Goldman Sachs Gave More Money To Federal Politicians Than Any Other Financial Firm

LA Times:

Goldman Sachs Group Inc. was once a darling in Washington, handing out millions of dollars in campaign contributions and supplying so many executives for key federal positions -- including two recent Treasury secretaries -- that some people called the firm "Government Sachs."

Read the whole story: LA Times

Comments

[lastams]

11:27 AM on 04/18/2010

And we can add the Obama for President campaign to that list as well. Goldman was in fact
the number one supporter of the campaign.
Instead of Biden attending events with Bob Rubin, the DOJ should be investigating
a prison sentence for the one man perhaps most responsible for the removal of laws
that led to the World economic disaster.
Were it not for the Rubin Wannabees, Summers and Giethner and Bernake, maintaining the corporate mindset, perhaps this Whitehouse and Party would get serious about removing the rot from our financial system and returning it to the sound footing established by banking laws that protected it for a generation.
But there is little evidence of that.
At the end of the day we are left with regulations that will allow the same players to play the same game only now we'll promise to watch them closer.
That's if even THAT can pass a congress swamped in Wall Street cash.
I guess the big question is if Goldman Sachs can buy the entire world as they've bought our government.
It would appear that much of Europe is more than a bit unhappy that American banking institutions have conspired to sink the World economy much as someone would bet on the "don't pass" line at craps.
And many of these countries have those dreaded "socialist" governments who actually place the well being of their people at least equal to the profits of their rich.

[kjohney]

08:00 PM on 04/19/2010

The SEC commissioners voted 3-2 (along party lines) to bring charges against Goldman Sachs.

Without looking it up, how much would you like to bet the two dissenting votes were from the Republican side of the aisle?

[tjb717]

02:10 AM on 04/18/2010

With the Supreme Court ruling allowing for unlimited donations from the private sector, this problem will become only worse. In Political Science, the form of government we have is called a Plutocracy or "rule by the wealthy". With lobbyists adding to this matrix of deceit, the people don't have any say unless they form a new political party that refuses large campaign donations from wealthy interests. The Tea Party is a fake decoy used by the GOP to rebrand themselves, and is used to trick people into believing that their narrow conservative concerns are going to be met. What good does it do us to vote out one bum and replace him with another who needs tens of millions of dollars to run for Congress? Bill Clinton's advice to wait and vote people out in a democratic effort to replace Congress is a fool's errand. The only way to change the country is through the power of free speech and outlets such as this (the blogosphere) to voice concern, in the hope that someone is listening who can muster the political will to combat greed and fight for what is best for everyone.

[Fred Hood]

12:43 AM on 04/18/2010

they are above the laws......while our congress put more people in jail than any other nation.........1.7 million last year at a cost of 100 billion a year and growing

victimless..........non-violent crimes..........a total waste...........eddie leap a 67 year old man........grew some herb........he said it help with his pain and suffering............the feds said he is a drug dealer.........because he grew weed for his personal use..............the feds put this old sick man in a cage for 10 YEARS..........a life sentence.........to guarantee the 681 billion a year........pharmaceutical industry dominate their market...........they do not want people using a herb...........that anyone can grow for free.........to relieve their pain...........there is no profit in it for them...........so they lobby and pay our congress to continue..........a 73 year old war.........started by racist to enslave blacks..............today its all about the 100 billion wasted ever year...........they like it........using our tax money to guarantee they never have competition............from a weed.......that doctors in California say it (the weed) could replace 80% of their foul chemical drugs.............having prescribed it (the weed( to people since 1996........and listen to the results and feedback from their patients...........that's why the feds in California will still put free Americans in a a cage........with a 99% conviction rate

[whitemale08]

12:04 AM on 04/18/2010

...of course both parties are bought-n-paid-for by Goldman Sachs.

However they did not count on a small but very vocal group of Americans who saw right through the fog and mystery of so-called 'complex' worthless derivatives and credit-default swaps.

What might possibly save the United States is that despite of the serious damage done to this country, there is still some remnant of a democracy left in order to hold politicians accountable.

Both Republican and Democrats realize that to 'defend' Goldman Sachs and JP Morgan is really political suicide at this point.

Let's see if the Obama administration is for real and demands a new Pecora commission to shut down these gambling casinos on Wall Street and put Goldman into RECEIVERSHIP where it belongs.

[commentator101]

11:11 PM on 04/17/2010

The guy runs a "hedge" fund. Why would it be surprising that he gives money to both parties.

[wafuu]

09:39 PM on 04/17/2010

With yesterday's drop in the stock, Goldman is now worth about 10 billion less. Good start in the right direction, and Goldman appears not to be ready to roll over. Hope that it's drawn out and messy for the company. Meanwhile, begs the question: How does it feel to see your value vanish like that?

[ryusure]

08:18 PM on 04/17/2010

Gee, during the 2008 election year, 75% of Goldman's donations were to DEMOCRATS. The biggest recipient was....OBAMA (nearly 1 million). Surprise, surprise. Those rotten, wall street lovin' Republicans! I see the comments are just flooding in like when a Palin story appears. I guess it shows what you guys really care about.

[Catch 22]

08:40 PM on 04/17/2010

photo

Sur-priiiiiise. I can't believe it. Now let's sit back and watch who lines up to defend them. On both sides of the aisles. We can read those explanations on Broadway.
I am reposting this, just in case you missed it.

[wafuu]

09:41 PM on 04/17/2010

Palin is an idiot...end of that discussion. As for financial reform--the GOP had how many years to do something, and still managed to steer the ship of state towards the rocks and gun the motors?

[ryusure]

10:16 PM on 04/17/2010

Scaredy cat!

[david5000]

07:41 PM on 04/17/2010

For now it's still a civil action, not much damage besides money. But when the crimmminal investigation starts, you will see politicians lining up to protect them, unless they sac,rifice a couple of guys or they drop from a heart at,tack like Kenny boy

[magibrotherhood]

08:15 PM on 04/17/2010

.....' closed-casket-Kenny " ?....he`s not dead....a little plastic surgery....and off to South America..... Uruguay....nice beaches in Uruguay.

[saintjule]

07:30 PM on 04/17/2010

That's why we still have legalized robbery on Wall Street. Why did they legalize gambling for the high rollers on Wall Street and not prostitution as well?

[Riverhippy]

07:12 PM on 04/17/2010

"Since 1989, the company's employees have contributed $31.6 million to federal political candidates, more than any financial firm, the nonpartisan Center for Responsive Politics said. About two-thirds of that money has gone to Democrats, including nearly $1 million to Obama during his 2008 presidential campaign, the company's top recipient during that election cycle."

[Rosie2]

07:37 PM on 04/17/2010

Really? What are your sources?

[polaris12]

07:51 PM on 04/17/2010

He told you. The Center for Responsive Politics. You can look it up on the internet, I'm sure.

[Riverhippy]

07:59 PM on 04/17/2010

Uh. . . well. . . the article this thread is based on.

[Catch 22]

07:09 PM on 04/17/2010

Sur-priiiiiise. I can't believe it. Now let's sit back and watch who lines up to defend them. On both sides of the aisles. We can read those explanations on Broadway.

[Changeizgood]

07:53 PM on 04/17/2010

Grassroots middle class who have to take care of their parents, and have children in their 30's just getting ready to have a family, WE this generation and the two behind us in all five parties, (green, Independent, Republican, Libertarian and Democratic party) have to stop this every decade bubble bust ponzie, the rich on Wall St are tossing the dice on US.

Are they betting on WARS also? Heartless Souls who deal weapons on the open market for wars?
Are they betting OUR dreams, and losing them on the "crappy morgage subprime" table?

All of US peons, need to wise up and beat them at their own game. The next seats must not have ANY WALL STREET CONNECTIONS. We got to break those influential tentacles and "kick them in the testicles/wallets + their rates of interest that they charge for our credit cards, turned towards them in fines.
Punitive damages and prison time.

CAN YOU SAY PENGUINE CHAIN GANG TO PRISON WALL STREET?!!

[Catch 22]

08:07 PM on 04/17/2010

Change. I'm sorry I got you started, but you gotta calm down. The Health Cate Benefits does not kick in for a few years.

[polaris12]

07:54 PM on 04/17/2010

I wonder which group is holding up the sign "Hold Banks Accountable." Glad to wager, it's not the Tea Party illuminati.

[DustinTime]

06:34 PM on 04/17/2010

Everyone knows, when you're running a long-term racket, you pay off the cops in the neighborhood.

[SkyTalker]

06:23 PM on 04/17/2010

Goldman Sachs buys politicians like some men buy for their wives and lovers - one of each please.

[opama]

05:37 PM on 04/17/2010

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

Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.

Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.

[Holes]

04:57 PM on 04/17/2010

Goldman Sachs made a bad purchase in this case, that is if Goldman was trying to purchase influence?

The President sounds like an honest Abe to me!

Now if you want to discuss some folks taking dirty money, how 'bout Mitch taking that dirty Massey Energy dollars?

[Changeizgood]

07:57 PM on 04/17/2010

Status Quo Wall St cronies are the worst. They rob Grandma and Granpa and Auntie and Uncle's pension and gamble "OTHER'S MONEY" ON RISKY BETS!!!