11 May 2010

Obama Adminstration Doesn't Get Too Far From Goldman Sachs

It turns out Supreme Court nominee Kagan has a connection with Goldman Sachs, serving on an advisory board.

Huffington Post:Elena Kagan's Goldman Sachs Ties Brought Up Again

USA Today: Possible Supreme Court pick had ties with Goldman Sachs

What she did for Goldman Sachs seem pretty minor, and won't be much of an issue in her confirmation. But it probably indicated she was a safe choice inside the Administration.

But it is interesting how many of the Administration are connected to, and are involved with, Goldman Sachs. They certainly are pulling from a certain elite demographic -- one that has little to do with how nearly all Americans live.

I mean, in a nation of over 300 million people, the only people the Obama Administration can find to fill positions are connected in some way with Goldman Sachs?

While we expect the GOP to be tied to a New York investment bank, they don't have much on the Democrats, do they? It just goes to show how the legacy parties differ only in their empty rhetoric.

Just two examples of concern from the left and the right, below. Last year, the lefty blogs seemed more upset about the relationship, but that concern has shifted to rightly blogs this year. (Go figure!)

Huffington Post (from 2009): Goldman Sachs, Obama, Money

I noted that that, by the end of June, Wall Street had already given Obama $9.5 million, that four out of his top five contributors are employees of financial industry giants, with Goldman Sachs at the top of the list.

Even conservative New York Times columnist David Brooks was appalled: "Over the past few years, people from Goldman Sachs have assumed control over large parts of the federal government. Over the next few they might just take over the whole darn thing."

Real News Blog: Charge Goldman Sachs? It Runs The Obama Administration.

But while lawmakers focus on chewing out Goldman Sachs for a deal gone bad, they seem blissfully unaware of the degree to which the bank has penetrated the ranks of the Obama administration.

William C. Dudley, president of the Federal Reserve Bank of New York, was a partner and managing director at Goldman; Gary Gensler, chairman of the Commodity Futures Trading Commission, spent 18 years at Goldman; Mark Patterson, chief of staff to Tim Geithner, is a former Goldman lobbyist; Philip Murphy, nominated for ambassador to Germany, is a former Goldman executive; Diana Farrell, deputy director of the National Economic Council, is a former Goldman employee; and Emil Michael, White House fellow, used to be an investment banker at Goldman.

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