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Goldman sachs investing in political influence

Goldman sachs investing in political influence



A Venn diagram released by Harvard law professor and political activist Larry Lessig reveals the

A Venn diagram released by Harvard law professor and political activist Larry Lessig reveals the
shocking connections between our government and banking and investment giant Goldman Sachs.



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    Goldman sachs investing in political influence Goldman sachs investing in political influence Document Transcript

    • Goldman Sachs Investing in politicalinfluenceDavid GutierrezNatural NewsApril 15, 2012A Venn diagram released by Harvard law professor and political activist Larry Lessig reveals theshocking connections between our government and banking and investment giant Goldman Sachs.
    • Click for full image.Goldman Sachs was amajor contributor to (andbeneficiary of) the 2007subprime mortgage crisisthat helped initiate thecurrent depression. Thebank then proceeded toheavily avail itself of bailoutpayments and othermonetary assistance fromthe federal government.In 2010, the Securities andExchange Commission (SEC) filed a lawsuit against the company, alleging that it had deceivedinvestors about the nature of one of its products, costing them a total of $1 billion.Goldman Sachs was defended in the lawsuit by its longtime legal firm, Skadden, Arps, Slate,Meagher & Flom, LLP. One of its advisors on defense strategy was a partner in the firm by thename of Gregory Craig, who had left his job as White House Counsel only months before. Whenobservers raised ethical concerns, some of them pointing out that the Obama Administrationprohibits its former members from lobbying it for at least two years, Craig responded by saying, “Iam a lawyer, not a lobbyist.”Craig is a classic example of the “revolving door” in this country between industry andgovernment. He has moved back and forth over the years between government positions — heserved as foreign policy advisor to both Senator Edward Kennedy and to Secretary of StateMadeleine Albright — and legal work, often taking on major corporate clients like GoldmanSachs. Another striking example is Robert Rubin, who spent 26 years at Goldman Sachs, eventually becoming Co-Chief Operating Officer (COO), Co-Chairman, and a member of the Board. Months after leaving Goldman Sachs, he took a position as President Clinton’s Assistant for Economic Policy and head of the National Economic Council. Two years later, Clinton appointed him Secretary of the Treasury, a position he filled for another four and a half years. After leaving the Treasury Department, Rubin immediately returned to the financial sector and took a position with the megabank Citigroup. Is it any surprise that U.S. economic policy
    • continues to benefit big banks to the detriment of everydaypeople?Representing the CorporationsThe case of Gary Gensler is instructive in understanding theconstant conflict-of-interest produced when people movecontinually between industry and government. Genslerworked at Goldman Sachs for 18 years, achieved partner bythe age of 30, and was eventually appointed co-head offinance for the entire company. He served first as AssistantSecretary of Financial Markets and later as Undersecretaryof the Treasury for the Clinton Administration. In 2009,President Obama nominated him as chairman of theCommodity Futures Trading Commission.Senator Bernie Sanders of Vermont opposed Gensler’s appointment, noting that Gensler hadcollaborated “with Senator Phil Gramm and Alan Greenspan to exempt credit default swaps fromregulation, [leading] to the collapse of AIG and … the largest taxpayer bailout in U.S. history.”Sanders also said that Gensler had been partially responsible for the Enron collapse and hadsupported the Gramm-Leach-Bliley Act, which led to U.S. banks becoming “too big to fail.”In spite of Sanders’ objections, Gensler was appointed to the post, and already his Goldman Sachsconflicts-of-interest have become too obvious to gloss over. In November 2011, he was forced torecuse himself from an investigation of brokerage firm MF Global because the company’s CEO,Jon Corzine, had been a co-worker of his at Goldman Sachs.Jon Corzine is also a former senator and governor of New Jersey.Sources for this article include:http://www.naturalnews.comhttp://www.techdirt.comhttp://fairwhistleblower.cahttp://en.wikipedia.org/wiki/Goldman_sachshttp://en.wikipedia.org/wiki/Gregory_Craighttp://en.wikipedia.org/wiki/Robert_Rubinhttp://en.wikipedia.org/wiki/Gary_Genslerhttp://en.wikipedia.org/wiki/John_Corzine
    • Owe the IRS? You’re Not GoingAnywhereDiane MacedoFox NewsApril 15, 2012If he were in charge oftravel, the Soup Nazi mightsay, “No Passport for you!”In real life, travel may seemunrelated to taxes, exceptperhaps for those annoyingairport taxes on internationaldestinations. But a biggertax and travel connectioncould keep you athome—permanently.A tax law quietly proposed afew months ago—Owe IRSTaxes, Lose Your Passport—is quietly gaining momentum. Now more people have noticed. Ifyou owe the IRS? You’re not going anywhere if this law passes. In America, we love to tinkerwith our tax laws. Congress is always introducing one bill or another to tweak an already bloatedand increasingly dysfunctional tax system.It’s curious how ingredients go into the sausage, often making strange legislative bedfellows. Sen.Harry Reid (D-Nev.) proposed that if you owe the IRS more then $50,000, you shouldn’t get apassport. See Sen. Orrin Hatch’s Memo to Reporters and Editors. Now this ‘we-need-the- money’ provision has morphed into Senate Bill 1813, introduced by Senator Barbara Boxer (D-CA). It was introduced in November and passed by the Senate on March 14 “to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes.” At best, there seems a titular connection between this provision and highway safety. Nevertheless, the law would authorize the federal government to prevent Americans from leaving the country if they owe back taxes. It was Senate Majority Leader Harry Reid who
    • proposed allowing the StateDepartment to revoke, deny or limitpassports for anyone the IRS certifiesas having “a seriously delinquent taxdebt in an amount in excess of$50,000.”Does this apply in all cases? Mercifullyno. You could travel if your tax debt isbeing paid in a timely manner or inemergency circumstances or forhumanitarian reasons. But this isn’tlimited to criminal tax cases orsituations where the government fearssomeone is fleeing a tax debt. In fact, if the bill is passed you could have your passport revokedmerely because you owe say $60,000 and the IRS has filed a notice of lien. Bear in mind that theIRS files tax liens routinely when you owe taxes—it’s just the IRS way of putting creditors onnotice so the IRS will eventually get paid. See Tax Liens Means IRS Thinks You Owe. In thatsense, this you-can’t-travel idea seems pretty extreme. Some commentators note that a far smallersum of unpaid child support can trigger the same kind of passport action. Why shouldn’t unpaidtaxes, they argue? Others attack the proposal as potentially unconstitutional. Stay tuned as thisproposed law is debated. Robert W. Wood practices law with Wood LLP, in San Francisco. Theauthor of more than 30 books, including Taxation of Damage Awards & Settlement Payments(4th Ed. 2009 with 2012 Supplement, Tax Institute), he can be reached atWood@WoodLLP.com. This discussion is not intended as legal advice, and cannot be reliedupon for any purpose without the services of a qualified professional.Zeitgeist: Addendum video belowhttp://www.youtube.com/watch?v=1gKX9TWRyfsFiat Empire: Why The Federal Reserve Violates The U.S.Constitution video belowhttp://www.youtube.com/watch?v=8Xt5US8FUpwCreature From Jekyll Island Second Look at the Federal Reserve video belowhttp://www.youtube.com/watch?v=Dba9OY0QatU http://www.infowars.com/