Somehow we need to delink The Goldman Sack from the US gov’t.
Gave Dems 75% Of Its Campaign Donations In The 2008 Election Cycle
Goldman Sachs, one of Wall Street’s most prestigious investment banks was also among the many banks in 2008 and 2009 to receive billions of dollars in taxpayer money to help it stay afloat...
The firm tends to give most of its money to Democrats...
Cycle 2008 Total: $5,934,089. Democrats: $4,463,788 (75%). Republicans: $1,459,961 (25%)
Total contributions 1990-2010: Democrats 64%, Republicans 35%.
Obama-Dodd Financial Bill Would Further Enrich Goldman Sachs
1.) Under Dodd’s bill - if it comes to it - creditors of Goldman Sachs won’t have to go the route of bankruptcy court. They will get better than the normal deal that they would get in bankruptcy court.
2.) Dodd’s “resolution authority” would give better deals to creditors of failed large firms. The creditors of smaller failed firms get to go to bankruoptcy court where they will not get nearly as good a deal.
3.) Non-failed, stable businesses would have to pay into this “resolution authority,” with the money being used to pay the creditors of failed Big Banks, etc. The stable businesses will then pass on the cost to the consumers their having to contribute to this “resolution authority.”
4.) Obama was lying when he said that McConnell was being “deceptive and cynical.”