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>Obama Surrounded With Goldman Sachs Advisors – So Don’t Expect Much Today On Wall Street


All the president’s Goldman Sachs men

By Michelle Malkin  •  April 21, 2010 05:51 AM
My syndicated column today shines light on all the Goldman Sachs company men in the Obama administration’s midst. The GOP wants SEC correspondence disclosed. Here’s that story. In related news, Goldman Sachs cheerleader and beneficiary Rahm Emanuel met with NYC business elite about the financial reform plan. Listen up:
Another attendee, who spoke anonymously to discuss remarks that were intended to be private, said the chief-of-staff emphasized that there was a “12-week legislative calendar” to get the administration’s main goals accomplished.
Related must-read from Conn Carroll at The Foundry: The Crony Capitalist Threat to Our Economic Freedom.
All the president’s Goldman Sachs men
by Michelle Malkin
Creators Syndicate
Copyright 2010
While President Obama assails the culture of greed and recklessness practiced by the men of Goldman Sachs, his administration is infested with them. The White House can no more disown Government Sachs than Da Boss-in-chief can disown Chicago politics.
Obama is headed to Wall Street on Thursday to demand “financial regulatory reform” — just as the U.S. Securities and Exchange Commission has filed civil suit against Goldman Sachs for mortgage-related fraud. Question the timing? Darn tootin’. There are no coincidences in the perpetually orchestrated Age of O. Everyone from disgraced former New York Attorney General Eliot Spitzer to analysts at the Brookings Institution and Barclays Capital to the GOP leadership and Rush Limbaugh has noted the reeking political opportunism in the air.
As the New York Post reported Tuesday, the Democratic National Committee immediately bought sponsored Internet ads on Google that direct web surfers who type in “Goldman Sachs SEC” to Obama’s fundraising site. “It’s time to hold the big banks accountable,” the money-grubbing DNC message bellows. But just like his crony capitalist predecessor George W. Bush, Obama has relied on Goldman Sachs and Wall Street power brokers to engineer massive government interventions to “rescue” failing businesses with the tax dollars of ordinary Americans.
While irony-challenged Democratic candidates like mob-linked banker Alexi Giannoulias in Illinois (who hopes to fill Obama’s old Senate seat) call on Republicans to return their fat-cat Goldman Sachs donations, the Democrats are silent on the $994,795 in Goldman Sachs campaign cash that Obama bagged. The class-warfare Dems are also mum on all the president’s Goldman Sachs men sitting in the catbird’s seat:
– Goldman Sachs partner Gary Gensler is Obama’s Commodity Futures Trading Commission head. He was confirmed despite heated congressional grilling over his role, as Reuters described it, “as a high-level Treasury official in a 2000 law that exempted the $58 trillion credit default swap market from oversight. The financial instruments have been blamed for amplifying global financial turmoil.” Gensler said he was sorry — hey, it worked for tax cheat Treasury Secretary Tim Geithner — and was quickly installed to guard the henhouse.
– Goldman Sachs kept White House Chief of Staff Rahm Emanuel on a $3,000 monthly retainer while he worked as Clinton’s chief fundraiser, as first reported by Washington Examiner columnist Tim Carney. The financial titans threw in another $50,000 to become the Clinton primary campaign’s top funder. Emanuel received nearly $80,000 in cash from Goldman Sachs during his four terms in Congress — investments that have reaped untold rewards, as Emanuel assumed a leading role championing the trillion-dollar TARP banking bailout law.
– Former Goldman Sachs lobbyist Mark Patterson serves under Geithner as his top deputy and overseer of TARP bailout — $10 billion of which went to Goldman Sachs. Left-leaning government watchdog Melanie Sloan of the Citizens for Responsibility and Ethics in Washington responded: “It makes it appear that they are saying one thing and doing another.” Paul Blumenthal of the Sunlight Foundation noted that, while at Goldman Sachs, Patterson lobbied against executive pay limits that Obama had crusaded for as senator (before, that is, his administration carved out exemptions for AIG). While Patterson agreed to recuse himself on any Goldman Sachs-related issues or related policy concerns, Blumenthal wrote, it “still creates a serious conflict for Geithner, as Treasury is being partly managed by a former Goldman lobbyist. Geithner is also placed in a tough position considering that his chief of staff is limited in the areas in which he can work (supposedly).”
– Obama’s close hometown crony, campaign finance chief and senior adviser Penny Pritzker was head of Superior Bank of Chicago, a subprime specialist that went bust in 2001, leaving more than 1,400 people stripped of their savings after bank officials falsified profit reports. Pritzker’s lawyer at O’Melveny and Myers, Tom Donilon, is now Obama’s deputy national security adviser. He earned just shy of $4 million representing her and other high-profile meltdown clients including Goldman Sachs.
– White House National Economic Council head Larry Summers reaped nearly $2.8 million in speaking fees from many of the major financial institutions and government bailout recipients he now polices, including JP Morgan Chase, Citigroup, Lehman Brothers and Goldman Sachs. A single speech to Goldman Sachs in April 2008 brought in $135,000. Summers has prior experience negotiating government-sponsored bailouts that benefit private concerns. In 1995, he spearheaded a $40 billion Mexican peso bailout that bypassed Congress. Summers personally leaned on the International Monetary Fund to provide nearly $18 billion for the package. Summers’ boss, then Secretary of the Treasury Robert Rubin, was former co-chairman of Wall Street giant Goldman Sachs — the Mexican government’s investment banking firm of choice.
Rubin continues to mentor another former employee of his with regular visits and chats — Treasury Secretary Geithner, who was head of the New York Federal Reserve, which pushed bailed-out insurance conglomerate AIG to cover up sweetheart deals for investment banks that benefited, you guessed it, Goldman Sachs.
As Obama harangues Wall Street to clean up its house, all the president’s Goldman Sachs men have their feet on the coffee table at his.

See what others have said

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  1. Obama’s jackboots squash freedom of press « GOP Counterculture
  2. Wizbang
  3. About Those Goldman Sachs Charges… « Tai-Chi Policy
  4. Dave Lucas’ Notes
  5. Sachs Will Sack Republicans Unless They Denningerize
  6. Volcanic Bill Clinton And The Tea Party Movement, Part II — Hillary Is 44
  7. Barack Loves Golf « Jim Blazsik
  8. There’s no history of anything until it happens. Then there is — AFTER THE TEA PARTY RESPONSE. « Temple of Mut
  9. Caught: White House Political Collusion in SEC Investigation. White House Wants Unlimited Bailout and Siezure Power. Can anyone be trusted with that much power? UPDATE – « The IUSB Vision Weblog
  10. There’s Gold(man) in Them Thar Hills « Finding Ponies…
  12. Political crosshairs on Goldman Sachs | Asian Conservatives
  13. Goldman Sachs and Team Obama: The perp walk is a revolving door « DPGI
  14. White House’s Goldman Ties With MMalkin | Chicagoan’s Conservative Chronicles
  15. Is Goldman Sachs Obama’s Eron? | KimPriestap
  16. Maggie’s Farm


  1. #103
    On April 22nd, 2010 at 7:52 am, mytake said:
    When they take away the large salaries on Wall Street New York City will turn into Detroit, not even a “nice place to visit”. There is supposed to be all this “outrage about Wallstreet. This can’t backfire soon enough!!!!
  2. #104
    On April 22nd, 2010 at 8:00 am, mytake said:
    It’s up to the stockholders to control salaries and bonuses, not Obama and his ilk. Destroy Wall Street and destroy New York City. Capitalism works, crony capitalism is bad and appears to be wrapped so tightly around the Democrats that they can’t and won’t be able to proceed honestly.
  3. #105
    On April 22nd, 2010 at 9:00 am, ArizonaNeanderthal said:
    When Barney Frank made his remark “there will be “There will be death panels enacted by this Congress, but they will be for non-bank financial institutions that will not be considered too big to die” the Boy Toy Tim Geitner thought it was funny. But one big government controlled state bank is essential to the collectivist goal of total power.
  4. #106
    On April 22nd, 2010 at 9:29 am, RedDog said:
    Why are they not all on trial right now? They should be in federal prison already.
    “When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn.”

    Proverbs 29:2

>Obama Is Spending America Into Depresion


My reply to the following article is positive. bw1 has done a good job and I entirely agree with his premise. Unless Americans stand up and complain to the Obama administration they will go merrily on their way trying to spend their way out of something that should be left alone.

For example, I am one of those who believe Franklin D. Roosevelt’s New Deal spending caused America to stay in the great depresion for almost 11 years — much longer than European countries who did practically nothing. It’s on the record and historians don’t dispute that fact. In her book, The Forgotten Man, Amity Shlaes said, “The big question about the American depresion is not whether war with Germany and Japan ended it. It is why the Depresion lasted until that war. From 1929 to 1940, from Hoover to Roosevelt, government intervention helped to make the Depression Great.”

The current recession, like the Great Depression, has been prolonged by the vast amounts of indiscriminate and wasteful spending that has been thrown at the problem — as if money, like water, can put out a gas financial fire. It won’t happen. No, what the Democrats are about isn’t totally extinguishing the terrible financial crisis but growing government.

Thrift has not been a part of the American business lexicon for many years, but the Obama spendthrift recovery plan is outrageous.

Yes, there are companies frugal enough to go it alone without government funding, like Amazon and Ford. They will remain independent, but the General Motors, Chryslers, AGIs, and underfunded banks are both the victims and the cause of the problem.

Can we lay the total blame on Wall Street. No, of course not. The major blame for this recession lies in Washington. But the solution to the problem is not there. The solution is to let teetering banks and other companies fail. That’s the American way. In the past we didn’t guarantee any company’s survival. Obama is only doing it now because he wants to shore up votes for 2012, those of the unions. Buying votes is despicable and shameful. That is what we should be writing and calling the White House about. They need to hear our voices.

What Obama did regarding Chrysler’s stock is shameful. He has replaced number one creditors, the investments of teachers and police officers, which had a preferred position on the bonds, and has given that position to the unions. The State of Indiana is currently prosecuting the president and his staff for deliberately pilfering retirement funds of teachers and police officers so that he could favor unions and gain their votes. This is utterly disgusting and I expect the courts — if they’re not loaded with liberal hacks — will reverse this egregious Obama malfeasence in office.

I predict gloom and doom under the economically naive Barak Obama. And as for the writer of the following comment who is called bw1, on his prediction that America won’t go into bankruptcy until 2030 to 2040, even he hedges on those dates. We all need to take into account the funding of baby boomer retirements. This is a large bubble of people born between 1948 to 1964 — a 16 year period — and the oldest boomers will be age 62 next year, 2010. So the volatile period of time for America to become bankrupt from what will become known as Obama’s depression — unable to pay our bills — is between 2010 and 2026, and more likely somewhere in between like 2018 which is only 9 years away.

The Obama-caused depresion could drag on for years past that as the Treasury’s printing presses whirl away creating new money each year, diluting any money Americans have socked away. People on fixed income will be wiped out. Rampant inflation is in our future, especially if we don’t voice our opinions strongly now against this madness.
From: bw1>
Date: Wed, 6 May 2009 08:08:40 -0700 (PDT)
Local: Wed, May 6 2009 11:08 am
Subject: Re: Is the National Debt a Problem?
The majority of US citizens don’t seem to understand the concept of
fiscal responsibility. For that reason it’s going to take a huge
effort by those who have common sense in this department to be able to
turn public opinion back in the right direction. We face an uphill
battle at the moment in this regard, but I don’t think we should
shrink back just because it’s not the most popular view. We have to
work to change the popular view. We need to show people why it’s
important that our government gets back on the road toward
sustainable, responsible fiscal practices. The truth is we are
digging ourselves into such a deep hole right now that it will be
very, very painful to dig ourselves back out. Every day that we keep
up the current big-spending trend we are digging ourselves in deeper.
The Congress and the President currently have no incentive to hold
back on spending unless the people stand up and say “enough is enough”
and “now you’ve gone too far, let’s bring it back down a notch”.
People with some wisdom and forethought must stand up and make their
voices heard. Maybe the severity of what’s at stake will finally
begin to wake up the sleeping majority if we can pay attention to the
signs of danger on the road ahead of us and get the word out. We need
a radical shift in policy. The policy of deficit spending and the
allowance of a national debt is something the congress can’t be
trusted to maintain in a responsible fashion. A little known fact is
that the US has never been out of debt except for a brief time under
one President — Andrew Jackson! A big justification for this is that
people think our leaders need to have the power to spend as much as
they need to in case of national emergency. Yes, a national emergency
might call for extra spending. But, what that argument fails to take
into account is that we could indeed be running a surplus during the
good times. Why shouldn’t we be building up reserves during the good
times so that they can be used in the event of a crisis? That’s true
fiscal responsibility. How much more productive would it be if the
government could invest a surplus rather than continually paying
billions of dollars in interest on it’s debt? We ran a surplus in the
1990’s. We ought to be able to do it as a general rule in the future
and we all ought to vote for leaders who will work for that. Any hope
of a prosperous future for our grandchildren is being stolen away from
us daily by the current administration’s total lack of financial
sense. We have got to bring balanced, measured thinking back into our
public conversation. Every day that we stay silent about this is
another day we sell out our grandchildren’s financial freedom.
On May 5, 12:12 pm, bw1> wrote:

– Show quoted text –