Attitudes that Many on Wall Street would call Acceptable

[tw]

From the Washington Post entitled Goldman Sachs fights back against claims of toxic environment

Blankfein disputed his former employee’s description of the firm's culture.

In a letter to his staff, the chief executive wrote, "We were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients."

Before the recession, Goldman enjoyed a near-pristine image, and its top executives such as Henry M. Paulson, Robert Rubin and Jon S. Corzine moved easily into prominent government posts after leaving the firm. But the financial crisis blemished that reputation, and this episode marks another challenge to restoring it.

The dust-up comes as federal regulators gear up to forge the final terms of the so-called Volcker Rule, a policy that could ultimately cost Goldman Sachs and other investment banks billions of dollars.

The criticism could also raise questions about what kind of leader Blankfein has been since taking the helm of the Wall Street firm in 2006. ...

Goldman Sachs is not the only Wall Street institution that has been the target of vitriol in the wake of the 2008 financial crisis.

"This issue has been kind of swirling around the news and it's an issue that has been facing the financial industry for years," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. "This is a conflict of short-term profits against longer-term goals."

In recent years, Goldman Sachs has had to gird itself against other harsh accusations of corporate greed. In a 2010 Rolling Stone article, journalist Matt Taibbi famously described the investment bank as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."

Sen. Carl Levin (D-Mich.) described Goldman Sachs as a "financial snake pit" last year after he led a panel that examined the origins of the 2008 crisis.

Chief executive Lloyd Blankfein drew criticism in November 2009 after he told the British newspaper the Times that he was "doing God's work" at Goldman.

The Volcker Rule was originally proposed to restrict United States banks from making speculative investments that do not benefit their customers. Widely acknowledged is that speculative activity help create the recession we have today by enriching financial institutions at the expense of the economy. In essence, the rule is a ban on proprietary trading by commercial banks, where deposits are used to trade on the bank's personal accounts.

This problem was why Glass Stegall was created after 1929 banks did this same sort of fiscal shenanigans to create the same fiscal disaster. Glass Stegall was virtually eliminated in the early 2000s when financial institutions claimed regulations were harmful to the economy.

Guess who got it completely wrong. Financial institutions can never be over-regulated. Greg Smith’s Op-Ed in the NY Times only confirms what is obvious.

[Griff]

Originally Posted by tw

Financial institutions can never be over-regulated.

Which brings us back around to the fact that Goldman Sachs provides the regulators as well. It is very cozy and very anti-taxpayer/citizen.

[tw]

Originally Posted by Griff

Which brings us back around to the fact that Goldman Sachs provides the regulators as well.

The difference that Greg Smith noted. Fifteen plus years ago was Paulsen who later properly addressed the near meltdown of the American economy. Latest Goldman Sachs presidents included Corzine whose company apparently raided customer accounts to cover up derivative losses in Europe. Last I heard, they are still looking for much of that money.

The attitude of Goldman Sachs employees sounded so much like the Enron traders who gleefully created the California Energy crisis to enrich themselves knowing full well that they were even harming granny. They did not care. They were the bean counters whose only purpose in life is to enrich themselves at the expense of all others. Also the definition of a criminal.

[Lamplighter]

Originally Posted by Griff

Which brings us back around to the fact that Goldman Sachs provides the regulators as well. It is very cozy and very anti-taxpayer/citizen.

Griff, not to dispute your post, but where did you find this ?

I've been surfing, and I've found articles regarding hiring the other way around,
which also bothers me. It's akin to legislators becoming lobbyists when they leave office.

Business Insider
Katya Wachtel
December 15, 2010|

Meet Theo Lubke: The Regulator That Goldman Sachs Just Hired To Fight Off Other Regulators

If you can't beat 'em, join 'em. Or hire 'em.
That's obviously Goldman Sach's thinking with their latest recruit, Theo Lubke.

Lubke was in charge of the New York Fed's effort to reform the private derivatives
market and immediately succeeded Geithner when he decamped Washington.

Now the bank has hired him as their chief regulatory reform officer in the securities divison
to help navigate the impending overhaul of financial regulations in the derivatives market.

.
and
.
Bloomberg News
12/14/2011
Goldman Sachs Recruits French-Speaking Regulator From FSA

The bank hired Martine Doyon, a specialist in European Union
market rules and an international strategist for the regulator,
to head up its EU government-affairs department,
an FSA spokesman said in a telephone interview.

She becomes at least the ninth senior official to leave the regulator
since the government said in 2010 it would abolish the agency.

[Griff]

wiki

Personnel "revolving-door" with U.S. government

During 2008 Goldman Sachs received criticism for an apparent revolving door relationship, in which its employees and consultants have moved in and out of high level U.S. Government positions, creating the potential for conflicts of interest. Former Treasury Secretary Paulson was a former CEO of Goldman Sachs. Additional controversy attended the selection of former Goldman Sachs lobbyist Mark Patterson as chief of staff to Treasury Secretary Timothy Geithner, despite President Barack Obama's campaign promise that he would limit the influence of lobbyists in his administration.[82] In February 2011, the Washington Examiner reported that Goldman Sachs was "the company from which Obama raised the most money in 2008" and that its "CEO Lloyd Blankfein has visited the White House 10 times."[83]

That's very incomplete. Rubin is GS


Salon
Apparently,[i] the U.S. government didn’t have enough Goldman Sachs executives in key financial and regulatory positions, so the following happened this week:

A Goldman Sachs executive has been named the first chief operating officer of the Securities and Exchange Commission’s enforcement division.

The market watchdog says Adam Storch, vice president in Goldman Sachs’ Business Intelligence Group, is assuming the new position of managing executive of the SEC division.

The move comes as the SEC revamps its enforcement efforts following the agency’s failure to uncover Bernard Madoff’s massive fraud scheme for nearly two decades despite numerous red flags.[/]


I can't vouch for this site but I was looking for a list.

http://www.nachumlist.com/goldmansachsobama.htm

A Conservative News and Opinion Resource

Nachumlist

Goldman Sachs personnel in the ObamaWhite House



Lael Brainard: Brainard is the United States Under Secretary of the Treasury for International Affairs in the administration of Obama

Gregory Craig: Former White House Counsel, Recently hired by Goldman Sachs

Thomas Donilon: Deputy National Security Adviser(despite having a career that is mostly involved with domestic politics). Donilon was a lawyer at O’Melveny and Myers and made almost $4 million representing meltdown clients including Penny Pritzker (of Chicago) and Goldman.

William C. Dudley : president and chief executive officer of the Federal Reserve Bank of New York, partner and managing director at Goldman, Sachs and was the firm’s chief U.S. economist for a decade

Douglas Elmendorf: Obama Director of the Congressional Budget Office in January 2009, replaced Furman as Director of the Hamilton Project (Note that the Hamilton Project was funded by Robert Rubin and Goldman Sachs)

Rahm Emanuel: Obama Chief of staff, on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to “introduce us to people,” in the words of one Goldman partner at the time.

Dianna Farrell: Obama Administration: Deputy Director, National Economic Council, Former Goldman Sachs Title: Financial Analyst

Stephen Friedman: Obama Administration: Chairman, President’s Foreign Intelligence Advisory Board, Former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005

Michael Frohman: Robert Rubin’s Chief of Staff while Rubin served as Secretary of the Treasury and an Obama “head hunter” according to “Rubin Proteges Change Their Tune as They Join Obama’s Team” in the New York Times.

Anne Fudge: appointed Fudge to Obama budget deficit reduction committee. Fudge has been the PR craftsman for some of America’s largest corporations. She sits, according to the Washington Post, as a Trustee of the Brookings Institution within which the Hamilton Project is embedded.

Jason Furman: directed economic policy for the Obama Presidential Campaign, served as the second Director of the Hamilton Project after Peter Orszag’s departure for the Obama administration

Mark Gallogly: Sits on the Hamilton Project’s advisory council. He is also, according to Wikipedia, currently a member of Obama’s President’s Economic Recovery Advisory Board.

Timothy Geithner: Secretary of the Treasury, a former managing director of Goldman Sachs

Gary Gensler: Obama Administration: Commissioner, Commodity Futures Trading Commission, Former Goldman Sachs Title: Partner and Co-head of Finance

Michael Greenstone: the 4th Director of the Hamilton Project. Just as attorney Craig went from advising Obama to defending Goldman Sachs against the SEC complaint, Greenstone has used the revolving door to go from went an economic adviser position to Obama to one of the Goldman Sachs outlets, in this case its think tank embedded in the Brookings Institution and funded by Goldman and Robert Rubin. All 3 previous Directors of the Hamilton Project work in the Obama administration.

Robert Hormats: Obama Administration: Undersecretary for Economic, Energy and Agricultural Affairs, State DepartmentFormer Goldman Sachs Title: Vice Chairman, Goldman Sachs Group

Neel Kashkari: served under Treasury Secretary Paulson and was kept on by Obama after his inauguration for a limited period to work on TARP oversight, former Vice President of Goldman Sachs in San Francisco where he where he led Goldman’s Information Technology Security Investment Banking practice.

Karen Kornbluh: (sometimes called "Obama’s brain") Obama Ambassador to the OECD, was Deputy Chief of Staff to Mr. Goldman Sachs, Robert Rubin

Jacob (AKA "Jack") Lew: the United States Deputy Secretary of State for Management and Resources. According to Wikipedia, Lew sits on the Brookings-Rubin funded Hamilton Project Advisory Board. He also served with Robert Rubin in Bill Clinton’s cabinet as Director of OMB.

David Lipton: now at Obama’s National Economic Council and the National Security Council. Lipton -worked with Larry Summers and Timothy Geithner, on the US response to the Asian financial crisis of the 1990’s. MergeFoundations reports that Lipton worked closely with Robert Rubin:

Emil Michael: White House Fellow, former investment banker with Goldman Sachs

Eric Mindich: Former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004 with $3.5 billion, at the time one of the biggest hedge-fund launches ever. .....Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance (2007): Goldman operative Eric Mindich in the hierarchy of the Asset Managers' committee of the President's Working Group on Capital Markets, better known of course as the PPT (in 2009)

Philip Murphy: Obama Administration: Ambassador to Germany, Former Goldman Sachs Title: Head of Goldman Sachs, Frankfurt

Barack Obama: Obama owes his career to Goldman Sachs which was not only his biggest financial contributor when he ran for the presidency but also his biggest contributor when he ran for the Senate

Peter Orszag, Obama Budget Director, founding director of the Hamilton Project, funded by Goldman Sachs and Robert Rubin. Wikipedia indicates that Robert Rubin, Goldman’s ex-head, was one of Orszag’s mentors.

Mark Patterson: Obama Administration: Chief of Staff to Treasury Secretary, Timothy Geitner, Former Goldman Sachs Title: Lobbyist 2005-2008; Vice President for Government Relations

Mark Peterson: Chief of staff to Timothy Geithner, Goldman Sachs vice president and lobbyist

Steve Ratner: the shady billionaire financier who Obama appointed as his “car czar” and who resigned after it was revealed that his company, the Quadrangle Group, was apparently involved in “pay to play” for a billion dollars or so of New York State pension funds, and was under possible indictment by the New York AG and the SEC, also sits on the Advisory Council of the Goldman funded Hamilton Project

Robert Reischauer: a member of the Medicare Payment Advisory Commission from 2000-2009 and was its vice chair from 2001-2008. He too sits on the Hamilton Project’s advisory board.

Alice Rivlin: Obama named Alice Rivlin to his so called deficit reduction commission.

James Rubin: Son of Robert Rubin. Served as a headhunter for Obama per the New York Times article, "Rubin Proteges Change Their Tune as They Join Obama’s Team"

Gene Sperling: advisor to Timothy Geithner on bailouts, Sperling paid by Goldman Sachs for one year of consulting work.

Adam Storch: Obama Managing Executive of the Security and Exchange Commission’s Division of Enforcement Vice President in the Goldman Sachs Business Intelligence Group

Larry Summers: Obama chief economic adviser and head of the National Economic Counsel, Worked under Robert Rubin at Goldman Sachs

John Thain: Obama Administration: Advisor to Treasury Secretary, Timothy Geitner, Former Goldman Sachs Title: President and Chief Operating Officer (1999-2003)

[Griff]

Under the Bush Adminstration:

Joshua Bolten: Bush II Administration: White House Chief of Staff (2006 – 2009), Former Goldman Sachs Title: Executive Director, Legal & Government Affairs (1994-99)

William C Dudley: NY Federal Reserve: Current President/CEO, Former Goldman Sachs Title: Partner and managing director – 2007

Edward C. Forst: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008 Former Goldman Sachs Title: Co-head of Goldman’s investment management business

Stephen Friedman: NY Federal Reserve: Former Chairman of the Board – 2009, former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005-)

Gary Gensler: Bush II Administration: Undersecretary, Treasury (1999-2001) and Assistant Secretary, Treasury (1997-1999), Former Goldman Sachs Title: Partner and Co-head of Finance

Reuben Jeffery III: Bush II Administration: Undersecretary for Economic, Energy and Agricultural Affairs, State Department (2007 –2009) Former Goldman Sachs Title: Managing Partner Paris until 2002 Security Investment Banking Practice

Dan Jester: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008, Former Goldman Sachs Title: Deputy CFO

Neel Kashkari: Bush II Administration: Assistant Secretary for Financial Stability, Treasury (2008 – 2009) Former Goldman Sachs Title: Vice President, San Francisco; led Information Technology Security Investment Banking Practice

Eric Mindich: Former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004 with $3.5 billion

Henry Paulson: Bush II Administration: Secretary, Treasury 2006 - 2009, Former Goldman Sachs Title: Chairman and CEO (1998-2006)

Robert Rubin: Bush II Administration: Secretary, Treasury 1995-1999, Former Goldman Sachs Title: Vice Chairman (1987-90)

Robert Steel: Bush II Administration: Under Secretary for Domestic Finance, Treasury, (2006 – 2008) Former Goldman Sachs Title: Vice Chairman – 2004

Steve Shafran: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008 Former Goldman Sachs Title: Private equity business in Asia until 2000

Kendrick R. Wilson III: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008 Former Goldman Sachs Title: Chairman of Goldman’s financial institutions groups

Robert Zoellick: Bush II Administration: United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006), World Bank President (2007 -), Former Goldman Sachs Title: Vice Chairman, International (2006-07)



Other Noteworthy Appointees:

Mark Carney: Current Title: Governor, Bank of Canada, Former Goldman Sachs Title: Managing Director Goldman Sachs Canada until 2003

Mario Draghi: Current Title: Governor of the Bank of Italy (2006- ), Former Goldman Sachs Title: European Deputy Chairman/Partner until 2006

Edward Liddy: Current Title: AIG CEO, Former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005-)

Duncan Niederauer: Current Title: Chair/CEO NYSE, Former Goldman Sachs Title: Managing Director – 2007

Romano Prodi: Current Title: Prime Minister of Italy (1996-1998 and 2006-2008) and President of the European Commission (1999-2004), Former Goldman Sachs Title: Paid adviser/consultant 1990 – 1993

Massimo Tononi: Current Title: Italian Deputy Treasury Chief (2006-2008), Former Goldman Sachs Title: Partner 2004 - 2006

Malcolm Turnbull: Current Title: Federal Leader, Liberal Party, Australia, Former Goldman Sachs Title: Partner (1998-2001)

David Watson: Current Title: Monetary Policy Committee, Bank of England, Former Goldman Sachs Title: Chief European economist[/i]

[Lamplighter]

Wow ! Wow ! Wow !
Just as if I opened both ends of all the torpedo tubes at 100 fathoms !

I'm intrigued by the Nachumlist.com and plan to follow it for a while,
if they don't find out there's a lurking liberal and start blocking me

Thank you...

[Griff]

I never heard of it before Google dug it up. Matt Taibbi (sp?) did an expose' in Rolling Stone which kinda got me thinking about GS. I figured somebody had a complete list out there.