Posted on 10/18/2008 4:49:43 PM PDT by reaganaut1
This summer, when the Treasury secretary, Henry M. Paulson Jr., sought help navigating the Wall Street meltdown, he turned to his old firm, Goldman Sachs, snagging a handful of former bankers and other experts in corporate restructurings.
In September, after the government bailed out the American International Group, the faltering insurance giant, for $85 billion, Mr. Paulson helped select a director from Goldman’s own board to lead A.I.G.
And earlier this month, when Mr. Paulson needed someone to oversee the government’s proposed $700 billion bailout fund, he again recruited someone with a Goldman pedigree, giving the post to a 35-year-old former investment banker who, before coming to the Treasury Department, had little background in housing finance.
Indeed, Goldman’s presence in the department and around the federal response to the financial crisis is so ubiquitous that other bankers and competitors have given the star-studded firm a new nickname: Government Sachs.
The power and influence that Goldman wields at the nexus of politics and finance is no accident. Long regarded as the savviest and most admired firm among the ranks — now decimated — of Wall Street investment banks, it has a history and culture of encouraging its partners to take leadership roles in public service.
(Excerpt) Read more at nytimes.com ...
This kind of stinks. Did anybody hear Charley Ellis on Bob Brinker a few weeks ago? He’s on the Goldman board and said his candidate is Obama. He also said the financial crisis was a result of years of Republican deregulation.The CEO of Lehman is another democrat. Of course there’s Warren Buffet and George Soros too. It’d be interesting to find out how many of the Masters of the Universe are Dems.
The guys are a bunch of arrogant crooks. The firm should have gone down...it would have been a service to humanity.
For a second I thought this was a thread about “Senator Government!”
On second thought... That title should just be “Government Sucks!”
So....Wonder what’s Paulsen’s salary and bonus for this year? And the others?
We know they’re not going to work cheaper than they did at Goldman.
Wonder what Obama’s taking off the top...and he is taking...you better believe it.
Obama will retire the US Presidency the richest President ever. Bar none.
He is a wheeler Dealer! All taxpayor money.
I wonder what a Senator’s cut is....and Representives cut is...there’s plenty of money for all of them.I know I’ve payed a lot of taxes in my lifetime.
We all on here are in the wrong business people....we should have all been politicians at the taxpayors trough.
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