We have still received no explanation from the Administration regarding the secret meetings and millions of dollars in support that Goldman gave to or raised for Obama to get him elected. We still have received no comment from the Administration during the campaign or now that Obama is elected about the role Goldman played in the sub-prime mortgage mess, the oil price run up, or the billions of dollars in executive bonuses paid by Goldman. The silence is becoming deafening.
Maybe this will help explain why the Administration is keeping the media attention away from Goldman. Look at the stock value of our major investment banking houses, the largest in the world, since Obama got elected.
On election day, November 4, 2008:
Goldman Sachs traded at $95.00
Bank of America traded at $24.62
Citigroup traded at $14.81
JP Morgan traded at $42.42
On the day Obama was sworn in as President, January 20, 2009:
Goldman Sachs traded at $59.13
Bank of America traded at $6.50
Citigroup traded at $3.58
JP Morgan traded at $21.27
Yesterday, February 26, 2008:
Goldman Sachs traded at $94.00
Bank of America traded at $5.89
Citigroup traded at $2.83
JP Morgan traded at $24.18
Since Obama got elected:
Goldman Sachs lost 1% of value
Bank of America lost 76% of value
Citigroup lost 81% of value
JP Morgan lost 43% of value
Hummm. Goldman loses 1% while the rest lose 43%, 76% and 81% of value. There seems to be something seriously wrong with this performance since Obama got elected. Wonder why Congress seems to have no interest in it?