Berkeley CSUA MOTD:Entry 52969
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2009/5/8-14 [Finance/Banking] UID:52969 Activity:nil
5/7     Does Goldman Sach's really rule the world?
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tinyurl.com/c67jdu -> georgewashington2.blogspot.com/2009/04/does-goldman-sachs-rule-world.html
department and around the federal response to the financial crisis is so ubiquitous that other bankers and competitors have given the star-studded firm a new nickname: Government Sachs. this), William C Dudley (head of the New York Fed's unit that buys and sells government securities), and E Gerald Corrigan (charged with convening a group to analyze risk on Wall Street) And there are many more Goldman alums who have been - or are soon to be - appointed. Here is just one random item this week announcing a couple of standard personnel moves: Goldman Sachs' new top lobbyist was recently the top staffer to Rep. Michael Paese, a registered lobbyist for the Securities Industries and Financial Markets Association since he left Frank's committee in September, will join Goldman as director of government affairs, a role held last year by former Tom Daschle intimate, Mark Patterson, now the chief of staff at the Treasury Department. This is not Paese's first swing through the Wall Street-Congress revolving door: he previously worked at JP Morgan and Mercantile Bankshares, and in between served as senior minority counsel at the Financial Services Committee. Independent wrote last July: The New York Times columnist David Brooks noted that Goldman Sachs employees have given more money to Barack Obama's campaign for president than workers of any other employer in the US. "Over the past few years, people from Goldman Sachs have assumed control over large parts of the federal government," Brooks noted grimly. "Over the next few they might just take over the whole darn thing." that this small group of decision makers at the center of it is Goldman Sachs and that's what's causing a lot of the distrust, because people are thinking or believing that Goldman Sachs, because of the connections, have had a lot to do with the decisions that are being made." Geithner responded: "I think it's deeply unfair to the people who are part of these decisions to suggest that they were making judgments that in their view were not in the best interest of the American people." What is interesting is that Geithner did not deny that Goldman players were at the center of the government's financial decisions, only that their decisions were not bad ones. So has Government Sachs made selfless decisions for the benefit of the American people? Critics have been quick to note -- and not favorably -- the almost uncanny influence of former Goldman executives. Initial phases of the rescue were orchestrated by ex-Goldman chairman Hank Paulson, who was recruited as Treasury Secretary in part by former White House chief of staff and Goldman senior exec Josh Bolten. Goldman's current boss, Lloyd Blankfein, was invited to participate in meetings with the Fed. AIG's Liddy is a former Goldman director and an ex-CEO of Allstate. Another alum, Mark Patterson, once a Goldman lobbyist, serves as chief of staff at the Treasury, while Neel Kashkari, who runs TARP, was a Goldman vice president. Goldman has repeatedly declared that its exposure to AIG was "immaterial" and fully hedged. But some rivals point to the fact that Goldman had uncharacteristically piled into contracts with a single counterparty. says that Goldman "rules the world": "Obama's victory and Geithner's appointment are the completion of Goldman's meticulously crafted plan to become a superpower. The firm now has the clout to impose its will on the financial markets, and the world." I, too, have been writing about it, and been calling it the Wall Street Financial Crime Syndicate. There are several investigative writers scraping beneath the protective crusts of this story being glazed by the Crime Syndicate; Andrew Cuomo needs to keep his jaws tightly fastened to this story. If no one plants a skeleton in his closet, he may then just rip it open. It is not any different than the Mafia story that came out last week about how Italian organized crime is embedded in legitimate businesses with their crime monies, but getting busted by their feds. They are the new oligarchs and the market will not be free until this monopoly is broken up. This ends poorly according the former president of the IMF (2007-2008) as we are acting fiscally as a banana republic does. com/doc/200905/imf-advice "The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government--a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF's staff could speak freely about the US, it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we're running out of time."