From
FOX Business Network’s (FBN) Charlie Gasparino is reporting that Goldman Sachs has put a moratorium on political campaign contributions while more politicians are reaching out for donations from the firm.
From Charlie Gasparino:“FOX Business Network has learned that Goldman Sachs has put an internal moratorium on giving campaign contributions to either Republicans, Democrats, the President, anybody, at least until financial reform is over. We have got this from senior sources inside Goldman that they are at this point – this has been going on for about a month – not giving contributions because they think it doesn’t look good.”
“Inside Goldman, there is a degree that they don’t want to be seen as influencing the process but there is a lot of anger inside Goldman Sachs about the way financial reform worked. How they have been singled out as the culprit in this entire meltdown of the financial system.”
“Kristin Gillibrand, the junior Senator from New York, is asking for contributions. Chuck Schumer is always asking for contributions. There is a lot of anger directed at Schumer and Gillibrand from Wall Street.”
1 COMMENTS:
Who cares if Goldman gives less to politicians...that's a good thing...maybe we'll get policy that serves "the people" versus the "embedded" interests.
July 6, 2010
Implications of a Likely Economic Downturn
Policy Implications
To-date, our policy makers have placed bondholders ahead of ordinary citizens, largely out of fear of disastrous consequences predicted by precisely those who stood to benefit most from government largesse. We have directed massive and ultimately real (not simply "paper") resources of the public to ensure that holde rs of bank debt, financial debt, and GSE debt get back 100 cents on the dollar plus interest.
With regard to "stimulus" plans, my difficulty with last year's policies is not so much an aversion to government spending as it is a rebuke of the notion that government spending is by its nature stimulative or beneficial to the economy. The issue is how this real value is used. Is it used to advance socially useful outcomes which private individuals, through some failure of coordination, could not achieve? Or is it used to defend bondholders, industries, and institutions with which the policymakers are most closely aligned?
The only difference between Keynes and Tim Geithner is evidently that Geithner prefers to place the bottles a bit closer to Wall Street.
http://www.hussmanfunds.com/wmc/wmc100706.htm
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