faire is anathema to Goldman. The high-flying bank abhors free markets with a Mussolini-like zeal. Like Il Duce and his less thuggish imitators in the welfare wasteland of modern Europe, Goldman stands for centrally managed markets, provided that it gets to make the rules.
Goldman thrives on complexity and backroom dealing. It reaps huge profits from regulations that place its smaller, less politically nimble competitors at a disadvantage.
So it should surprise no one that Goldman favors increased regulation of the economy as a matter of policy, including President Obama’s Wall Street takeover bill which virtually mandates bank bailouts in perpetuity. Goldman CEO Lloyd Blankfein told reporters yesterday, “The biggest beneficiary of reform is Wall Street itself.”
Blankfein echoed one of his colleagues. “We’re not against regulation,” a Goldman official told the Politico last week. “We’re for regulation. We partner with regulators.”
As the Washington Examiner’s Timothy P. Carney noted, in a teleconference call for reporters last week Goldman officials affirmed no fewer than three times during the call that the company wants more federal control.
Regurgitating pious catch phrases and politically correct slogans, Goldman supports disastrous Big Government policies, including corporate bailouts, economy-killing carbon emission controls, and the financial affirmative action law known as the Community Reinvestment Act.
Through its charitable arms, the bank has lavished money on its liberal friends. Those of Goldman’s donations that can be said to have an ideological dimension go almost exclusively to causes on the left.
Here are just a few:
Wildlife Conservation Society ($36,770,562 since 2004 – $35 million of it in real estate); United Nations Association of the USA ($1,000,000 since 2002); Planned Parenthood ($650,200 since 2003); National Urban League ($250,000 since 2000); Brookings Institution ($175,000 since 2003); Urban Institute ($175,000 since 2001); William J. Clinton Foundation ($167,300 since 2007); People for the American Way ($166,667 in 2007); Center for American Progress ($105,000 in 2007); Tides Foundation ($50,000 in 2007); Jesse Jackson’s Citizenship Education Fund ($25,000 in 2007); and National Public Radio ($25,000 in 2007).
Despite periodically inviting a few Republicans along for the ride — fake conservatives such as the tree-hugging Bush Treasury Secretary Hank Paulson — Goldman is at home on the left side of the political spectrum.
About the Author
Matthew Vadum is an award-winning investigative journalist at a conservative watchdog group in Washington, D.C. Vadum is also author of Subversion Inc: How Obama’s ACORN Red Shirts are Still Terrorizing and Ripping Off American Taxpayers.
Letter to the Editor View all comments (60) | Leave a comment
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Bill| 4.28.10 @ 7:30AM
So watching this dog and pony show about supposed greed I am wondering where the investigation is of Freddie and Fanny and the mortgage scandal that started all of this mess. Which by the way was started and pushed by the Dems. I can hardly wait until November to pull the lever on these traitors to this country.
rapid prototype | 4.28.10 @ 10:25PM
Because laissez-faire is anathema to Goldman. The high-flying bank abhors free markets with a Mussolini-like zeal. Like Il Duce and his less thuggish imitators in the welfare wasteland of modern Europe, Goldman stands for centrally managed markets, provided that it gets to make the rules.
Goldman thrives on complexity and backroom dealing. It reaps huge profits from regulations that place its smaller, less politically nimble competitors at a disadvantage.
So it should surprise no one that Goldman favors increased regulation of the economy as a matter of policy, including President Obama's Wall Street takeover bill which virtually mandates bank bailouts in perpetuity. Goldman CEO Lloyd Blankfein told reporters yesterday, "The biggest beneficiary of reform is Wall Street itself."
Tim| 4.28.10 @ 9:46AM
As they say in Art School; "Follow the Monet".
MikeBee| 4.28.10 @ 9:59AM
Let's keep connecting the dots: who used to be the head of Goldman Sachs? Timothy Geithner. Geithner left Sachs to become head of the New York Branch of the Federal Reserve Board. Now, he's Obummer's tax-dodging Treasury Secretary.
Now, who helped funnel $$$$billions to AIG in the bailout last year? Timothy Geithner. And who was AIG's biggest creditor? Goldman Sachs. Hmmmmmm............
Much of the money sent to AIG ended up in the hands of Goldman Sachs.
Does one think, for even a New York minute, that the bailout of AIG was NOT simply a rewarding of cronies and political supporters? Of course it was. In fact, the channeling of taxpayer money to AIG, and, consequently, to Goldman Sachs, may have been the largest money-laundering operation in the history of this country, all taking place under the "watchful" and approving eyes of Obama and Geithner.
Those bonuses paid out last year, which enriched many a Democrat- and Obama-supporter, were Chicago-style politics at its best. Repay those who paid your way into office.
AmSpec, keep up the investigation on this one. The Senate investigations are simply a sham which will eventually cover up the truth of this money-laundering conspiracy.
Scott| 4.28.10 @ 1:17PM
What a freaking idiot you are. Geithner never worked from Goldman - or any other wall st bank - in any form.
The former CEO you are talking about is Paulson, Bush's Treasury Sec.
Get a clue moron.
Bydand76| 4.28.10 @ 6:28PM
Scott,
here is part of Geithners' work history
in October 2003 at age 42,[ he was named president of the Federal Reserve Bank of New York. His salary in 2007 was $398,200. Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty. In May 2007 he worked to reduce the capital required to run a bank. In November he rejected Sanford Weill's offer to take over as Citigroup's chief executive.
In March 2008, he arranged the rescue and sale of Bear Stearns. In the same year, he played a supporting role to Henry Paulson, former CEO of Goldman Sachs, in the decision to bail out AIG just two days after deciding not to rescue Lehman Brothers from bankruptcy. According to some observers, Geithner severely damaged the U.S. economy.
Not to mention the whole forgot to pay his taxes issue.
In any case TG worked closely with Paulson in the whole bailout scheme and is just as guilty.
However, you are correct TG was never president of Goldman Sachs.
However you are wrong in the statement that he never worked for any bank on wall st.
Get a clue your own damn self douche-bag!
Pro Libertate!
Robert| 4.29.10 @ 3:07PM
One also can't help but suspect that allowing Lehman Brothers, the chief rival of Goldman Sachs, to fail outright, was Henry Paulson taking advantage of a chance to stab his former firm's rival in the back. Whatever helps Goldman Sachs seems to be their only guiding "principle", if we can call it that.
Tim| 4.28.10 @ 10:14AM
Counterintuitive perhaps but I sometimes wonder whether we shouldn't pay our Congress members $5 million dollars a year just to keep them them out of reach of these monied interests.
DatsunMark| 4.28.10 @ 11:02AM
This political theater is win-win for democrats who get to display their faux concern, and more regulation that benefits the masters of the universe to squeeze out the smaller competitors. If they really want to know the bad actors besides Freddy and Fanny, Chris Dodd, Barney Frank and Hank Paulson it is where the alchemy took place on the credit default swaps...the guys who rated these worthless securities as AA. They should be grilling Moodys.
Robert| 4.29.10 @ 3:26PM
From the April 2009 Elliott Wave Theorist in a section titled "Stay Independent from the Government":
"Since 1975, the SEC has anointed a small group of firms as Nationally Recognized Statistical Rating Organizations (NRSROs), and money market funds and brokerages have no choice but to hold securities rated by them. To this day, the Fed will only accept assets as collateral if they carry high ratings from S&P, Moody's and Fitch. (WSJ, 4/15/09)
"...The SEC did not simply sanction these firms, either; it BARRED brokers and money-fund managers from relying upon any other firms when seeking ratings on their investments. Naturally the government's sanctioned companies are precisely the ones that over-rated almost every bond under their purview until their values collapsed. Why would government make such a law? One would need a flow chart of who hired whom and who contributed to what campaign over the past 45 years to answer that question definitively, but you can be sure that the most fundamental reason was not to protect investors; connected individuals gained from the deal. Everyone else got killed, and even the anointed companies suffered in the long run."
More fine work of the government, and what it brings us on a regular basis. Yet another reason why it should never get involved in the economy in the first place.
Ken (Old Texican)| 4.28.10 @ 11:20AM
You know, of all the jerks He encountered, the only folks Jesus ever found a need to flog...were the MONEY-CHANGERS IN THE TEMPLE.
Nothing much has changed in 2000 years has it?
Tim| 4.28.10 @ 1:07PM
Sweet.
Ryan| 4.28.10 @ 11:59AM
Something else that needs further revealing is the tendency of the investment-banking side to swing to the left on a lot of issues. They have a TON of money they control and directly benefit from the government keeping regular joe's hands off of it.
They probably don't like so much regular banks being able to participate.
Something to think about.
SEG| 4.28.10 @ 3:27PM
Ryan you are correct. The whole reason for the inception of the federal reserve was because the small banks were starting to compete with the big bankers, so JP Morgan, Rothchild & few other big bankers ,with the help of a crooked politician devised a bill to start the federal reserve in 1912. The federal reserve is actually a cartel. Once again the feds make the rules but they don't have to follow them. We have had at least 15 bailouts since the passage of the fed. reserve bill. In almost all of the bailouts, JP Morgan has benefited. I wish more people knew this, so they would see the real picture.
Robert| 4.29.10 @ 3:31PM
Exactly. Goldman Sachs is one of those companies that uses Big Government as its own tool to do its dirty work of putting its competitors out of business for them. Why commit anti-competitive acts that harm consumers yourself, when you can manipulate Big Government into committing the act for you?
Scott| 4.28.10 @ 1:14PM
Goldman Sachs’ political action committee dished out nearly $300,000 to lawmakers’ campaigns and their PACs in March, with more going to Republicans than Democrats, federal campaign filings released Tuesday show.
Read more: http://www.politico.com/news/s.....z0mPrA5qOb
Matthew Vadum | 4.28.10 @ 2:13PM
Yes. I put that in the article. It is an anomaly. Perhaps you should read the whole article before commenting.
Tim*| 4.28.10 @ 1:23PM
Chuckie Schumer's Big Donation Dude & Supporter Is Johnny Paulson , Mr. Hedge Against The Goldman Set Up Suckers .
Then look into Former G-S'ers Danny Jester And Ed Liddy ,as Former G-S'er " Hank " Paulson 's Appointees In The AIG Bailout .
That appears ,as a flagrant Conflict Of Interests & Collusion.
Tim*| 4.28.10 @ 1:40PM
" Goldman Sachs and its employees have put at least $694,000 into the campaigns of federal candidates in the 2010 election cycle - that money flowing by a better than two-to-one margin to the Democratic Party, the one in control of Congress. "
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What is the connection of Obama to Goldman Sachs? #fb links to this page. Here’s an excerpt:
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RJS| 4.29.10 @ 11:03AM
Who repealed Glass-Steigel?
When did the bubble inflate and burst?
This cycle is always compared as the worst recession since 1981-1982 (!)...
The ONLY balanced budgets in 30 years were
when?
What happened to the "lockbox"?
Who expanded medicare and prescription drugs to 100's of Billions?
Like Mussolini? What grandpa actually loaned money to the Nazis and whose family skated on millions of fraud in the S&L scandal?
Laissez-faire is anathema to all profit-maximizing organizations with shielded management; profits must be capitalized, losses always socialized; to do at all otherwise exposes management to shareholder suit. So, when facing doom, look to the socialists for pity - when on the upswing support to the capitalists.
There is no two-party system, only labels of convenience for the plebes to be fed from their TVs.
Yes, always follow the money - it sure hasn't flowed my way.
And don't blame me, I voted for Perot and Paul.
Publius| 4.29.10 @ 1:33PM
Looky here, we have a Libertarian moonbat!!
"And don't blame me, I voted for Perot and Paul."
I can blame you for being an idiot and a traitor! Did you get your 'Thank You' notes from Klinton and Obumba??
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mike| 4.29.10 @ 2:34PM
When do we, who lost big on Fannie Mae preferred, get to see the voluminous supporters and defenders of its fiscal solvency(Sen Dodd, Rep. Frank)being grilled like the Goldman execs?
Who holds them accountable? Doesn't the legislature have a responsibility to punish their own transgressors?
Robert| 4.29.10 @ 3:38PM
Fat chance that we'll see anyone in the Democrat party seriously go after one of their own or one of their supporters. We may need to form a citizen Grand Jury to investigate, and make presentments (without a U.S. attorney's signature), if not indictments (with a U.S. attorney's signature).
http://americangrandjury.org/history_power.html
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MattZ| 4.30.10 @ 8:35AM
"President Obama's Wall Street takeover bill"
Brilliant. The same way "ObamaCare" mandates death panels, chooses your doctor, and decides where you can and can't live, right?
Do any of you actually read what the legislation proposes to do, or do you just assume that a democrat runs for office just to destroy shit for no real reason?
MZ
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