President Obama is promoting a bill by the Senate Banking Committee Chairman Chris Dodd(D-CT) that would reward the Financial Firm Goldman Sachs with up to Billions of Dollars. The bill implements a $50 billion resolution fund to the firms creditors through fees that would come from banks and other businesses, which the bill calls a "nonbank financial company." Critics are calling it a "backdoor bailouts" to Goldman Sachs who was already payed $12.9 billion in tax dollars through the bailout of AIG.
Supporters are denying the bill is a bailout because its demands the removal of some management positions but Financial Crisis Inquiry Commission member Peter Wallison said "that act - paying off the creditors when the government takes over a failing firm - is a bailout. It doesn't matter that the management lose their jobs, or that the shareholders get nothing. When the creditors are aware that they will get a better deal with the failure of a large company than they will get with a small one that goes the ordinary route to bankruptcy, that is a bailout."
Goldman Sachs is being investigated by the SEC for securities fraud for misleading clients about investments costing them over $1 Billion and has hired President Obama's former White House Counsel to defends itself against the charges. This will only further allegations of the Presidents ties to the firm.
Senator Dodd said "The financial reform bill pending in the Senate would have prevented the type of dealings that led to a civil complaint against Goldman Sachs." Dodd claims that the bill would create more transparency on Wall Street and denies the allegations against the bill aiding Goldman Sachs stating "by not enacting our legislation, by filibustering it, stopping it, we leave the American public vulnerable once again to the kind of shenanigans that have occurred in our large financial institutions across this country."
Jonathan Tasini who is a democratic candidate for the US Senate wrote a letter in the Huffington Post to DNC Chairman Tim Kaine, asking "that, as chair of the party, he use his powers to make sure that no Democratic Party candidate, and no campaign committee or leadership PAC, accept a single dollar from Goldman Sachs, and that all those entities return any money pocketed from Goldman Sachs during this cycle." He went on to say that "I have asked him to go one step further: in order to support President Obama's legislative efforts to reform Wall Street, that he banish all money from the financial services industry from the coffers of any Democratic Party candidate or entity." While I applaud him for demanding that candidates turn down money from Wall Street, he is misguided to support a bill that would shield financial institutions from investigation and reward their crimes.
Obama who's approval rating is plummeting is now trying to promote this bill as a populist measure to regulate corruption on Wall Street. Obama supported the massive bailouts of wall street which Dodd orchestrated from the Senate. Obama's 2nd top source of campaign contributions was from Goldman Sachs, therefore he cannot be trusted to bring reform to our financial sector when they were the ones who brought him into power. If this bill passes bankers will continue to be able to make as much money as they can off the backs of the tax payers.
Comments
"Obama's 2nd top source of campaign contributions was from Goldman Sachs".
Obama's total take for his campaign was $781 million (!!!!), almost $9 million of which was left after the campaign ended. Thus the $1 million contributed by Goldman Sachs employees was irrelevant to Obama's success. Goldman may have assisted in other ways ... but IMO Obama owes his victory to the corporate media, which acted as his cheerleaders throughout (and was a big reason he was able to raise those $781 million).
This country is going to hell.
So, how does a president accumulate $5.5 million in income for a single calendar year?
Anyone?
very good article, was written in plain language, so any reader could understand the facts, thanks
going to hell??? we've been handed a hand basket (years ago) and many are willing climbing into it. not me i'm running the other way. however, we need to find another way. even the "tea-party" has been co-opted. i hope more us americans wake up really soon.
They are the children of satan Revelation 2:9,3:9
Jewish Encyclopedia
Khazars, a non-Semitic, Asiatic, Mongolian tribal nation who emigrated into Eastern Europe about the first century, who were converted as an entire nation to Judaism in the seventh century by the expanding Russian nation which absorbed the entire Khazar population, and who account for the presence in Eastern Europe of the great numbers of Yiddish-speaking Jews in Russia Poland Lithuania, Galatia
The Encyclopedia Judaica, Vol. 10,1971)relates the following about the Khazars Chazars
Khazars, a national group of general Turkic type, independent and sovereign in Eastern Europe between the seventh and tenth centuries AD During part of this time the leading Khazars professed Judaism
Academic American Encyclopedia, Deluxe Library Edition, Volume 12, page 66 states
The Khazars, a Turkic people, created a commercial and political empire that dominated substantial parts of South Russia during much of the 7th through 10th
Sir,
you are an idiot to say the least.
I've never seen any russian jew with a facial features of the mongol, turk etc.
1000 years or more is not enough time to dissolve genetic traits of asians...
Plus most recent dna testing proves that as well.
your entire theory is anti- scientific, racist , and plain stupid.
Go study this subject some more before you jump to any conclusion, you moron.
Robert
your article showed that you're confused.
1) You know fully well that both parties took money from Wall Street, but you omitted that fact.
2)50 billions collected from banks etc. for the reasons that when the banks need to be rescued, it doesn't come out from tax payers' pocket. Good idea? Bad idea? Who knows.
3)You forgot that bailout started with Hank Paulson, who served under Bush.
4)For 8 years, Goldman raided main street (2009 bonus pool, 21 billions) under the watch of Bush's SEC. What did Bush do for American people on that? Nothing.
At least this SEC has the courage to bring the case against the Goliath. But it's not easy; two Republican SEC commissioners almost killed the case before it got out SEC's door. See this Bloomberg report:
Republican commissioners Kathleen Casey and Troy Paredes voted against suing...
bloomberg.com/apps/news?pid=20601087&sid=amvJPx_1cPwo&pos=1
They should take all unvested stock options and bonuses and put those into the fund. If a bank fails, all the other big banks will pay for through this employee retirement funded account. All the TBTF banks/the top 10 or 20, no exceptions.
They should take all unvested stock options and bonuses and put those into the fund. If a bank fails, all the other big banks will pay for through this employee retirement funded account. All the TBTF banks/the top 10 or 20, no exceptions.
Which is exactly what the Bill Moyers & William Black investigative news reports on PBS said, that the news media has been cheer leaders & coverup artists for wallstreet, the banksters & the corrupt politicians of both parties.
Um, president sponsor legislation? Dodd is the sponsor, presidents sign legislation.
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