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.
Letter to the Editor
Matthew Vadum is a senior editor at Capital Research Center, a Washington, D.C. think tank that studies the politics of philanthropy.
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.
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."
As they say in Art School; "Follow the Monet".
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.
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.
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!
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.
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.
i agree with your post.
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?
Sweet.
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.
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.
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.
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