Posted 2/12/2012 4:37:54 PM
Goldman Sachs is an international investment and securities bank, which received a $10 Billion bailout as part of the Troubled Asset Relief Program (TARP). After this bailout, Goldman Sachs disbursed bonuses of $1 million to each of 953 employees, and then later laid off 1,000 employees. Goldman Sachs also employed legal trickery to obtain $13 billion of the bailout money that had been directed to AIG.
Due to a variety of tax credits, Goldman Sachs' effective tax rate dropped from 34.1% to 1% in 2008. Some have accused them of shifting their earnings to subsidiaries in third world countries to accomplish this tax rate drop.
Goldman Sachs employed a series of legal trickery to allow Greece to hide the size of its debt before their economic collapse. Greece's national bonds' interest rates have soared to a very high level, causing their economic disaster. Petros Christodoulou, the head of Greece's debt management agency, began his career at Goldman Sachs. Several employees have been convicted of insider trading. Goldman Sachs has been implicated in the 2007-2008 "Food Bubble" (world food price crisis), accused of profiting off of many peoples' starvation.
Numerous high-level people have been moving between the Federal Government and Goldman Sachs positions. Former Goldman Sachs employees include:
- Mario Monti, Prime Minister of Italy
- Mario Draghi, Governor of the European Central Bank
- Henry Paulson, former Secretary of the Treasury
- Henry Fowler, former Secretary of the Treasury
- Stephen Friedman, former Chairman of the Federal Reserve Bank of New York
- Joshua Bolten, former White House Chief of Staff
- William Dudley, President of the Federal Reserve Bank of New York
- Bradley Abelow, former Chief of Staff and Treasurer of New Jersey
- Robert Zoellick, US Trade Representative; Deputy Secretary of State; World Bank President
- Petros Christodoulou, head of Greece's debt management agency
- Antonio Borges, former head of the International Monetary Fund's European Department
- Olusegun Olutoyin Aganga, Former Nigerian Finance Minister, current Nigerian Minister for Trade and Investments
- Robert Rubin, Obama's Chairman on the Council on Foreign Relations; Clinton's Secretary of the Treasury; Clinton's Director of the National Economic Council; former Chairman of Citigroup
Ties to the 2012 Presidential Election
Obama and Romney have clear and obvious ties to this scumbag organization. Don't vote for a candidate who has friends in low places. Vote for a candidate who has a proven track record of uncorruptability, Constitutional integrity, and obedience to his oath of office. Vote for Ron Paul.
- Goldman Sachs is Mitt Romney's #1 Contributor at $354,700
- Goldman Sachs is Tim Pawlenty's #1 Contributor at $57,500
- Goldman Sachs is Barack Obama's #19 Contributor at $64,474
- Goldman Sachs was Barack Obama's #1 Open Donor at $230,095.
- Goldman Sachs has contributed generously to Senate Banking Committee and House Financial Services Committee members, who are responsible for oversight over the industry.
- Goldman Sachs quietly gave over $800,000 to Barack Obama to jump start his Presidential bid.
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