Having Sachs in the Oval Office

The buzz in Washington these days is still all about the arrival of Scott Brown and how the Republicans finally have enough votes to join the Healthcare debate.  Meanwhile, a scandal is continuing to brew unnoticed.  It turns out this President is engaged in the same unethical relationships as both his predecessors.  And as I predicted, Tim Geithner may be taking the fall for it.

The White House relationship with Goldman Sachs first became news when Rahm Emanuel, now Obama’s chief of staff, was working for Bill Clinton’s campaign.  Actually, technically Rahm worked for Goldman Sachs and volunteered for Clinton’s campaign.  Goldman Sachs gave as much as they were allowed, had their employees give as much as allowed, and then paid the salaries of Clinton’s campaign staffers so that Clinton wouldn’t have to.  At the time, they said they were hiring Clinton staffers for networking purposes.  This loophole got the Clinton campaign around the campaign finance laws that Obama indignantly called out the Supreme Court for repealing.

The payoff came when Clinton bailed out Mexico and other countries through the IMF after Goldman Sachs had invested heavily in government bonds from those countries and stood to lose it all.  This was just the first time the Government bailed out Goldman Sachs by bailing out what they had invested in.

The Bush administration destroyed it’s reputation as a free market, capitalist administration when Goldman Sachs alumnus Henry Paulson was handed sole control and responsibility of the TARP bailout process.  Half of the left portrayed Bush as an imbecile, the rest saw him as some sort of evil genius.  In this instance it actually was one or the other.  But before those on the left cheer, it was the Pelosi/Reid congress who wrote Paulson’s financial regency into the TARP bill.

Several banks took large amounts of TARP funds.  Goldman Sachs themselves took $10 billion, but many banks were told to take it to avoid creating a stigma on certain banks as worse off than others.  Although the plan didn’t work and AIG, Citigroup, and a handful of failed banks have been destroyed in public opinion, Goldman Sachs managed to stay out of sight through the process.  Although Goldman Sachs has set aside $11 billion for bonuses this year, AIG is the name that comes to mind when Americans think of evil banks who stole our money and spent it on outrageous bonuses.  In fact, it is ironic that one of the greatest mouthpieces for the liberal movement, Michael Moore, shows up in front of Goldman Sachs asking for the American people’s money back.  Moore’s own movie was funded by Goldman Sachs.

Speaking of AIG, they are now under investigation for what they did with some of the billions of dollars in taxpayer TARP funds they received.  What they did was use the money to pay off some of their best investing partners who were going to lose it all.  Guess who one of those major investing partners would be.  In fact, Goldman Sachs was invited to the table when the government decided what to do with AIG.

Up next on Obama’s agenda is far reaching regulations to discourage banks from every doing anything that might make them a profit in the future.  Obama is going to ride in on a white horse and make it so that banks will lend freely and with no risk.  I have no idea how, but then again he has the best in the business like Tim Geithner.  And Geithner is getting the best advice from his chief of staff, former Goldman Sachs lobbyist Mark Patterson.

I’m not a conspiracy theorist, but as unemployment remains above 10% and the economy prepares to begin stage two of it’s double-dip, Goldman Sachs is about to have it’s most profitable year in the company’s history.  If you are keeping score, you might think something was up.

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