Professor Elam

Tuesday April 20, 2010

This list shows that Goldman PAC contributed $994,795 to the Obama campaign. Also note the usual suspects of Morgan and CIti on the list. Here is the big picture. Wall Street helped get Barack into office. He is surrounded by former Goldman employees as advisors. He wants a financial regulation bill passed to make it appear he is tough on Wall Street. In fact the bill puts enforcement in the hands of the FED, a very bad idea. Goldman was allowed to become and FDIC insured bank during the financial crisis, it still is. Goldman was able to use TARP money to run the market up, reap big profits, pay bonuses, the same ones the public is angry about. 

So the lawsuit, passed 3-2 at the SEC, makes it appear for campaign purposes that the Administration is 'going after' Wall Street. Goldman claims its innocence, it has hired A former Clinton lawyer used during the impeachment threats. After the fall elections, Goldman signs a consent decree neither admitting nor denying guilt and pays a fine. The fine is peanuts compared to how much it has made. Business continues as usual, Goldman is still in the White House.