Monday, June 22, 2009
Goldman Sachs Gets Multi-Billion Dollar Payback for Backing Obama
Obama Buddies Get Richer as Congress Seems Dumbfounded
So what is the best investment in America? Buy a president. Just ask Goldman Sachs who secretly decided long before last year's election that the one candidate who could keep them from bankruptcy, who would allow them to cover up billions of dollars in bad mortgage loans and ignore oil price manipulation was the promising junior senator from Illinois.
As reported over and over the past three years in this paper, Goldman met secretly with Obama long before the election and decided Obama was the one. They helped raise millions of dollars for Obama and guided him throughout the campaign planting former Goldman executives throughout the Obama campaign and new Administration to help assure they got what they wanted.
They helped insure that federal government money would be used to pay them back all the bad loans made to AIG. One of Obama's top financial advisors was able to invest $5 billion in Goldman less than a year ago and has already made over $1 billion profit, Warren Buffett no less. A revolving door was set up to help usher former Goldman executives into the Obama White House and Treasury and throughout the many financial agencies of government.
As Goldman got government money to help them survive they were forcing competitors out of business to take over the world investment banking market. They used federal TARP funds and bailouts of Fannie Mae, Freddie Mac and AIG to replenish their coffers and eliminate competition.
They are the only financial institution to triple their value since Obama got elected. There has been no meaningful investigation of their role in the sub prime mortgage disaster and oil price manipulation of last year and this year to expose how they have made billions of dollars at the expense of hapless and greedy institutional investors and private investment funds.
They were instrumental in modifying federal rules and regulations to keep the sub prime mortgages and oil futures derivatives outside government regulatory control while the world economy was brought to the brink of disaster. They even bought the very oil futures market that set the world prices while their own energy experts were predicting unjustified oil price cost hikes.
While Goldman was busy dumping billions of dollars in toxic mortgages into the world market they were also forcing AIG to repaying them billions in potential losses, a move that forced the federal government to come in with over $180 billion in federal bailout dollars for AIG under the new AIG CEO, a former Goldman executive, who helped Goldman receive 100% of all debt owed by AIG.
Last week Goldman joined fellow bankers JP Morgan, Credit Suisse Bank and Deutsche Bank in paying back the federal TARP funds, $88 billion between them, thus freeing themselves from federal scrutiny. Then secretly this past weekend they informed employees that the biggest bonuses in 140 years would be paid out this spring, though what they meant was the over $500 million in bonuses would be the most in history. It was also based on just the 1st quarter results, since Obama took office, in 2009. What a slap in the face to the president who complained about executive bonuses. Yet Obama has never uttered a word about the Goldman manipulation of the government, regulations, markets or bonuses.
Since 2006 Congress has stood idly by, perhaps because Goldman pumped millions of dollars into our presidential, house and senate campaigns, and Congress did nothing to investigate the Goldman role in the economic collapse. Obama is silent about Goldman, Congress is acting as if they got caught with their fingers in the cookie jar, and Goldman continues to use the federal economic system as their own private account.
If nothing comes out of this the citizens of America should know once and for all that our government leaders are really bought and paid for and demand impeachment. It is time to throw out all the scoundrels and the opportunity begins in 2010 before there is nothing left of America. Obama ran on a platform against Wall Street while being the patron saint of Wall Street. The media refuses to tell us the truth. The government can't. It is up to the citizens to take back America.