The two panels are responsible for oversight of the industry. Share this on:. Charts: Goldman Sachs political contributions. More Politics. Most Popular. I suspect there are far more people out there with such ties that I have missed even though I have spent lots of time researching this issue. If you know of other people who should be on this list, please help out and give the details in a comment to this diary. One further caveat. The Obama administration is not the first administration that Goldman has infiltrated, although it is perhaps the one that has been most completely co-opted from top to bottom.
Bush era came from—Goldman Sachs where he was its chief. Recall too that the brilliant, late economist John K. Galbreath has written an entire chapter of a book devoted to the Great Depression and the economic collapse of Wall St. Law professor William Black, who participated in actions against individuals in the Savings and Loan collapses decades ago, recently told Bill Moyers recently that:. In this spirit we name the first two links between Goldman entities and the Obama administration: they are out of alphabetical order for obvious reasons.
All the others are in alphabetical order. Fittingly, we begin with Obama:. Although to my knowledge he has never directly worked for Goldman, he has taken boatloads of their money an investment repaid many times and he calls Robert Rubin, the former head of Goldman Sachs "my friend Bob". It began for him as little-known Senator from Illinois with a razor- thin resume whose ambitions outshine his accomplishments.
An excellent, seminal discussion of the Hamilton Project by Dr. Kirk James Murphy, M. A video clip of then Senator Barack Obama speaking at the inauguration of the Hamilton Project in April, can be found here and here with an excellent discussion and here. In then, Obama was a Goldie and articulating its desires and policies. Little wonder then, that Goldman and Rubin heavily funded Obama as a Senator his biggest campaign contributor and as a presidential candidate.
Goldman not only wanted Obama to win, they paid lots of money to insure that their man would occupy the White House. Again, as William Black noted:.
University of Minnesota political scientist Prof. And guess who was the keynote speaker at the Hamilton Project kickoff event a few days ago April 20th, Tuesday morning at the Renaissance Mayflower Hotel? As described by the Huffington Post :. Biden was speaking at the relaunch of the Hamilton Project, a think tank founded by ultimate Wall Street Democrat Robert Rubin to publicly despair about the deficit and other things bankers worry about the most.
Goldman Sachs, Robert Rubin. He is now now Chairman of Evercore Partners, which the Hamilton Project program described as "the most active investment banking boutique in the world. According to Wikipedia , Altman was forced from his position as Assistant Treasury Secretary because of a records keeping scandal.
She is an associate and protege of Mr. She has written numerous articles and books on the joys of outsourcing work overseas. Goldman was clever in doing this because they hid a conservative thinking, pro business group like a Trojan Horse in what is generally perceived as a liberal think tank.
Like Timothy Geithner, who is her boss, Brainard is a brainy person who had trouble with income tax rules and regulations, thus joining quite a lengthy list of Goldies who ape the law.
The Washington Post reported that:. What is it with Treasury and tax problems? For more on Buffett see this written by Michael Winship at Truthout:. The hedge-fund billionaire in question is Raj Rajaratnam, whose Galleon Group currently is embroiled in one of the biggest insider trading scandals in history: 21, including Rajaratnam, have been charged; 11 already have pled guilty.
Although Barack Obama was the overwhelming favorite of Goldman Sachs to be president in , for he could serve as their Trojan Horse, they were smart enough to hedge their bets, so to speak and back Hillary too.
According to the Washington Examiner , Goldman Sachs in alone gave:. What a hoot! Thomas Donilon is Deputy National Security Adviser to Barack Obama despite having a career that is mostly involved with domestic politics. More information is available on Donilon over at Whorunsgov.
Joined Goldman in ; partner and managing director until This all from the Wall Street Journal. Note too that the current director of the Hamilton Project, its 4th since its founding in , is Michael Greenstone. How long will it be before Greenstone goes to the Obama administration, making it a perfect 4 for 4 for Directors of the Goldman funded Hamilton Project?
Rahm has lengthy and fruitful ties to Goldman , and vice versa. Timothy Carney has explored some of the links between Emanuel and Goldman Sachs:. To round out the Treasury picture very nearly, see Gary Gensler below , former Goldman vice-president and managing director Mark Patterson was the Treasury Secretary's chief of staff from to The Fed.
He'll be joined on the FOMC by Kashkari and Dallas Fed president Robert Kaplan, who worked as head of Asia-Pacific investment banking, head of corporate finance and global co-head of investment banking over the course of his year career at Goldman. Stephen Friedman, who chaired the New York Federal Reserve Board from January to May , joined Goldman in and alternated between chair and co-chair of the board from to He divested from Goldman in in order to serve as an economic advisor in the George W.
Bush administration, but rejoined the board in He kept his seat when he took on his role at the New York Fed , later explaining that his goal had been "to provide continuity during a time of financial market instability. When Goldman converted from an investment bank to a bank holding company in — putting it under the New York Fed's regulatory purview — Friedman was required to sell his shares in order to avoid a conflict of interest.
Instead he applied for a waiver from the Fed and, while he was waiting on a decision, bought 37, extremely cheap, given the circumstances shares in Goldman. The Fed granted the waiver, and he bought an additional 15, shares. Friedman left the New York Fed in May , citing the "distraction" of a "mis-characterized" conflict of interest.
He was already several million dollars richer due to his well-timed investment in Goldman Sachs stock. Before departing, he oversaw the hiring of a new president: his old colleague William Dudley. Jim Himes, a Democrat representing Connecticut's 4th district, is the only currently-serving member of Congress to have worked for Goldman Sachs. He joined in and rose to the rank of vice-president during his year stint at the bank.
He was elected to the House in He consoled himself by winning a Senate seat representing New Jersey, which he held from until becoming state governor in The New York Fed, headed by Corzine's old colleague William Dudley, cut ties with the firm; the Commodity Futures Trading Commission , headed by another old colleague, Gary Gensler see below , charged Corzine with unlawful use of customer funds in Rahm Emanuel, who has held a litany of positions from congressman representing Illinois' 5th district to White House chief of staff to mayor of Chicago, collected checks from Goldman while he was running Bill Clinton's campaign finance operation, according to the right-wing Washington Examiner.
Miscellaneous Washington. Joshua Bolten left his position as executive director for legal and government affairs at Goldman Sachs' London office in to work as the Bush campaign's policy director.
He worked as the White House's deputy chief of staff from to , then headed the Office of Management and Budget where Cohn may soon take over from to , when he took over as chief of staff for the duration of Bush's second term.
Gary Gensler was a star banker at Goldman, becoming one of the youngest partners in the bank's history at age He worked in mergers and acquisitions, then currency trading. When he left the firm to become assistant secretary of the Treasury for financial markets, he was co-head of finance. He took on his Treasury role in , on the cusp of the Asian financial crisis, and became under secretary of the Treasury for domestic finance in At the time he was a fierce proponent of deregulation.
Despite attracting initial suspicion from many on the left — including Senator Bernie Sanders — for his Wall Street background and one-time enthusiasm for deregulation, he was by all accounts a doggedly determined regulator. He pursued a crackdown on opaque markets for swaps and other derivatives. He obsessed over the text of Dodd-Frank , passed in He charged his old co-worker Jon Corzine with misusing customer funds in June ; a few months later he stepped down, his term having officially expired in Rueben Jeffery III, a former Goldman partner, served as under secretary of state for economic, business and agricultural affairs from to Evan McMullin briefly worked for Goldman Sachs' investment banking division before working as a senior adviser on national security issues for the House Committee on Foreign Affairs, a position he held from to August , when he announced his independent candidacy for president.
Central Banks. Petros Christodoulou, a former Goldman employee at the National Bank of Greece, served as an intermediary between Goldman and the Greek central bank to help negotiate the deal. In the words of Risk, which first reported the story in , the swap was "a completely legitimate transaction under Eurostat rules," but was also "bound to create discomfort among those who like accounts to reflect economic reality.
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