Goldman Sachs still not making the news it deserves.

I was supposed to go to Nashville today, but Charis broke her arm.  She had to go under general anesthetic and get the twice-broken bone set.  She’s doing finr.

But I don’t have much time to write anything.  And frankly, I don’t have much to say except to rant about the same things as yesterday and the day before.

It is easy to get real upset at the double standard, where SNL does all sorts of parodies and scores points on GOP-related person, but saying anything about Democrats, especially if true, results in immediate self-censorship without much notice.

Still that sort of thing can distract us from the real story, where a bunch of Goldman Sachs multi-millionaires get to give billions to their friends at the expense of everyone else.

As I said yesterday, I tend to see the election as a big distraction from the real story (especially as the two parties seem to be twins as far as I can hear from their alleged debates).  But it is still worth nothing that Goldman Sachs has at least approached Obama.  Again, why no investigation into these things?

The closest thing I’ve found to a real conflict-of-interest story is this story by the Telegraph.  How does a lame duck President so widely hated get away with so much?  I don’t get it.  It is not like this is some great secret:

Goldman Sachs a Good Bet  
Posted Wed Sep 24, 09:20 am ET
Posted By: Mark Vickery
Perhaps more than any living person, Berkshire-Hathaway’s (BRK.A) Warren Buffett embodies the “when he talks, people listen” cachet of the old E.F. Hutton ads.  Today, Buffett announced his firm is purchasing at least a $5 billion stake in elite Wall Street investment firm Goldman Sachs (GS).  Reportedly, warrants to purchase another $5 billion of GS common stock have also been secured by Berkshire.  

Predictably, this has had a favorable affect on Goldman shares in the pre-market, up over 2% before the opening bell.  This comes just days after Treasury Secretary Henry Paulson has announced a federal bailout program to rescue hard-bit Wall Street firms, of which Goldman is one on a lesser level than many of its peers.

In fact, Paulson was former chairman of Goldman Sachs, as was Clinton Administration Treasury Secretary Robert Rubin, who now appears to be a main financial advisor of presidential candidate Barack Obama.  Buffett’s move seems to directly acknowledge the importance such a close proximity with former Goldman brass will have on which companies will most benefit from the Wall Street bailout.

 

 

The cronyism is so obvious, why no questions about it?

If Bush’s venture seems like a strange idea for “saving the free market,” it might be worth remembering what sort of business Bush has profited from.

Finally, here’s a great piece on what is going wrong with the economy and why the bailout can’t work.

ADDENDUM: My brother sent me a link to another piece about the crisis showing Bush’s own handiwork is involved.

One thought on “Goldman Sachs still not making the news it deserves.

  1. Pingback: You can’t take the sky from me » Blaming the prophets for things they never did.

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