Goldman Sachs' Financial Boom: A Political Mess for Obama?

If we're pulling out of the recession and the financial crisis more quickly than expected, it will hardly be a political mess for President Obama.

It would be sweet vindication for the decision by both the Bush and Obama Administrations to have the Government step in and bail out companies in peril, like Goldman Sachs.

And it would reflect well on our President and Congress at election time for companies that received bailout money to be ahead on their loan payments.

For a President with "no experience", such performance would not be shabby at all!

The financial sector as a whole owes one to the American people and it will not be 'business as usual'.

Might try reading the whole article and take the "liberal slanting" glasses off.

We aren't pulling out of the recession faster, these banks used our money to take big risks. They plan to distribute huge bonuses on those profits to their employees (near $400,000 per employee averaged).

That with the economy still in the tank and job losses still hemmoraging, does not look good for Obama.

PooPoo Platter wrote:

If we're pulling out of the recession and the financial crisis more quickly than expected, it will hardly be a political mess for President Obama.
It would be sweet vindication for the decision by both the Bush and Obama Administrations to have the Government step in and bail out companies in peril, like Goldman Sachs.
And it would reflect well on our President and Congress at election time for companies that received bailout money to be ahead on their loan payments.
For a President with "no experience", such performance would not be shabby at all!

GAPatriot65 wrote:

Might try reading the whole article and take the "liberal slanting" glasses off.
We aren't pulling out of the recession faster, these banks used our money to take big risks. They plan to distribute huge bonuses on those profits to their employees (near $400,000 per employee averaged).
That with the economy still in the tank and job losses still hemmoraging, does not look good for Obama.
<quoted text>

Did YOU read the article?

The point was are they going back to their old ways doling out bonuses for "risky" behavior. Answer? Plenty of time for Congress to impose regulations if that's what's required for better behavior.

It will take Obama time to undo a mess that piled up for years. We'll see how he does in the months ahead.

Your mind was made up about the President the day I showed up here last September. The American people are more patient.

PooPoo Platter wrote:

If we're pulling out of the recession and the financial crisis more quickly than expected, it will hardly be a political mess for President Obama.
It would be sweet vindication for the decision by both the Bush and Obama Administrations to have the Government step in and bail out companies in peril, like Goldman Sachs.
And it would reflect well on our President and Congress at election time for companies that received bailout money to be ahead on their loan payments.
For a President with "no experience", such performance would not be shabby at all!

Government takeover:
auto industry
insurance industry
banking industry

Obama is a loser and the American people are losing a country that excelled.

PooPoo Platter wrote:

If we're pulling out of the recession and the financial crisis more quickly than expected, it will hardly be a political mess for President Obama.
It would be sweet vindication for the decision by both the Bush and Obama Administrations to have the Government step in and bail out companies in peril, like Goldman Sachs.
And it would reflect well on our President and Congress at election time for companies that received bailout money to be ahead on their loan payments.
For a President with "no experience", such performance would not be shabby at all!

"WE" are not pulling out of the recession/depression. The government is printing money, generating jobs.

The taxpayers fund the government there by paying for the jobs.

That's why PRIVATE industry, small businesses should prosper...not the government.

How much longer will taxpayers be funding jobs, with Obama...forever. Time to start the process for 2012...begin voting out democrats in 2010. Balance the government.

We are the employers...the stimulus is OUR tax dollars. Government employing the nation. That can not be sustained.

The money ran out...Obama's printing more...it becomes worth less...the dollar...that everybody is grappling for...will be worthless...thank the democrats and Obama who are taxing more than ALL the presidents COMBINED.

Lance Winslow wrote:

The financial sector as a whole owes one to the American people and it will not be 'business as usual'.

Perhaps, but stop using my name!

Goldman Sachs' & The Federal Reserve R The Same Entity Secret Unit.

http://www.politics.ie/economy/86024-goldman-...

These are the real crooks of the financial crisis and the global recession.

At first I didn't like the idea of wall st. bailout,but since the bailout is evidently working,I guess it was the right thing to do.The sun even shines on a dog's ass every once in a while.

July 2, 2009

How Goldman Sachs and Citi Run the Show
The Wall Street White House
By ANDREW COCKBURN

Robert Hormats, Vice Chairman of Goldman Sachs, is to be installed as Under Secretary of Economics, Business, and Agricultural Affairs. This comes as one more, probably unnecessary reminder of the total control exercised by Wall Street over the Obama administration’s economic and financial policy. True, Hormats is “a talker rather than a decider” according to one former White House official, but he will find plenty of old friends used to making decisions, almost all of them uniformly disastrous for the U.S. and global economy.

Among the familiar Wall Street faces that Hormats will encounter in his new post will that of Deputy Secretary of State Jacob Lew, lately Chief Financial Officer of Citigroup Alternative Investments Group which lost $509 million in the first quarter of 2008 alone. On visits to the White House he is sure to bump into Michael Froman, who also tore a swath through the Citi balance sheet at the alternative investments shop (they specialized in “esoteric” investments such as private highways) but is now Obama’s Deputy National Security Adviser for International Economic Affairs. If Froman is otherwise engaged, Hormats can interface with Froman’s deputy, David Lipton, who was until recently running Citi’s global country risk management effort.

Citigroup is also well represented at Treasury, in the form of Lewis Alexander, formerly the bank’s chief economist and now Counselor to Treasury Secretary Timothy Geithner. Given the role played by all of the above in bankrupting us all, Alexander’s 2007 verdict on the onset of the mortgage crash,“I think that’s not going to spill more broadly into the economy and so I think we’re going to have a normal kind of housing cycle though the middle of this year,” can only have been a recommendation in the eyes of his current employer.

Alexander’s function at Citi may have been merely to endorse the financial depredations of colleagues with economic blather, rather than exercise loss-making functions personally. Not so Deputy Treasury Secretary Neal Wolin, who has moved over to the number two job at the department from the Hartford Insurance Company, where he served as president and chief operating officer of the Property and Casualty Group. Hartford was one of the insurance companies that got suckered by the banks into backing their ruinous investments in real estate and other esoterica, but Wolin’s Treasury has just handed Hartford $3.4 billion of our money in the form of TARP funds.

Continued below...

Continued...

Hormats’ agricultural responsibilities will of necessity bring him into frequent contact with the Chairman of the Commodity Futures Trading Commission, Gary Gensler – a former Goldman partner. As Assistant Secretary of Treasury in the Clinton Adminsitration Gensler played a key role in greasing the skids for the notorious Commodity Futures Modernization Act of 2000, which set the stage for the great credit default swaps scam that underpinned the recent bubble and subsequent collapse. News of the appointment did generate threats of obstruction in the Senate – any one of the senators could have blocked the appointment had they really wished to do so – but such threats proved predictably hollow. Had they been otherwise, Treasury Chief of Staff Mark Patterson could of course have lent the expertise he gained as Goldman’s lobbyist to overcome the obstacle.

For sheer gall it would be hard to equal the appointment of Gensler, one of the engineers of this catastrophe, but the administration has managed it with the selection of Linda Robertson, formerly a key Enron lobbyist and intimately involved in pushing through the commodity futures act as chief flack for the Federal Reserve. Prior to joining the crooked energy-trading firm, Robertson was an important figure in the Clinton Treasury Department, latterly serving her friend Larry Summers and before him Robert Rubin during their terms as Treasury Secretaries.

Such connection to the key enablers of our bankrupt casino helps explain many of the other hires listed above. Michael Froman was Chief of Staff to Robert Rubin at Treasury before following Rubin to his reward at Citigroup. Most significantly, it was Froman who first introduced Rubin to his Harvard classmate Barack Obama. David Lipton also served in the Rubin Treasury, as deputy under secretary for international affairs. Neal Wolin, on the other hand, appears to have more an acolyte of Summers, who cherished him as Treasury General Counsel from ’99 to ’01. Summers and Robertson were similarly close, and certainly he raised no objection to her fatal submissions on behalf of her paymasters at Enron.

Recent reports suggest that financial industry lobbying in Washington, at $104.7 million for the first three months of 2009, is 8% down on last year. But that is to be expected – why should Wall Street continue paying top dollar for a wholly owned subsidiary?

http://www.counterpunch.org/andrew07022009.ht...

same as the GWB admin...

Goldman Sachs White House Appoints Another Of Its Own To World Bank
http://suzieqq.wordpress.com/2007/06/25/goldm...

The next time a question is accepted by the bully pulpit, this is the question.
TARP, AIG, ACORN, Goldman Sachs

PooPoo Platter wrote:

<quoted text>
Did YOU read the article?
The point was are they going back to their old ways doling out bonuses for "risky" behavior. Answer? Plenty of time for Congress to impose regulations if that's what's required for better behavior.
It will take Obama time to undo a mess that piled up for years. We'll see how he does in the months ahead.
Your mind was made up about the President the day I showed up here last September. The American people are more patient.

News Flash

No matter what you think of bonuses.

The financial upheaval was not caused by bonuses.

PooPoo Platter wrote:

If we're pulling out of the recession and the financial crisis more quickly than expected, it will hardly be a political mess for President Obama.
It would be sweet vindication for the decision by both the Bush and Obama Administrations to have the Government step in and bail out companies in peril, like Goldman Sachs.
And it would reflect well on our President and Congress at election time for companies that received bailout money to be ahead on their loan payments.
For a President with "no experience", such performance would not be shabby at all!

Yeah, it would be sweet. Too bad for us all that is definately going to be putrid. My industry would show record profits too if the government gave us $2 trillion of newly printed currency. But why stop there? Why not tack on another $2 trillion in budget deficit. If Bush could tack on a record $500 billion in 2008, then Obama can easily quadruple that to show how much he cares about us in 2009. And since we're on a roll, what's $2 trillion more in government mandated healthcare?

Bush was a piker. It took that smirking chimp 8 whole years to double our national debt to $9 trillion. Obama's saddled us with another $6 trillion in 148 days! Deficit spending got us into this financial mess. Massive deficit spending is not going to pull us out.

PooPoo Platter wrote:

If we're pulling out of the recession and the financial crisis more quickly than expected, it will hardly be a political mess for President Obama.
It would be sweet vindication for the decision by both the Bush and Obama Administrations to have the Government step in and bail out companies in peril, like Goldman Sachs.
And it would reflect well on our President and Congress at election time for companies that received bailout money to be ahead on their loan payments.
For a President with "no experience", such performance would not be shabby at all!

its not banking or investing in jobs here in the u.s. its trading currencies, stocks and bonds. paper profits.helps no one except shareholders and themselves.

Wasn't Obama the lead dog in protest of corporate greed and CEO's salaries in the multiple millions. Our big dog has a whimper and no bite. We are being hosed while Wall Street greed is still rampant. They are laughing at us.

Well Goldman Sachs' Gave A Gift 2 Mr Obama 4 One Million Dollar 2 His Political Campaign 4 President.

Goldman Sachs' Has The Power 2 Grease God If They Want 2.

Goldman Sachs White House wrote:

July 2, 2009
How Goldman Sachs and Citi Run the Show
The Wall Street White House
By ANDREW COCKBURN
Robert Hormats, Vice Chairman of Goldman Sachs, is to be installed as Under Secretary of Economics, Business, and Agricultural Affairs. This comes as one more, probably unnecessary reminder of the total control exercised by Wall Street over the Obama administration’s economic and financial policy. True, Hormats is “a talker rather than a decider” according to one former White House official, but he will find plenty of old friends used to making decisions, almost all of them uniformly disastrous for the U.S. and global economy.
Among the familiar Wall Street faces that Hormats will encounter in his new post will that of Deputy Secretary of State Jacob Lew, lately Chief Financial Officer of Citigroup Alternative Investments Group which lost $509 million in the first quarter of 2008 alone. On visits to the White House he is sure to bump into Michael Froman, who also tore a swath through the Citi balance sheet at the alternative investments shop (they specialized in “esoteric” investments such as private highways) but is now Obama’s Deputy National Security Adviser for International Economic Affairs. If Froman is otherwise engaged, Hormats can interface with Froman’s deputy, David Lipton, who was until recently running Citi’s global country risk management effort.
Citigroup is also well represented at Treasury, in the form of Lewis Alexander, formerly the bank’s chief economist and now Counselor to Treasury Secretary Timothy Geithner. Given the role played by all of the above in bankrupting us all, Alexander’s 2007 verdict on the onset of the mortgage crash,“I think that’s not going to spill more broadly into the economy and so I think we’re going to have a normal kind of housing cycle though the middle of this year,” can only have been a recommendation in the eyes of his current employer.
Alexander’s function at Citi may have been merely to endorse the financial depredations of colleagues with economic blather, rather than exercise loss-making functions personally. Not so Deputy Treasury Secretary Neal Wolin, who has moved over to the number two job at the department from the Hartford Insurance Company, where he served as president and chief operating officer of the Property and Casualty Group. Hartford was one of the insurance companies that got suckered by the banks into backing their ruinous investments in real estate and other esoterica, but Wolin’s Treasury has just handed Hartford $3.4 billion of our money in the form of TARP funds.
Continued below...

You are probably correct but you got spammed for being long winded.....

Suggest you break it down into short concise statements.
Attention spans are short on somepeople.

Example:

Who
What
When
Now
Why

Provide links to each..