Goldman Sachs domination...Global Coup d'etat?

On Monday, the Bank of England named former Goldman Sachs investment banker Mark Carney as its new chief – adding to the long list of former Goldman Sachs bankers who've seized positions of immense power all around Europe and the rest of the world. As Europe descends into an austerity-induced economic crisis, Goldman Sachs is making sure it gets all of its failed investments back. As the British newspaper The Independent reported earlier this year, the Conservative technocrats steering fiscal policy in the Greece, Germany, Italy, Belgium, France, and now the UK, all hail from Goldman Sachs.

In fact, the head of the European Central Bank itself, Mario Draghi, was the former managing director of Goldman Sachs. It’s widely known that Goldman Sachs made the euro problem worse when it helped Greece hide their debt back in 2002. As the DailyKos describes the scheme Goldman is playing, “The normal scenario usually involves helping a nation hide a problem and sell its debt until the problem blows up into a bubble that bursts in a spectacular way…Goldman Sachs then puts their ‘man’ into a position of power to direct the bailouts so that Goldman gets all its money back and more, while the nation's economy gets gutted.”

The same thing has happened in the United States, as the last two Treasury Secretaries came from Goldman Sachs, and Goldman made out like a bandit in the 2008 Wall Street bailouts. Plain and simple, when a bank the size of Goldman can run the world, democracy is dying.


Palindromedary's picture
Palindromedary 11 years 30 weeks ago

“the first thing you need to know about Goldman Sachs is that it is everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” -Matt Taibbi

"Goldman Sachs are scum." --Max Keiser

Palindromedary's picture
Palindromedary 11 years 30 weeks ago

And while the world is ruled by Goldman Sachs...other insidious pipsqueaks, like the idiot in Kentucky, who just happens to be a Baptist minister and long-time Democratic state representative, has helped make it illegal in the state of Kentucky (using the Patriot Act) to be an atheist. In Kentucky, you have to "acknowledge the security by the Almighty God--or risk 12 months in prison."
With Democrats like that....who needs enemies?

barb 1's picture
barb 1 11 years 30 weeks ago

Pretty Scary: The neo-liberal project takes over the world. This will not be good. I think they need to be reminded "NO JUSTICE, NO PEACE!"

akunard's picture
akunard 11 years 30 weeks ago

When we bailed out AIG, Goldman was the only one to be paid 100 cents on the dollar. Thanks Hank!

The talking heads CNBC, etc. always saying the Goldmans trading desks the best traders in the world. Never have a losing week. Last year it was found out Goldman was front running their large clients. Paid a fine and told "Don't do it again" .

Add up all you have heard bad about GS multply by 10,000 and you won't be close.

Jagor 11 years 30 weeks ago

You state that the "last two Treasury secretaries" worked at Goldman Sachs. That is erroneous. Timothy Geithner never worked at Goldman Sachs. You or your researchers should know this. God knows that vampire squid Goldman Sachs is bad enough as it is without making up stuff!

leighmf's picture
leighmf 11 years 30 weeks ago

Who's Who?

1848 original American Trust Co./Mercantile Trust Co. of San Francisco (Harriman)

3/12/1881 American Trust Co., Boston; controls Union Safe Deposit Vault (UBS + UP RR)

1/1/1927 American Trust Company (acquired The Acummulating Fund Assn. 1854)

8/1929 Goldman Sachs took control of American Trust

3/25/1960 Wells Fargo and American Trust merged

leighmf's picture
leighmf 11 years 30 weeks ago

I would disagree that Goldman Sachs rules the world- I think it is Arms Manufacturing Empires that rule.

David Abbot's picture
David Abbot 11 years 30 weeks ago

Well, it's good to have a name to attach to the crime.

leighmf's picture
leighmf 11 years 30 weeks ago

How about General Dynamics, aka GD?

paranoid's picture
paranoid 11 years 30 weeks ago

The plan to rule the world is working out just the way it should.

Goldman Sachs are stationing its personnels in the right position to

distort the economy to fail. Now,they just need to build up the military

to be efficient to control designated areas: U.S. and Europe.

barryjb's picture
barryjb 11 years 30 weeks ago

Thom you are sounding a lot like the road to roota by Bix Wier. Be carful.

chuckle8's picture
chuckle8 11 years 29 weeks ago

How full is that car?

Could give us a couple of summary lines from "road to roota"?

Kend's picture
Kend 11 years 29 weeks ago

Mark Carney a liberal has done a outstanding job as the governor of the Bank of Canada. Any country that gets him is extremely lucky. Canada's banking system has been ranked number one in the world for years. Investors are coming from all over the world to invest here because of it's stable secure banking system. Mr Carney will be missed.

I don't know much about Goldman Sacks but who should they hire someone that worked at Walmart?

Yes me a conservative said I liked this liberal. Give credit when credit is do.

chuckle8's picture
chuckle8 11 years 29 weeks ago

What makes him a liberal?

Is he a liberal for both social and economic issues? Especially, does he think there are banks to big to exist? Has he ever broken up a big bank?

delonix's picture
delonix 11 years 29 weeks ago

Hartmann actually said Geitner "worked closely" with Goldman as President of the NY Fed and did not attribute his employment as being with Goldman Sachs.

delonix's picture
delonix 11 years 29 weeks ago

Thank you for this scary and informative broadcast. I believe that you skipped a Greek election and missed the current prime minister, Samaras. Between Papademos and Samaras was a caretaker, Pikrammenos. This is a based on Wikipedia, and remembering these trivia is heroic by any means. Thanks again.

megalomaniac's picture
megalomaniac 11 years 29 weeks ago

Corporate Banking in America has had the courage to sack the treasury by using or legislating laws that intentionally syphon public money via bailouts. A relationship of mutual benefit or dependence, that symbiosis is part of the equation that American upper crust just has difficulty with.

It is simple as Thom Hartmann has said America needs to revise the basic standard of living wage. Watching Thom talk about the visual evidence, people killing or injuring each other in mob action to get a deal in retail Friday.

Reflecting on this for the worst moment, those that have enormous wealth could find themselves holding their doors shut at their mansions to prevent being overrun by the desperate people who are way past believing that notion of job creators with money will do anything good. The Robin Hood community is around the corner. With the new leadership, Robin, a yank, guess his name is Mark Carney, blessed by her majesty the Queen. This has to be a brilliant appointment or her majesty is a real confused Lizzie. The question is will Mr. Carney recognize the problem to give balance to the system, because the European and American citizen will deal with the aristocrats with sweeping actions, they should know, the one percenters, they are very replaceable.

Doing some Google research for me is a huge disappointment, finding out U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department's criminal division, were partners for years at a Washington law firm that represented a Who's Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.

While Holder and Breuer were partners at Covington, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co - as well as at least one other bank that is among the 10 largest mortgage servicers. WOW. No wonder nothing is done to prosecute banksters. Which means the first order of business is to get a new Attorney General. Obama is too new to be that connected to the old Greenspan model of the past several decades. So if Obama does nothing about this conflict of interest he is bought out too. Hope that is not the case. It’s a tough decision a whole lot of people are going to jail.

No Fraud's picture
No Fraud 11 years 29 weeks ago

Ahhh...Ye Ol Patriot Act. Sold as a means of Absolute Security to help end Terrorism.
Something tells me that more and more people are starting to wake up to the fact that you can't have absolute freedom and absolute security at the same time; it's like two solids trying to occupy the same space...It ain't possable. Than again...In a plutocratic world of "Us and Them" - "them" being; Kookie flag waving jingos with their even nuttier Right Wing Christian Agenda, "us" being not that - the Law of physics does not apply.

hankgagnon's picture
hankgagnon 11 years 29 weeks ago

GOLDMAN SACHS SHOULD BE DECLARED AN ENEMY OF THE STATE! They've done more damage to the USA and the world than any mid eastern country ever has! This scheme the Big Banks are perpertrating on us cut Americans salaries so we need to borrow from financial institutions to buy anything is killing us. The only winners are the Banksters VIA interest payments from all of us. This is why they have killed the private sector workers with unfair free trade agreements, and have been going after the public sector workers for years now by villianizing them because they want to make a liveable wage. GOLDMAN SACHS are not American. They are greedy bastards who only become Americans when they need our Military to protect their cowardly/Greedy/Scumbag asses and their financial interests

Kend's picture
Kend 11 years 29 weeks ago

Before he took this job he was seriously thinking of running for the Liberal Party of Canada. It doesn't get more liberal than that. Banks don't need to be small to be good if the Right banking rules are in place. We don't let people mortgage 110% of there homes here. It is much harder to qualify that is why we didn't have the housing problems you had.

Choco's picture
Choco 11 years 29 weeks ago

Goldman Sachs was already in control in 2008

How Goldman Sachs took over the world

Whether it's a credit crunch to fix or an Olympics to plan, the list ofGoldman Sachs alumni is sure to have a candidate

Tuesday, 22 July 2008

If there's something weird in the financial world, who you gonna call? Goldman Sachs.

The US government, involved in a firefight against the conflagration in the credit markets, is calling in another crisis-buster from the illustrious investment bank, this time Goldman's most senior banker to finance industry clients, Ken Wilson.

And so with this appointment, the Goldman Sachs diaspora grows a little bit more influential. It is an old-boy network that has created a revolving door between the firm and public office, greased by the mountains of money the company is generating even today, as its peers buckle and fall.

Almost whatever the country, you can find Goldman Sachs veterans in positions of pivotal power.

The 61-year-old Mr Wilson has already proved influential in deals to recapitalise and reorganise some of America's listing banks. At the Treasury he will advise on what the federal government must to do help the process, but he will face scrutiny from those concerned about the tentacles wrapping lightly around government from Wall Street's mightiest bank. For the time being, bailing out Wall Street looks to be the same as bailing out the economy, but if those diverge there could be more questions asked about the influence of Goldman Sachs alumni on public policy.

George Bush picked up the phone this month, partly at the instigation of another Goldman Sachs alumnus, his Treasury secretary, Hank Paulson. Together with Mr Bush's chief of staff, Joshua Bolten, there will be three Goldman Sachs old boys in major positions of influence in the White House – but the US government is hardly alone in finding the bank's executives to be attractive hirees.

They are well-credentialed, partly by design. From its beginning when the German immigrant Marcus Goldman began discounting IOUs among the diamond merchants of New York in the 1870s, Goldman Sachs has always known about the power of the network of influence. Goldman hires former politicians and civil servants, as readily as it supplies them.

And then there is simply the intellectual quality of the employees, many hired as much youngster men via a gruelling interview process, and then forged in the fire of 17-hour work days.

With Goldman Sachs at the heart of Wall Street, and Wall Street at the heart of the US economy, few expects its power to wane. Indeed, The New York Times columnist David Brooks noted that Goldman Sachs employees have given more money to Barack Obama's campaign for president than workers of any other employer in the US. "Over the past few years, people from Goldman Sachs have assumed control over large parts of the federal government," Brooks noted grimly. "Over the next few they might just take over the whole darn thing."

John Thornton

From his post as professor and director of global leadership at Tsinghua University in Beijing, the former Goldman Sachs co-chief operating officer John Thornton has become a highly-influential figure in the developing business and poltical inter-relations between the US and China. He was Goldman's boss in Asia in the mid-Nineties and remains well connected in the East and the West.

Duncan Niederauer

Wall Streeters joked about a Goldman Sachs "takeover" of the New York Stock Exchange. Hank Paulson, the Goldman boss on the NYSE board, moved to oust the chairman, Dick Grasso, and recommended the then chief operating officer of Goldman, John Thain, as Mr Grasso's replacement. Mr Thain modernised the exchange as demanded by Goldman, and Mr Thain's old Goldman deputy, Duncan Niederauer, is in charge.

Jon Corzine

The former co-chief executive of Goldman went into full-time politics in 1999, having lost the internal power struggle that preceded the company's stock-market flotation in 1999. He has been governor of New Jersey since 2006, having spent the previous six years in the US Senate. His 2000 Senate election campaign was then the most expensive ever in the US, and Corzine spent $62m of his own money.

Joshua Bolten

For five years until 1999, Mr Bolten served as director of legal affairs for Goldman based in London, effectively making him the bank's chief lobbyist to the EU. The Republican lawyer aided George Bush's 2000 election campaign, helped co-ordinate policy in the White House and has been the President's chief of staff since 2006.

Paul Deighton

The man heading London's planning for the 2012 Olympic Games, Paul Deighton amassed a fortune estimated at over £100m during his two decades at Goldman Sachs, where he had been one of its most powerful investment bankers.

Robert Rubin

A US Treasury secretary under Bill Clinton, Mr Rubin could once again emerge as a powerful figure in Washington if Barack Obama wins the presidency, since he has maintained his influence on Democrat politics. Mr Rubin reached the second-highest rung at Goldman, becoming co-chief operating officer before joining the US government in 1993.

Gavyn Davies

The ex-chairman of the BBC still has the ear of Gordon Brown, to whom he has been a good friend and informal adviser. He is married to the Prime Minister's aide Sue Nye. Mr Davies spent 15 years as an economist at Goldman. He was commissioned to report on the future funding of the BBC by Mr Brown in 1999. Two years later, he was poached to chair it.

Jim Cramer

This former Goldman trader is, without question, the most influential stock pundit in the US. Hectoring and shouting his investment advice nightly on his CNBC show, Mad Money, he routinely moves share prices. His primal scream against the Federal Reserve ("They know nothing") was a YouTube sensation last year, as the central bank refused to lower interest rates to ease the pain of the credit crisis on Wall Street.

Robert Zoellick

Goldman provided a lucrative home to Robert Zoellick, the neo-conservative Republican, between the time he quit as Condoleezza Rice's deputy at the State Department in 2006 (having not secured the job he coveted as Treasury Secretary, when it went to Hank Paulson) and his appointment last year as head of the World Bank. At Goldman he had acted as head of international affairs, a kind of global ambassador and networker-in-chief.

Mario Draghi

The head of the Italian central bank is another example of the revolving door between Goldman and public service. Mr Draghi had been an academic economist, an executive at the World Bank and a director-general of the Italian treasury before joining Goldman as a partner in 2002. He is becoming a significant figure in the response to the credit crisis, chairing the financial stability forum of central banks, finance ministries and regulators.

Malcolm Turnbull

Treasurer for the opposition Liberal Party, Mr Turnbull is one of the fastest-rising politicians in Australia. He was the aggressive advocate who took on and beat the British Government in the Spycatcher trial of the former MI5 agent Peter Walker, but he then pursued a career in business and ran Goldman Australia from 1997 to 2001, before jumping in to politics to serve as environment minister under John Howard.

Hank Paulson

Cometh the hour, cometh the man. President George Bush must be delighted he lured a reluctant Hank Paulson away from his $38m-a-year job as Goldman Sachs chief executive in 2006, just in time to deal with the Wall Street crisis that has engulfed the entire US economy. The bird-watching enthusiast had been a surprising choice as Treasury secretary, since his environmentalism was at odds with much of Bush's policy.

chuckle8's picture
chuckle8 11 years 29 weeks ago

Theoretical they do not have to be small. In the US they have to be small to keep them from making the rules; thanks to citizens united etc. Have you heard any policy statements from Mark Carney about what needs to be done to the banking system in Europe? My favorite would be a bank haircut. Has Mark said anything about capital requirements?

chuckle8's picture
chuckle8 11 years 29 weeks ago

Now I know why I vote my proxies like I do. I read the candidate board member's history, and if he ever worked for a financial firm, I vote against him. I realize my measly 100 shares have no influence, but it feels good.

calipygio's picture
calipygio 11 years 29 weeks ago

"Are Banksters & the Fed Becoming the Fourth Branch of Our Government?"

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tumpman2112 10 years 8 weeks ago

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tumpman2112's picture
tumpman2112 10 years 6 weeks ago

Goldman Sachs was a top contributor to Obama and it was pennies on the dollar for them. The U.S. Government all but works for Goldman Sachs and it's the pretty much the same for the British. Don't ever think our governments haven't been bought and paid for.

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tumpman2112's picture
tumpman2112 10 years 6 weeks ago

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tumpman2112's picture
tumpman2112 8 years 10 weeks ago

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tumpman2112 7 years 46 weeks ago

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tumpman2112 7 years 42 weeks ago

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Thom's Blog Is On the Move

Hello All

Thom's blog in this space and moving to a new home.

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