Wikipedia

Goldman Sachs: Investing in political influence

Sunday, April 15, 2012 by: David Gutierrez, staff writer
Tags: Goldman Sachs, politics, influence

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
The five biggest lies about Ebola being pushed by government and mass media
Why does the CDC own a patent on Ebola 'invention?'
White House admits staging fake vaccination operation to gather DNA from the public
Ultraviolet light robot kills Ebola in two minutes; why doesn't every hospital have one of these?
EXCLUSIVE: Natural News tests flu vaccine for heavy metals, finds 25,000 times higher mercury level than EPA limit for water
Truvia sweetener a powerful pesticide; scientists shocked as fruit flies die in less than a week from eating GMO-derived erythritol
Irrefutable proof we are all being sprayed with poison: 571 tons of toxic lead 'chemtrailed' into America's skies every year
Russia taking McDonald's to court, threatens countrywide shutdown
Oregon man serving prison sentence for collecting rainwater on his own property
The best way to help your body protect itself against Ebola (or any virus or bacteria)
Senator who attacked Doctor Oz over dietary supplements received over $146,000 in campaign contributions from Big Pharma mega-retailer and Monsanto
Global warming data FAKED by government to fit climate change fictions
Healthy 12-year-old girl dies shortly after receiving HPV vaccine
Ebola outbreak may already be uncontrollable; Monsanto invests in Ebola treatment drug company as pandemic spreads
HOAX confirmed: Michelle Obama 'GMOs for children' campaign a parody of modern agricultural politics
Ben & Jerry's switches to non-GMO, Fair Trade ice cream ingredients
W.H.O. contradicts CDC, admits Ebola can spread via coughing, sneezing and by touching contaminated surfaces
BREAKING: CDC whistleblower confesses to MMR vaccine research fraud in historic public statement
Delicious
(NaturalNews) A Venn diagram released by Harvard law professor and political activist Larry Lessig reveals the shocking connections between our government and banking and investment giant Goldman Sachs.

http://www.naturalnews.com

Goldman Sachs was a major contributor to (and beneficiary of) the 2007 subprime mortgage crisis that helped initiate the current depression. The bank then proceeded to heavily avail itself of bailout payments and other monetary assistance from the federal government.

In 2010, the Securities and Exchange Commission (SEC) filed a lawsuit against the company, alleging that it had deceived investors about the nature of one of its products, costing them a total of $1 billion.

Goldman Sachs was defended in the lawsuit by its longtime legal firm, Skadden, Arps, Slate, Meagher & Flom, LLP. One of its advisors on defense strategy was a partner in the firm by the name of Gregory Craig, who had left his job as White House Counsel only months before. When observers raised ethical concerns, some of them pointing out that the Obama Administration prohibits its former members from lobbying it for at least two years, Craig responded by saying, "I am a lawyer, not a lobbyist."

Craig is a classic example of the "revolving door" in this country between industry and government. He has moved back and forth over the years between government positions -- he served as foreign policy advisor to both Senator Edward Kennedy and to Secretary of State Madeleine Albright -- and legal work, often taking on major corporate clients like Goldman Sachs.

Another striking example is Robert Rubin, who spent 26 years at Goldman Sachs, eventually becoming Co-Chief Operating Officer (COO), Co-Chairman, and a member of the Board. Months after leaving Goldman Sachs, he took a position as President Clinton's Assistant for Economic Policy and head of the National Economic Council. Two years later, Clinton appointed him Secretary of the Treasury, a position he filled for another four and a half years. After leaving the Treasury Department, Rubin immediately returned to the financial sector and took a position with the megabank Citigroup.

Is it any surprise that U.S. economic policy continues to benefit big banks to the detriment of everyday people?

Representing the Corporations


The case of Gary Gensler is instructive in understanding the constant conflict-of-interest produced when people move continually between industry and government. Gensler worked at Goldman Sachs for 18 years, achieved partner by the age of 30, and was eventually appointed co-head of finance for the entire company. He served first as Assistant Secretary of Financial Markets and later as Undersecretary of the Treasury for the Clinton Administration. In 2009, President Obama nominated him as chairman of the Commodity Futures Trading Commission.

Senator Bernie Sanders of Vermont opposed Gensler's appointment, noting that Gensler had collaborated "with Senator Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, [leading] to the collapse of AIG and ... the largest taxpayer bailout in U.S. history." Sanders also said that Gensler had been partially responsible for the Enron collapse and had supported the Gramm-Leach-Bliley Act, which led to U.S. banks becoming "too big to fail."

In spite of Sanders' objections, Gensler was appointed to the post, and already his Goldman Sachs conflicts-of-interest have become too obvious to gloss over. In November 2011, he was forced to recuse himself from an investigation of brokerage firm MF Global because the company's CEO, Jon Corzine, had been a co-worker of his at Goldman Sachs.

Jon Corzine is also a former senator and governor of New Jersey.

Sources for this article include:

http://www.naturalnews.com

http://www.techdirt.com

http://fairwhistleblower.ca

http://en.wikipedia.org/wiki/Goldman_sachs

http://en.wikipedia.org/wiki/Gregory_Craig

http://en.wikipedia.org/wiki/Robert_Rubin

http://en.wikipedia.org/wiki/Gary_Gensler

http://en.wikipedia.org/wiki/John_Corzine

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.