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Feb 1st, 2010 5:10 PM #1
The Obama Administration and Goldman Sachs
"Goldman Sachs is at the top of the food chain on Wall Street. Year after year this company piles on profits that are beyond the imagination of the average American, or the average citizen anywhere.
In 2007, Lloyd C. Blankfein, chairman of Goldman Sachs was paid a bonus of $67.9 million. It is said his bonus this year could top that number. The public is outraged.
Wall Street executive pay and bonuses are enormous by comparison to the wages paid to the average worker on the street. These people seem to live in a world apart from the rest of us.
Let's take a walk back in history. The titans on Wall Street have always been paid extraordinarily well, as compared to the average population. Even before the Great depression of the 1930s, the executives of the biggest most profitable companies were earning huge salaries and bonuses in the millions. Of course then, the titans weren't bankers, but industry giants. We saw Steel manufacturers, and Railroad executives making vast sums of money.
When the stock market crashed then, citizens and government alike were outraged to learn of their bonuses, and Congress did cap those excessive bonuses in the 1930s. Again, one huge difference between then and now is that those executives were managing industries that produced products everyone could understand, rather than trading paper that almost no one understands."
Ok I understand that this is how it works in capitalism and is it really any of our business? I'd say no, except that there has been NO legislation to prevent what happened last year from happening again. There should never have been a bailout of a corporation. Yet there was - by Bush AND Obama. And it just smacks of cronyism when the Obama administration has at least 4 ex-Goldman Sachs employees in it. Who does Obama really represent? I think it's quite clear really.
The list of former Goldman Sachs employees holding top positions in the Obama administration includes:
• Mark Patterson, a former Goldman Sachs lobbyist, who is the chief of staff to Treasury Secretary Timothy Geithner (himself the former president of the Federal Reserve Bank of New York).
• Reuben Jeffery III, former managing partner at Goldman Sachs, who holds the post of undersecretary of state for economic, business, and agricultural affairs.
• Neel Kashkari, former Goldman Sachs vice president, who is the assistant secretary of the treasury for financial stability, responsible for administering the TARP funds.
• Dianna Farrell, former financial analyst at Goldman Sachs, who serves as deputy director of the National Economic Council.
Feb 1st, 2010 6:09 PM #2
You should check out Capitalism, A Love Story by Micheal Moore. This info was brought to us in that movie there. Just so that your hypocrisy shows, how many goldman sacks were part of Bush's administration?I aggressively attack stupidity... If you feel I am being aggressive, well....
Feb 1st, 2010 6:21 PM #3
Feb 1st, 2010 6:23 PM #4
Fact is that the Government is full of corporate hacks excreting their influence in favor of their share holders many of whom are not even American citizens. The exact corporations represented may change slightly but the effect is the same. We need to find a why to get that out of our government but the recent supreme court decision (who put Roberts and Aleto on the court again?) has made that a step harder. People need to figure out who the enemy really is.
Last edited by MaximumPain; Feb 1st, 2010 at 9:36 PM.Be Impeccable with Your Word
Don't Take Anything Personally
Don't Make Assumptions
Always Do Your Best
Feb 1st, 2010 7:10 PM #5
Thanks. I'll watch it. In case you've forgotten, however, Bush is no longer in office. He's gone. Finished. Now I must concentrate on exposing Obimbo for the liar, cheat, and corporate hack that he truly is. We all know that Bush was. Never said he wasn't. But you and others got sucked into the hope and change bullshit. How's that working out for you?
**edit - oh and I don't care if Mr. Moore gets money. I rented and watched his healthcare film. Hey - this is America, for now, where you can still turn a buck.
Feb 1st, 2010 7:22 PM #6How's that working out for you?I aggressively attack stupidity... If you feel I am being aggressive, well....
Feb 1st, 2010 7:49 PM #7
Feb 1st, 2010 8:00 PM #8
Feb 2nd, 2010 12:17 PM #9Originally Posted by LoM
Originally Posted by right on cueI aggressively attack stupidity... If you feel I am being aggressive, well....
Feb 5th, 2010 12:58 PM #10
I want to destroy this wicked complicated system and replace it with a simple system that is so perfect it would never need to be reformed, changed or bailed out.
Feb 6th, 2010 9:01 AM #11
- Join Date
- Jan 2008
(Turning a buck is the problem!) That's the stupidest thing I have ever read. If it wasn't for the "buck" you probably wouldn't be typing on this forum because you couldn't afford it. If it wasn't for big corporations most of us wouldn't have a job. If you are against big business your either on some sort of gov. assistance program or retired.Over 80% of small business is a spin off of big business in one fashion or another.
Feb 8th, 2010 6:56 PM #12
Feb 9th, 2010 12:51 PM #13
The United States is in it's current economic state mostly due to government corruption and immoral politics. The Goldman Sachs information Jena has shared sounds very similar to the AIG issue we had years back, doesn't it?
In 2006, the average employee at Goldman Sachs received $622,000 dollars in compensation. They are said to employ 31,700 employees worldwide. This totals close to 20 billion dollars in compensation. Goldman Sachs reported only 9.34 billion dollars in earnings in 2006. Where does the "buck" come from?
In 2008, Goldman Sachs received 10 billion dollars in preferred stock investment as TARP from the US Treasury, and then went on to ensure 1,556 of it's employees received bonuses in excess of 1 million dollars.
In 2006 and 2008 it seems Goldman Sachs had money appearing as if they had the right to print the money itself. Very much like another financial entity known as the Federal Reserve.
When AIG was under the microscope, after a 85 billion dollar TARP from the Federal Reserve, it seems Goldman Sachs received 12.9 billion of the bailout money from the Federal Reserve due to contracts between them. How was this money used? More bonuses to executives? What did the contracts consist of?
You talk about big business as if it's the greatest thing this country has ever known. Yes, most of this country is employed by big business, and yes the middle class gets a few scraps from the big business dinner table from time to time in employment money. When we are talking about these amounts of money, does our employment benefit from big business justify the CEO and chairman of Goldman Sachs receiving over 63 million dollars in compensation for a years worth of "hard" work?
As long as this country follows the direction of central banking for the economy, the middle and lower class will starve financially and the wealthy will thrive. Obama has been proposing higher tax liability for those with an annual income of 250,000+ and plans to save close to 20 billion dollars in the next 10 years due to that. Does Obama realize the national deficit is nearly 14 trillion dollars? It sounds great at a state of the union speech, but doesn't he understand he needs to work harder?
Big business is killing the lower and middle classes of this country, why is that so hard to see? Open your eyes!
Feb 9th, 2010 1:12 PM #14
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