In March 2008 I wrote a blog post called “Who Does Obama Work For?” I was interested in where the funding for his election campaign was coming from. This was still early in the campaign, about 7 months before the election. At the time, his biggest single source of funding was Goldman Sachs and their employees. (The same source, OpenSecrets.org, now lists Goldman as only the second largest contributor, after the University of California). Apparently Michael Moore also makes mention of this fact in his new film, Capitalism (which I’m yet to see…. Rob Irwin, I’m looking at you).
I just remembered this today while listening to a recent episode of No Agenda where they mentioned that Adam Storch, a Goldman Sachs VP, has been made “COO of SEC Enforcement” under the Obama administration.
It looks like investing in Obama was a good bet for Goldman. Their stock value increased from $53.31 a share when Obama was elected to about $187.32 today. And they’ve skated through the financial crisis (which some people think they deliberately created) and hold many powerful positions in the Obama administration.
Other high level financial positions held in the Obama administration by former Goldman Sachs executives are Neel Kashkari, heading the TARP bailout; Mark Patterson, Chief of Staff for Treasury Secretary Timothy Geithner; Gary Gensler, top executive at the Commodity Futures Trading Commission; and finally Goldman has its top lobbyist, Michael Paese, Rep. Barney Frank’s top aide, who is the chair of the House Financial Services Committee. (source)
This is one of the inescapable downsides of capitalism. The people with the money buy the power. They also buy the media which, in turns, indoctrinates people with a belief in how great capitalism is.
Go back to sleep, America. Goldman Sachs is in control.