Hat Tip: Jean Stoner, Nancy Jacques and Erica Belcher

From Erica:

Why Treasury chief should be probed and fired

Introduction

Geithner should not only be fired, he should be investigated for criminal activity…….there’s a trail of documents that show cozy relationships between govt officials like Paulson and Geithner who were supposed to be looking out for the public’s best interest, and people at firms like Goldman Sachs for whom profit is everything.

Goldman Sachs Will Be Sitting Pretty With Emanuel in the Obama White House

By: Timothy P. Carney, Examiner Columnist, Nov 21, 2008

Goldman Sachs always has clout in Washington, as evidenced by the firm’s alumni serving as Treasury secretaries under both Presidents Bush and Clinton. Today, in these tumultuous times of bailouts and meltdowns when the investment banking leviathan needs Washington more than ever before, Goldman can leverage its most valuable asset yet—incoming White House chief of staff Rahm Emanuel. Goldman Sachs is the giant of Wall Street, and more than any other investment bank, Goldman is surviving the current financial storm.

Traditionally a Democratic booster, and one of Barack Obama’s top sources of funds in this past election, Goldman has always had some particularly strong allies within government. Emanuel is one such ally. An interesting early chapter in the Goldman-Emanuel relationship took place in the setting of Bill Clinton’s campaign for the White House in 1992. Clinton hired Emanuel as his chief fundraiser.

At the same time, however, Emanuel was on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to “introduce us to people,” in the words of one Goldman partner at the time. This is certainly a noteworthy relationship, but it’s one that has almost entirely escaped scrutiny. (snip)

In his four terms in Congress, Emanuel has raised $74,750 from Goldman, making the firm his number four source of funds. Goldman has helped Emanuel. How has Emanuel helped Goldman? The most obvious answer, as mentioned in this column two weeks ago, is in Emanuel’s lead role in shepherding the “$700 billion” bailout—first proposed by former a Goldman CEO, Bush Treasury Secretary Henry Paulson—through the skeptical House.

Of course, back in the Clinton days, Goldman benefited from NAFTA and the bailout of the Mexican currency, with Emanuel pushing NAFTA through Congress, and Rubin hammering out the peso bailout. Did Goldman improperly funnel money to the Clinton campaign by subsidizing Emanuel’s salary in 1992? Did Goldman’s help to Clinton spur the Democratic president to push NAFTA and the Mexican bailout?

The answers to these questions are opaque, and with Emanuel burrowed deep within the Obama White House, the continued relationship between Goldman Sachs and Obama’s right hand man won’t be easy to follow.

Watch which regulations of Wall Street Obama fights for. Watch where the bailout money goes. And don’t be surprised Goldman soon sitting pretty once again.

http://www.washingtonexaminer.com/opinion/columns/TimothyCarney/

THINGS WE DO NOT KNOW ABOUT RAHM Did Wall Street Rahm reveal all of his ties to financial institutions involved in Obama’s trillion dollar federal bailout of financials… like Goldman Sachs, for instance?

Update:

And… the Goldman Sachs/Cap and Trade connection…

The Cap-And-Trade Corruption (O’Reilly on FOXNews) (July 14, 2009)
http://www.foxnews.com/story/0,2933,532663,00.html

Excerpt:

But that’s not the con. Here it comes. Some big corporations will make billions off this cap-and-trade deal. Let’s take one vivid example.

Goldman Sachs is a goliath investment company that pays very little tax. In fact, last year in the teeth of the recession, Goldman made more than $2 billion in profit and, according to the Associated Press, paid its CEO Lloyd Blankfein about $43 million. Let me repeat: Old Lloyd made $43 million bucks in 2008. But Goldman Sachs paid zero in federal income tax. Let me repeat: Goldman made $2 billion and paid nothing in federal tax.

A quick aside: President Obama and the Democrats want to raise taxes on high-earning Americans to pay for health care. But Goldman-Sachs gets a pass.

SACK GOLDMAN SACHS CAP-AND-TRADE (Dec 7, 2009)
http://www.columbia.edu/~jeh1/mailings/2009/20091207_SackGoldmanSachs.pdf

Excerpt:

The revolving door between Washington and Wall Street has produced a new scheme to fleece the public. “Cap-and-trade” is the heart of the Obama Administration’s plan to slow global warming and reduce our dependence on fossil fuels. Permits to emit a “capped” amount of carbon dioxide will be traded on Wall Street by big-time players like Goldman Sachs.

Goldman Sachs to be Carbon Regulator? (July 8. 2009)
http://greenhellblog.com/2009/07/08/goldman-sachs-to-be-carbon-regulator/

Excerpt:

Senators Dianne Feinstein (D-CA) and Olympia Snow (R-ME) have introduced a bill to make the Commodity Futures Trading Commission the sole regulator of the carbon market created by cap-and-trade legislation.

So does this mean that freebooting Goldman Sachs could be the de facto regulator of the carbon market?

Consider that:

• The current chairman of the CFTC is Gary Gensler, formerly of Goldman Sachs.
• Goldman Sachs is a part owner of the exchanges where carbon allowances would be traded.
• Goldman Sachs has spent millions of dollars lobbying for cap-and-trade legislation in anticipation of making billions of dollars at the expense taxpayers and consumers.
• Goldman has a special exemption from the CFTC to exceed the trading limits normally placed on commodity speculators. Not only was this exemption secret for 17 years, the CFTC recently had to ask Goldman for permission to release the letter to Congress!
• Goldman Sachs employees are heavy contributors to the Democratic Party giving it over $4.4. million in the last election. Barack Obama received more than $997,000, Feinstein received $24,250, and Snowe received $17,000 from Goldman. All-in-all, this could result in a pretty decent return-on-investment for Goldman.

As the global warming bubble inflates and then bursts, will Goldman Sachs self-regulate all the way to the bank… making record profits at the expense and misery of taxpayers and consumers?

GOVERNMENT SACHS – THE BUBBLE BLOWERS (June 30, 2009)
http://www.blog.populistamerica.com/2009/06/30/gangster-state-goldman-sachs-and-cap-and-trade/

Excerpt:

In a recent Rolling Stones piece entitled “The Great American Bubble Machine,” Max Tiabbi does us all a great service by – sarcastically but realistically – detailing the history and prior bubbles of this firm. Tiabbi’s next prediction for a bubble (mine, for the record, is still the U.S. Treasury and gold markets, where GS plays a vital role as well) is that of carbon credit trading. He details how GS has promoted this legislation and how they will profit from this market – which, bottom line, is a government-created tax market where the carbon credits issued to energy producers increase in scarcity year after year. (Photo courtesy Steve Ford Elliot License)

Who will deliver these ‘mandated profits’ to Goldman Sachs? That’s our job as the energy consumers!

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