Clipmarks | Goldman sachs Clips

Report: 237 millionaires in Congress

Sat, 07 Nov 2009 02:04:07 GMT

clipped by: sahara
clipper's remarks: Senators’ estimated median reportable worth sunk to about $1.79 million from $2.27 million in 2007. The House’s median income was significantly lower and also sank, bottoming out at $622,254 from $724,258 in 2007.

But CRP’s analysis suggests that some lawmakers did well for themselves between 2007 and 2008, even as many Americans lost jobs and saw their savings and their home values plummet.

Senate Minority Leader Mitch McConnell (R-Ky.) gained about $9.2 million. Sen. James Inhofe (R-Okla.) gained about $3 million, Sen. Daniel Inouye (D-Hawaii) had an estimated $2.6 million gain, and Richard Shelby (R-Ala.) gained about $2.8 million.

Some lawmakers have profited from investments in companies that have received federal bailouts; dozens of lawmakers are invested in Wells Fargo, Citigroup, Goldman Sachs and Bank of America.
Vice President Joe Biden has often tagged himself as an original blue collar man. The CRP backs him up, putting his net worth at just $27,000.

Clip Source: www.politico.com

Talk about bad timing.

As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.

Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.

CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Photo: AP

CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million

All told, at least seven lawmakers have net worths greater than $100 million, according to the Center’s 2008 figures.

Wall Street Gets Swine Flu Vaccine Before Many High-Risk Groups

Fri, 06 Nov 2009 17:19:45 GMT

clipped by: gppixelworks
clipper's remarks: Very grateful I'm in England as the vaccine is given out on a medical need basis. In America clearly the swine flue vaccine is NOT distributed on a 100% medical need basis. Of course, neither is medical care.

Clip Source: www.huffingtonpost.com

Wall Street Banks Getting Swine Flu Vaccine Before Many High-Risk Groups (VIDEO)

While thousands of at-risk Americans wait, some big Wall Street banks have already secured the hard-to-find H1N1 vaccine for their employees.

bankers at Goldman Sachs and Citigroup, and employees at the Federal Reserve have all received swine flu vaccine doses to administer to their employees

Goldman Sachs has received 200 doses of the vaccine -- the same amount as Lenox Hill Hospital in New York

Wall Street banks, like many other companies, put in requests for the vaccine but seem to have had something of a leg up on securing doses.

Some corporations seem to be getting the doses before doctors and hospitals

"If we know that the distribution is the weak part of this entire thing, why not put doctor's offices and hospitals at the top of the line, and say to corporate America, no matter who you are, you're you're going to have to go through clinics and hospitals like everyone else."

Tags: swine flu, wall street, medical care, healthcare, america, goldman sachs, citigroup, health insurance, high-risk

Goldman Sachs Getting More H1N1 Vacine Then Hospitals!

Fri, 06 Nov 2009 15:06:50 GMT

clipped by: drummond1999
clipper's remarks: We wonder why the public option is such a dirty idea. Giving people access to medicine who really need it, whatev's!

Clip Source: www.nakedcapitalism.com

It should come as no surprise that those at the top of the food chain get preferential treatment on all levels. But this still stinks to high heaven. Employees of the Goldman, the Fed, Citigroup, and other banks are getting H1N1 vaccine allotments out of proportion to what can be justified from a public health standpoint. In particular, Goldman has gotten more than Lenox HIll hospital, which needs it not just for the sick but more important, for workers (not only does the public need to keep front-line health care workers in as good shape as possible, but if they get the infection, they become disease vectors fast, given the number of people they see).

Yves here. Welcome to the class system in action. If you don’t work for a big, influential company, go to the back of the queue.

But if you work for a less privileged employer or are self-employed or between jobs, tough luck, go to the back of the queue, you have to try to get yours (assuming you can) from vaccination centers

Tags: goldman sachs, h1n1, usa, vacine

Banks issued swine flu vaccine before nurses

Fri, 06 Nov 2009 12:48:29 GMT

clipped by: tabsey
clipper's remarks: Shows who people think are more important.

Clip Source: www.theage.com.au

Big US banks have been issued swine flu vaccines that were meant for priority groups.

The banks, already been bailed out by US taxpayers as they teetered on the brink in the wake of the global financial crisis, were issued with the H1N1 vaccines after a decision by local officials in New York, according to Business Week.

The Obama administration is contacting state and local officials to reinforce that H1N1 vaccine should be used for high-risk groups first following a report that some of New York's biggest companies got supplies, White House press secretary Robert Gibbs said.

The head of the Centres for Disease Control "is sending a letter to every state and city receiving vaccine to reiterate that vaccine should be going to priority groups," Gibbs said.

He was responding to a question about a report in Business Week that companies such as Citigroup and Goldman Sachs Group got small quantities of the vaccine in the past week.

Tags: hehehe

Wall Street Bankers Are Among First for H1N1 Vaccine

Fri, 06 Nov 2009 11:34:52 GMT

clipped by: blueridge
clipper's remarks: The banksters, i.e. Goldman Sachs, et al, are again (and always) a priority over main street despite the lack of young people and pregnant women which are the target priority groups.

Clip Source: citizensforethics.org

CREW ASKS FOR INVESTIGATION INTO WHY WALL STREET IS GETTING H1N1 VACCINE AHEAD OF THOSE WHO MOST NEED IT

5 Nov 2009 // Washington, D.C. – Today, Citizens for Responsibility and Ethics in Washington (CREW) asked Health and Human Service (HHS) Secretary Kathleen Sebelius to investigate why the Center for Disease Control (CDC) approved the distribution of the H1NI vaccine to Wall Street firms at a time when the vaccine is unavailable to most Americans.

Recent news reports indicate 13 companies, including Citigroup, Goldman Sachs, JP Morgan Chase and Time Warner, have been cleared to receive the vaccine.

Melanie Sloan, executive director of CREW said today, “Although CREW has been unable to uncover the demographic makeup of Goldman Sachs, Citigroup, and JP Morgan Chase, it seems safe to assume the vast majority of their employees are not pregnant women, infants and children, young adults up to 24 years old, and healthcare workers.”

Tags: h1n1 flu, pandemic, flu vaccine, wall street, banks, goldman sachs

Goldman Sachs Get Priority Access to H1N1 Vaccine

Fri, 06 Nov 2009 11:30:29 GMT

clipped by: chestnut501
clipper's remarks: Why?

Clip Source: act.credoaction.com

This is beyond outrageous. Pregnant women and children with respiratory problems struggle to get access to scarce doses of the H1N1 vaccine. But according to NBC News, bankers at Goldman Sachs enjoy a stockpile of 200 doses of the vaccine -- the same as allotted to Lenox Hill Hospital in New York

With hospitals, schools and community health clinics in desperate need of the H1N1 vaccine, it's unconscionable that Wall Street can just cut in line and secure scarce doses for bankers.

Goldman Sachs received over $1 billion in taxpayer bailouts during the financial meltdown. But that's not all. It was the single-largest recipient of taxpayer money in the AIG bailout, receiving almost $13 billion once AIG's positions were unwound.

And now, analysts predict Goldman Sachs could give its bankers as much as $23 billion in bonuses, while the rest of country struggles through the jobless "recovery."

Tags: politics, health, u.s., bailout, vaccine, swine-flu, banks, bonuses

Obama, Maurice Strong, Al Gore Key Players Cashing In.... continued

Tue, 03 Nov 2009 05:29:11 GMT

clipped by: merrie
clipper's remarks: the man who was to become President of the United States of America.

If we follow the time line on where Obama was during the funding of the Chicago Climate Exchange, he was still a professor at the University of Chicago Law School teaching constitutional law, with his law license becoming inactive a year later in 2002.

It may be interesting to note that the Chicago Climate Exchange in spite of its hype, is a veritable rat’s nest of cronyism. The largest shareholder in the Exchange is Goldman Sachs. Chicago Mayor Richard M. Daley is its honorary chairman, The Joyce Foundation, which funded the Exchange also funded money for John Ayers’ Chicago School Initiatives. John is the brother of William Ayers.

What a flap when it was discovered that the senator from Chicago had nursed on Saul Alinsky’s milk, had his political career launched at a coffee party held by domestic terrorist Bill Ayers, and sat for 20 years, uncomplaining in front of the

Clip Source: warofillusions.wordpress.com

“On Monday, the stock plunged by 49%, soon landing at $5 a share. By early 1997, furious stockholders had filed a class action suit against the company and its directors. Ironically, one of the class action lawyers had tangled with Maurice strong in another insider trading case, involving a Swiss company called AZL Resources, chaired by Strong, who was also a lead shareholder. The AZL case closely mirrored Molten Metal, and in the end, Strong and the other AZL partners agreed to pay $5 million to dodge a jury verdict, when eyewitness evidence surfaced of Strong’s role in scamming the value of the company stock up into the stratosphere, before selling it off.

In 1997, Strong went on to accept from Tongsun Park, who was found guilty of illegally acting as an Iraqi agent, $1 million from Saddam Hussein, which was invested in Cordex Petroleum Inc., a company he owned with his son, Fred.

These are the leaders in the Man-made Global Warming Movement, who three years later were to be funded by

Tags: maurice strong, $1 million from saddam hussein, another insider trading case, chicago climate exchange, obama-cap-and-trade scheme

Goldman Sucks’ new role: Taking Your Homes

Tue, 03 Nov 2009 01:12:35 GMT

clipped by: sahara
clipper's remarks: The couple alleges that Goldman declined for three years to confirm their suspicions that it had bought their mortgages from a subprime lender, even after they wrote to Goldman’s then-Chief Executive Henry Paulson — later U.S. Treasury secretary — in 2003.

Unable to identify a lender, the couple could neither capitalize on a mortgage hardship provision that would allow them to defer some payments, nor on a state law enabling them to offset their debt against separate, investment-related claims against Goldman.

In July, the Beckers won a David-and-Goliath struggle when Goldman subsidiary MTGLQ Investors dropped its bid to seize their house. By then, the college-educated couple had been reduced to shopping for canned goods at flea markets and selling used ceramic glass.
Theirs is an infrequent happy ending among the hundreds of cases...

Clip Source: blog.puppetgov.com

When California wildfires ruined their jewelry business, Tony Becker and his wife fell months behind on their mortgage payments and experienced firsthand the perils of subprime mortgages.

The couple wound up in a desperate, six-year fight to keep their modest, 1,500-square-foot San Jose home, a struggle that pushed them into bankruptcy.

The lender with whom they sparred, however, wasn’t the one that had written their loans. It was an obscure subsidiary of Wall Street colossus Goldman Sachs Group.

Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packaging them into high-yield bonds. Now that the bottom has fallen out of that market, Goldman finds itself in a different role: as the big banker that takes homes away from folks such as the Beckers.

Goldman spokesman Michael DuVally declined to comment on individual cases or on the firm’s new role in bankruptcy courts.

Goldman Sachs Banksters Knew and Bet on Meltdown

Sun, 01 Nov 2009 22:18:25 GMT

clipped by: blueridge
clipper's remarks: Filthy lucre on the backs of investors and then got Bailout money from taxpayers too, with the help of their "insider" (and Treasury Secretary) Timothy Geithner. (It helps to have pals in high places.--see Goldman-Geithner connections)

Clip Source: www.wvgazette.com

How Goldman secretly bet on the housing crash

WASHINGTON -- In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.

Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled one of the nation's premier investment banks to pass most of its potential losses to others before a flood of mortgage loan defaults staggered the U.S. and global economies.

Only later did investors discover that what Goldman promoted as triple-A investments were closer to junk.

a five-month McClatchy Newspapers investigation has found that Goldman's failure to disclose that it made secret, exotic bets on an imminent housing crash may have violated securities laws.

Lloyd Blankfein, Goldman's chairman and chief executive, declined to be interviewed

Tags: goldman sachs, banks, meltdown, housing crisis, economy, bailout

Could Goldman Sachs face massive criminal and civil charges?

Sun, 01 Nov 2009 15:23:39 GMT

clipped by: egoldstein
clipper's remarks: While I believe that firms who were mislead by Goldman could pose a substantial financial threat to them via civil charges, I find it hard to believe that the SEC and federal government will actually do anything about this - considering that former Goldman employees are in so many powerful positions.

Clip Source: www.mcclatchydc.com

Now, pension funds, insurance companies, labor unions and foreign financial institutions that bought those dicey mortgage securities are facing large losses, and a five-month McClatchy investigation has found that Goldman's failure to disclose that it made secret, exotic bets on an imminent housing crash may have violated securities laws.

"The Securities and Exchange Commission should be very interested in any financial company that secretly decides a financial product is a loser and then goes out and actively markets that product or very similar products to unsuspecting customers without disclosing its true opinion," said Laurence Kotlikoff, a Boston University economics professor who's proposed a massive overhaul of the nation's banks. "This is fraud and should be prosecuted."

Tags: economy, goldman sachs, subprime

Analogy du jour

Sun, 01 Nov 2009 12:13:16 GMT

clipped by: mountainpalm
clipper's remarks: Real whores, after all, personally supply the services their customers seek. Prostitutes do not steal; their customers pay them voluntarily. And their customers pay only with money belonging to these customers.

Go to site for additional info.

In contrast, members of Congress routinely truck and barter with other people's property...

Members of Congress are less like whores than they are like pimps for persons unwillingly conscripted to perform unpleasant services.

Clip Source: www.zerohedge.com

Chairman of the Department of Economics at George Mason University: Politicians Are NOT Prostitutes ... They Are Pimps

Many people have called politicians prostitutes.

True, Obama has received more donations from Goldman Sachs and the rest of the financial industry than almost anyone else.

And Summers and the rest of Obama's economic team have made many millions - even recently - from the financial industry.

And Congress has largely been bought and paid for, and two powerful congressmen have said that banks run Congress.

So yes, they have certainly sold their goods to the highest bidders.

Indeed, at least some people trust prostitutes more than elected officials.

But the prostitution analogy is inaccurate.

Specifically, as the chairman of the Department of Economics at George Mason University (Donald J. Boudreaux) points out:

Showdown At Wells Fargo

Mon, 26 Oct 2009 22:00:23 GMT

clipped by: nosebleedlouie

Clip Source: www.seiu.org

More than 1,000 taxpayers decided to take a walk down Wacker Drive to see how their money is being used by America's bailed out banks

Having tried to deliver our letter to the ABA last night and being kicked out, we went directly to the banks today - Goldman Sachs and Wells Fargo. The demand, as always, is a simple one: stop using our tax dollars for toxic loans, big bonuses, and anti-consumer lobbying campaigns.

[Video]

Tags: politics, wells fargo, goldman sachs, protesters

Wall Street's Naked Swindle

Mon, 26 Oct 2009 14:47:28 GMT

clipped by: Socratoad
clipper's remarks: This was a brokered bloodletting, one in which the power of the state was used to help effect a monstrous consolidation of financial and political power. Heading into 2008, there were five major investment banks in the United States: Bear, Lehman, Merrill Lynch, Morgan Stanley and Goldman Sachs. Today only Morgan Stanley and Goldman survive as independent firms, perched atop a restructured Wall Street hierarchy. And while the rest of the civilized world responded to last year's catastrophes with sweeping measures to rein in the corruption in their financial sectors, the United States invited the wolves into the government, with the popular new president, Barack Obama — elected amid promises to clean up the mess — filling his administration with Bear's and Lehman's conquerors, bestowing his papal blessing on a new era of robbery.

Read the whole nasty sociopathic scam

Clip Source: peakenergy.blogspot.com

Matt Taibbi's latest article on Wall Street is out at Rolling Stone - Wall Street's Naked Swindle .

What really happened to Bear and Lehman is that an economic drought temporarily left the hyenas without any more middle-class victims — and so they started eating each other, using the exact same schemes they had been using for years to fleece the rest of the country. And in the forensic footprint left by those kills, we can see for the first time exactly how the scam worked — and how completely even the government regulators who are supposed to protect us have given up trying to stop it.

Wall St living it up with bailout money

Mon, 26 Oct 2009 06:51:38 GMT

clipped by: beanz

Clip Source: www.nytimes.com

Bailout Helps Fuel a New Era of Wall Street Wealth

Even as the economy continues to struggle, much of Wall Street is minting money — and looking forward again to hefty bonuses.

Titans like Goldman Sachs and JPMorgan Chase are making fortunes in hot areas like trading stocks and bonds, rather than in the ho-hum business of lending people money. They also are profiting by taking risks that weaker rivals are unable or unwilling to shoulder — a benefit of less competition after the failure of some investment firms last year.

“All of this is facilitated by the Federal Reserve and the government, who really want financial institutions to get back to lending,” said Gary Richardson, a research fellow at the National Bureau of Economic Research. “But we have just shown them that they can have the most frightening things happen to them, and we will throw trillions of dollars to protect them. I have big concerns about that.”

Tags: us economy

Goldman Sachs and Lehman bankrupt the South.

Mon, 26 Oct 2009 02:07:01 GMT

clipped by: beanz

Clip Source: www.alternet.org

After the Billionaires Plundered Alabama Town, Troops Were Called in ... Illegally

By Mark Ames, AlterNet. Posted October 24, 2009.

"We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all," said one Goldman Sachs vice-chairman recently. Well, here's a tale of the kind of inequality the finance industry expects citizens to tolerate.

Clip Source: www.alternet.org

One of this year's more disturbing stories that were ignored was the illegal Army occupation of Samson, Alab., in March following a shooting spree that raged across two towns by a disgruntled worker, leaving 11 people dead.

As I wrote earlier this year, Pilgrim's Pride hooked up with Wall Street to leverage itself into bankruptcy while enriching the executives' family and a handful of insiders at the expense of tens of thousands of Americans workers:

With bankruptcy came huge unpaid local tax bills, leading to further layoffs and reduced services for the already-beleaguered locals:

Tags: alabama