GoldmanSachs666 Message Board

Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Friday, October 30, 2009

Goldman Sachs In Government - Government in Goldman Sachs

I have often spoken about the revolving door in our government where ex Goldman employees take positions of importance and ex government official take positions with Goldman.  It matters not what political party is in power nor which party controls the White House.  Goldman's influence - or perhaps control - of our government is truly bi partisan. 

The same ex Goldman people also seem to return to government in different positions or in advisory capacities. 

One of our volunteer is doing reseach on this topic but I came across this story by Marcus Baram, a news editor at the Huffington Post.  He has done some of this research and reported it in his article, "Government Sachs: Goldman's Close Ties To Washington Arouse Envy, Raise Questions".

Take a look at this relationship map charting the revolving door between Goldman Sachs and the government:
This is a MUST SEE...click here.  This chart is interactive and expands to show more detail. 

Mr. Baram also printed a list of some of the more current GS people in Government and ex politicians and other government officials working for GS.

The close ties between Goldman Sachs and the government dates back to World War II. Sidney Weinberg served as vice-chair for FDR's War Production Board during the war. The head of Goldman from 1930 to 1969, nicknamed "Mr. Wall Street," he worked his way up at the firm after starting as a $3-a-week janitor's assistant.

TREASURY DEPARTMENT
Henry Paulson: Served as Treasury Secretary under President George W. Bush.
Was CEO of Goldman from 1999 to 2006.

Robert Rubin: Served as Treasury Secretary under President Clinton.
Previously, he was co-chairman of Goldman from 1990 to 1992.

Robert K. Steel: Served as Under Secretary of the Treasury for Domestic Finance, the principal adviser to the secretary on matters of domestic finance and led the department's activities with respect to the domestic financial system, fiscal policy and operations, governmental assets and liabilities, and related economic and financial matters.
Retired from Goldman as a vice chairman of the firm in 2004, where he worked as head of equities for Europe and head of the Equities Division in New York.

Mark Patterson: Chief of Staff to Secretary Tim Geithner
Was director of government affairs at Goldman.

Dan Jester: Key adviser to Geithner, who played a key role in shaping the takeover of Fannie Mae and Freddie Mac.
Was strategic officer at Goldman.

Steve Shafran: Adviser helping to shape Treasury's effort to guarantee money market funds.
Was expert in corporate restructuring at Goldman.

Kendrick Wilson: Brought in to advise former Treasury Secretary Henry Paulson, another Goldman alum -- after a personal call from his old Harvard Business School classmate, George W. Bush -- to advise him on how to fix the financial markets. Paulson brought Wilson to Goldman in 1998 from Lazard Freres. Before that, Wilson was president of Ranieri & Co., which was established by Lew Ranieri. While at Salomon Brothers in the 1970s, Ranieri pioneered mortgage-backed securities, the exotic financial instruments that helped stoke the mortgage bubble. In other words, the man brought in to fend off a financial crisis appears to be a protege of one of the men who helped cause it.
Was senior investment banker at Goldman.

TARP
Neel T. Kashkari: Appointed by Paulson to oversee the $700 billion TARP fund and was considered Paulson's right hand man during the crisis, all at the tender age of 35. Kashkari was criticized for the lack of oversight of the funds disbursement, which he said would have been impossible since the funs are fungible. This assertion has been largely refuted by Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program. Kashkari was also responsible for recruiting Reuben Jeffrey.
Was technology investment banker for Goldman in San Francisco from 2004 to 2006.

Reuben Jeffrey: Selected by fellow Goldman alum Kashkari as the interim chief investment officer for the bailout. He was formerly the chairman of the CFTC, a role currently held by fellow Goldmanite Gary Gensler, as well as Under Secretary of State for Economic, Energy, and Agricultural Affairs.
Was executive for 18 years at Goldman, beginning in 1983.

Edward C. Forst: Left his post as executive vice president at Harvard to serve as an advisor on setting up TARP, but has since returned to the school.
Was global head of the Investment Management Division at Goldman for 14 years.

FEDERAL RESERVE
William Dudley: President of the Federal Reserve Bank of New York.
Was former chief economist and advisory director at Goldman where he worked from 1986 to 2007.

Stephen Friedman: Was chairman of the Federal Reserve Bank of New York until May 2009, when he was pressured to resign after buying Goldman shares in December and January. Previously, he was director of President George W. Bush's National Economic Council.
Joined Goldman in 1966 and was co-chairman from 1990 to 1994.

COMMODITIIES FUTURES TRADING COMMISSION
Gary Gensler: Appointed by Obama to head the CFTC. This was the commission headed by Brooksley Born in the late 1990's, when Alan Greenspan and Robert Rubin overruled her attempts to regulate credit-default swaps; fellow Goldmanite Reuben Jeffrey also held this position. Gensler worked in the Treasury Department as Assistant Secretary of the Treasury from 1997-1999 and as Under Secretary from 1999-2001, a position he received from Lawrence Summers.
Was partner in Goldman from 1979-1996

OTHER
Sonal Shah: Appointed to Office of Social Innovation and Civic Participation and an Advisory Board Member for the Obama-Biden Transition Project in 2008. Shah had previously held a variety of positions in the Treasury Department from 1995 to early 2002.
Was a former Vice President at Goldman from 2004 to 2007.

Joshua Bolten: Former chief of staff with the Bush administration as well as former director of the Office of Management and Budget until 2006.
Was executive director of Government Affairs for Goldman Sachs from 1994 to 1999. Bolten was instrumental in recruiting his fellow Goldman alum Henry Paulson as Treasury Secretary.

Jon Corzine: A strong supporter and political ally of Obama, Corzine is currently the governor of New Jersey. Before being elected governor, he served as the New Jersey representative to the U.S. Congress from 2001-2006, where he served on the Banking and Budget Committees.
Began working for Goldman in 1975 and worked his way up to chairman and co-CEO before being pushed out in 1998.

Robert Zoellick: Currently serves as president of the World Bank and previously was deputy secretary of state.
Was previously a managing director at Goldman, which he joined in 2006.

James Johnson: Was involved in the vice-presidential selection process for the Obama campaign and served as president and CEO of Fannie Mae.
Board member of Goldman.

Kenneth D. Brody: Was former president and chairman of the Export-Import Bank of the US.
Worked for Goldman for 20 years, founded and heading up its high-technology investment banking group and leading the firm's real-estate investment banking group.

Sidney Weinberg: Served as vice-chair for FDR's War Production Board during World War II.
The head of Goldman from 1930 to 1969, nicknamed "Mr. Wall Street," he worked his way up at the firm after starting as a $3-a-week janitor's assistant.

LOBBYISTS
Richard Gephardt: Was House Majority Leader from 1989 to 1995 and House Minority Leader from 1995 to 2003.
His lobbying firm was hired by Goldman to represent its interests on issues related to TARP.

Michael Paese: Former top staffer to Rep. Barney Frank, the chairman of the House Financial Services Committee.
Is Goldman's new top lobbyist. He will join the firm as director of government affairs - last year, that position was occupied by Mark Patterson, now the chief of staff at the Treasury Department. Paese has swung through the revolving doors several times - he previously worked at JPMorgan and Mercantile Bankshares and was senior minority counsel at the Financial Services Committee.

Faryar Shirzad: Former top economic aide to President George W. Bush and Republican counsel to the Senate Finance Committee.
He now lobbies the government on behalf of Goldman Sachs as the firm's Global Head of the Office of Government Affairs.

Richard Y. Roberts: Former SEC commissioner.
Now working as a principal at RR&G LLC, which was hired by Goldman to lobby on TARP.

Steven Elmendorf: Former chief of staff to then-House minority Leader Rich Gephardt.
Now runs his own lobbying firm, where Goldman is one of his clients.

Robert Cogorno: Former Gephardt aide and one-time floor director for Steny Hoyer (D-Md.), the No. 2 House Democrat.
Works for Elmendorf Strategies, where he lobbies for Goldman and Citigroup.

Chris Javens: Ex-tax policy adviser to Iowa Senator Chuck Grassley.
Now lobbies for Goldman.

GOVERNMENT - GOLDMAN
E. Gerald Corrigan was president of the New York Fed from 1985 to 1993. He joined Goldman Sachs in 1994 and currently is a partner and managing director; he was also appointed chairman of GS Bank USA, the firm's holding company, in September 2008.

Lori E Laudien: Former counsel for the Senate Finance Committee in 1996-1997
Has been a lobbyist for Goldman since 2005.

Marti Thomas: Executive Floor Assistant to Dick Gephardt from 1989-1998, he went on to serve in the Treasury Department as Deputy Assistant Secretary for Tax and Budget from 1998-1999, and as Assistant Secretary in Legal Affairs and Public Policy in 2000.
Joined Goldman as the Federal Legislative Affairs Leader from 2007-2009.

Kenneth Connolly: Was staff director of the Senate Environment & Public Works Committee).
Became a Vice President at Goldman in 2008.

Arthur Levitt: The longest-serving SEC chairman (1993 to 2001).
Hired by Goldman in June 2009 as an adviser on public policy and other matters.

Let me leave you with these final excerpts from Baram's article.  The link to the entire piece - will be added below.  Be sure to take the time to read the entire article in The Huffington Post.

"Liar's Poker" author Michael Lewis claimed that Goldman's influence has a deep impact on the country's fiscal policy, especially during this financial crisis, during an interview with CNN's Fareed Zakaria on June 7:

And it is amazing to me the degree to which, say, Goldman Sachs is intertwined with the Treasury, and how they're -- there don't seem to be any independent voices in the thick of the decision-making. The decision-making is all being done by people who one way or another might expect to make a lot of money from Goldman Sachs in the future.

But Endlich asserts that there's a much more benign motives behind Goldman's revolving door: public service. Going back to Weinberg, who took a leave of absence to run FDR's war production board during World War II, she says that the firm has always emphasized taking a greater involvement in the community and contributing to charities.

Read the entire article...click here

WAKE UP AMERICA

11 COMMENTS:

Anonymous said...

Forget Galleon: What about Goldman’s ex-boss?


It’s kind of amazing that with all the uproar over the Galleon business, nobody is making much hay over the recent revelations about the AIG bailouts, which make former Goldman chief and former New York Fed chairman Stephen Friedman look every bit as guilty of insider machinations as Raj Rajaratnam of the Galleon fund.


All of this matters for two reasons. One, it’s yet another example of how Goldman’s success isn’t attributable to how “smart” the bank and its employees are.



http://tinyurl.com/yl6ndco

Anonymous said...

Wow- again printing main stream media as source? Here is something you may not know, people at high positions within GS are often ASKED or even begged to take a government position. Why? Because of the prestige the firm has. It has some of the tightest controls on wall street, it is a brand name - it is a firm where the people take pride in there work. The culture this firm has is something to be admired and really creates hard working professionals. This isn;t like the SEC where they let incompetent people hang around. Every year the bottom 10% of the of those who under perform are let go.

Anonymous said...

Yes ...there is nothing in it for them. Their service is truly altruistic...Stop your nonsense. Please your Goldman Sachs would be dust without the inside knowledge they glean from being inside. The only people I can think of that should use your word "pride" are those that go onto the battle field for the USA with everything to lose and really ask for nothing in return. Your a hollow commentor like the company you vouch for ....a company that puts it's interests above the countrys, a bunch of men who's only concern are their bank accounts..who will use any means to maintain their lead...they have taken street crime skills and moved them to penthouse offices.
















































































Yes ...there is nothing in it for them. Their service is truly altruistic...Stop your nonsense. Please your Goldman Sachs would be dust without the inside knowledge they glean from being inside. The only people I can think of that should use your word "pride" are those that go onto the battle field for the USA with everything to lose and really ask for nothing in return. Your a hollow commentor like the company you vouch for ....a company that puts it's interests above the countrys, a bunch of men who's only concern are their bank accounts..who will use any means to maintain their lead...they have taken street crime skills and moved them to penthouse offices.

Larry Rubinoff said...

Editor's Note: The comment below was received via email but did not appear in this post. I am reprinting it here and adding my comments.

Anonymous has left a new comment on your post "Goldman Sachs In Government - Government in Goldma...":

Yes ...there is nothing in it for them. Their service is truly altruistic...Stop your nonsense. Please your Goldman Sachs would be dust without the inside knowledge they glean from being inside. The only people I can think of that should use your word "pride" are those that go onto the battle field for the USA with everything to lose and really ask for nothing in return. Your a hollow commentor like the company you vouch for ....a company that puts it's interests above the countrys, a bunch of men who's only concern are their bank accounts..who will use any means to maintain their lead...they have taken street crime skills and moved them to penthouse offices.

Editor's comments: You sound as if we here at GoldmanSachs666 support Goldman. Quite teh opposite. We believe as you do in your comment above.

Larry Rubinoff said...

Editor to Anonymous comment #2:
You sure sound like a GS person and we welcome you to this forum.

Let me repeat you comment:

"Wow- again printing main stream media as source? Here is something you may not know, people at high positions within GS are often ASKED or even begged to take a government position. Why? Because of the prestige the firm has. It has some of the tightest controls on wall street, it is a brand name - it is a firm where the people take pride in there work. The culture this firm has is something to be admired and really creates hard working professionals. This isn;t like the SEC where they let incompetent people hang around. Every year the bottom 10% of the of those who under perform are let go."

Is Goldman Sachs the ulitimate end all of all Wall Street companies? You make it sound as if they are.

Granted, they have been highly successful, question is how does all that success come about.

Yes, there are many talented people employed at Goldman but there are even more talented people spread out throughout corporate America. Other employees in many other companies "take pride in their work". GS do not have a monopoly on that. There are many qualified people out there who are competent - as competent - as GS people. There just seems to be a "revolving" door of GS people in a greater majority then with other companies in government. A Congressman in a recent House Committee hearing brought up the same point when questioning Secretary Geithner. Is the Comgressman "main stream" media?

You are right about the SEC but is it due to incompetence or external pressure and perhaps control by companies like Goldman Sachs and JP Morgan to "look the other way"? Inquiring minds need to know.

As to using "Main Stream Media" as a source, what do you consider main stream? Anyone that investigates, researches and reports anything negative about GS?

Thank you for visiting our site and taking the time to voice your comments.

Frank Hope said...

This is a great article. I have highlighted many of the Goldman Sachs connections to government myself in my blog FutureNewsToday. However, one person that was overlooked is Timothy Geithner. It's true that Geithner has never been on the payroll of Goldman Sachs - at least not officially - but he works for Goldman nonetheless. I highlight his relationships with Goldman from the beginnings of his career in government in my latest article.

Timothy Geithner: The Goldman Sachs fink in the White House

But the real reason I am posting this comment is to shed some light on the ethics investigation into Maxine Waters. Why is Waters being singled out when we all know how corrupt Congress is? I think I know the answer. Just scroll down to the end of the article above to a video of Waters grilling Geithner and you'll know why as well.

Maxine Waters is being singled out because she had the audacity to question Geithner’s connection to Goldman. That's why.

And as if that wasn't reason enough for the Goldman Gang to go after her, there is also her attack on CDS as documented right here on GoldmanSachs666 back in July, 2009.

[Waters has also pointed out – quite reasonably – that unless credit default swaps are banned outright, “the industry will find a way to loosen standards and widen exemptions for customized contracts and we will be right back to where we are today.”]

As far as I can ascertain, what she describes here is exactly what is happening with legislation to regulate derivatives. I hope that the supporters of GoldmanSachs666 will give their support to Maxine Waters in her ethics fight. As a member of the House Committee on Financial Services, she is one of the few people in Congress that has truly stood up to Goldman Sachs. She has earned our support.

wangzi said...

The Breitling Watches Emergency version has been credited with the life saving feature of a radio transmitter broadcasting on the distress frequency of 121.5 MHz. This Chrono Superocean feature can be used as a ELT-type beacon. For military use, the Superocean can be equipped with a transmitter Chronomat B01 broadcasts on the military frequency.

These cheap Coach bags for sale are also produced by factory and Coach Legacy made from inexpensive Coach Luggage materials. These cheap Coach Madison are hundreds of products out there boasting the same styles as close to be considered the fake handbags.

As the ED clothing brand's fame continues to rise, it is only natural to expect to see ED Hardy Shoes on more and more members of the Hollywood scene. The celebrity status of the ED Hardy Shoes brand has continued to increase over the years as more hardy shirt stores have opened in areas around the world.

prateek said...

I really agree with the facts that you have shared on this post. An interesting topic like this really enhances reader's mind to have more effective decisions over a certain issue.
Hotels In Oslo

Hotels in Antwerp said...

Awesome stuff you guys got here. I really like the theme of the website and how well you organized the content. It's a marvelous job I will come back and check you out sometime.
Hotels in Antwerp

OCCUPY said...

I hope people will open there eyes

Waiting said...

WAKE UP

Post a Comment