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Hedge fund manager in Goldman Sachs case is major Dem donor
The Hill ^ | 4/16/10 | Alexander Bolton

Posted on 04/16/2010 7:43:50 PM PDT by NormsRevenge

The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties.

Campaign fundraising records show that John A. Paulson, founder and chairman of the hedge fund Paulson & Co., gave $30,400 to the Democratic Senatorial Campaign Committee in June, qualifying him as a major Democratic donor.

He also gave $2,300 to Senate Majority Leader Harry Reid’s (D-Nev.) reelection campaign in February of last year and $4,800 to Senate Banking Committee Chairman Chris Dodd (D-Conn.) last April, according to records filed at the Federal Election Commission.

But Paulson has also given thousands to Republicans and supported several GOP candidates for president in the 2008 election cycle.

Jim Manley, Reid’s spokesman, accused Republicans of promoting the issue behind the scenes to distract from the need to pass Wall Street reform.

“While I appreciate the fact that Republicans are trying to divert attention by raising this, and kudos to their oppo team for reacting so quickly, but I have one simple question myself,” Manley said. “Are these same Republicans prepared to vote for Wall Street reform next week or not, because Sen. Reid, for one, is going proudly vote to protect consumers instead of the big banks.”

“Needless to say, this goes to show that Sen. Reid does what he thinks is right,” Manley added. “The American people can judge what the effort by Republican to protect Wall Street says about them.”

Paulson’s support of Democrats, however, may give Republicans ammunition when Democrats bring their financial regulatory reform bill to the Senate floor next week, as planned.

But the argument will gain them only so much political traction because Paulson has poured tens of thousands into Republican coffers.

He gave $28,500 to the Republican National Committee in 2008, raising him to the level as major donor. He also gave $4,600 to Sen. John McCain’s (R-Ariz.) 2008 presidential campaign, as well as separate $2,437 checks to the Republican Parties of Minnesota, New Mexico, Colorado and Wisconsin.

These states were expected to be presidential battlegrounds when he made the contributions in the late spring of 2008.

Paulson & Co. was mentioned prominently in a fraud action the Securities and Exchange Commission filed against Goldman on Friday.

The SEC alleged that Paulson & Co. participated in a scheme in which Goldman sold subprime residential mortgage-backed securities to investors, such as foreign banks and pension funds, that were expected to lose value.

Paulson & Co. bet heavily against the value of the fund, named Abacus 2007-AC1, which included mortgage bonds it viewed as overvalued, earning millions at the expense of Goldman clients who invested in it.

Paulson & Co. was not named as a defendant in the suit, which was filed against Goldman and a Goldman vice president, Fabrice Tourre.

GOP aides on Friday were insisting the charges against Goldman were a serious problem for Democrats.

“It’s going to be tough for the president and other Democrats to brand others as they have while the Wall Street behemoth that has lined their pockets with millions is being investigated for fraud without looking like complete hypocrites,” one GOP aide said.

Goldman earned between $15 million and $20 million to create and market the fund to investors who did not know that Paulson helped select its holdings and then bet it would lose value, according to the SEC.

Reid seized on the allegations to argue that the Senate should pass a Democratic Wall Street reform bill.

“This is also why we need to pass strong Wall Street reform this year,” Reid said in a statement responding to the SEC suit against Goldman. “When we clean up Wall Street, we will establish clear rules of the road to help keep Nevada families in their homes while protecting consumers, investors and financial institutions.

“We will stop banks from becoming ‘too big to fail’ and end taxpayer bailouts,” Reid said. “Republicans should stop obstructing our efforts to hold Wall Street accountable so that Main Street can once again prosper.”

Paulson gave thousands to other senior Senate Democrats in previous election cycles. He gave $4,600 to Sen. Carl Levin (D-Mich.) and $4,600 to Sen. Max Baucus (D-Mont.) in 2008, according to FEC records.

Paulson also supported two other Republican candidates for president that cycle.

He gave $2,300 to Rudy Giuliani’s presidential campaign and $2,300 to Mitt Romney’s presidential campaign in 2007.

He gave $5,000 to House Republican Whip Eric Cantor's (R-Va.) leadership PAC in 2009 and a $1,000 contribution to Republican Rep. Virginia Foxx (N.C.) in 2008.

Democrats insisted the charges against Goldman would not make more difficult the effort to move legislation.

“This crackdown is the product of years of Bush administration and congressional Republicans cozying up to Wall Street and ignoring the interests of Main Street,” said Nadeam Elshami, a spokesman for Speaker Nancy Pelosi (D-Calif.). “This is why we need a strong bill to rein in the abuses of Wall Street to protect American jobs and pensions, and Republicans will either stand with the special interests or the American people.”


TOPICS: Breaking News; Crime/Corruption; Government; Politics/Elections
KEYWORDS: charade; donor; goldmansachs; hedgefund; johnpaulson; paulson; phonylawsuit; unholyalliance
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1 posted on 04/16/2010 7:43:50 PM PDT by NormsRevenge
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fwiw, He spread his or his company’s money around on both sides of the aisle.


2 posted on 04/16/2010 7:46:12 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: NormsRevenge

Yes they have but the President is the number one on the list of those receiving money from Wallstreet just above the beloved Sen. Chuck Schumer. Sen Gillibrand is the number one recipient of funds specifically from Goldman Sachs.


3 posted on 04/16/2010 7:49:47 PM PDT by Maelstorm (Some want to enslave your body others your soul.)
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To: NormsRevenge

‘Protection’ money.


4 posted on 04/16/2010 7:51:26 PM PDT by presently no screen name ( Repeal ZeroCare!)
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To: hennie pennie

*PING*


5 posted on 04/16/2010 7:59:01 PM PDT by CondoleezzaProtege (When I survey the wondrous cross...)
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To: NormsRevenge
"He spread his or his company’s money around on both sides of the aisle."

That is what investors do...they play both sides..even in the market. They could care less who "wins" politically as long as their bets are correct.

That said, in this case it appears that they were backing Rinos and Dems only, artificially propping up a move to fascism and socialism. Once the bets are made, they want a return on their investment. They got it...now it's time to parachute out.

I see another one going "under the bus" which appears to be code for early moneyed retirement.

6 posted on 04/16/2010 8:03:53 PM PDT by Earthdweller (Harvard won the election again...so what's the problem.......?)
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To: NormsRevenge

I’ll bet if you dig hard enough, George Soros’ filthy hands will be found somewhere in that.


7 posted on 04/16/2010 8:07:37 PM PDT by OrangeHoof (Washington, we Texans want a divorce!)
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To: NormsRevenge

The narrative is not that he is a major dem donor, it’s the the wonderful obumber is prosecuting him even tho he is a dem donor.


8 posted on 04/16/2010 8:23:17 PM PDT by JoSixChip (It's time to embrace the madness! The sooner we default the sooner we can reorganize.)
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To: NormsRevenge

He is protected. No jail time if found guilty.

Its a set up to show the masses that Obama is serious. He isn’t. He is a corporatist and Marxist. He will sacrifice the middle class. Of course, that is most Freepers.


9 posted on 04/16/2010 8:23:36 PM PDT by NewSlavery
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To: NormsRevenge
What else is new...these leftist crooks are connected...reminds me of Armand Hammer and some other money men- Lenin's major financier.
10 posted on 04/16/2010 8:42:18 PM PDT by eleni121 (For Jesus did not give us a timid spirit , but a spirit of power, of love and of self-discipline)
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To: NormsRevenge

11 posted on 04/16/2010 9:09:22 PM PDT by GalaxieFiveHundred
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To: NormsRevenge

“Nadeam Elshami” should tell you quite a bit - inholy alliance


12 posted on 04/16/2010 9:14:02 PM PDT by sageb1 (This is the Final Crusade, There are only two sides. Pick one.)
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To: GalaxieFiveHundred

$$$$$$$$$$$$$$$$


13 posted on 04/16/2010 9:14:18 PM PDT by timestax (Why do LIBERALS pay NO TAXES$$$? eh)
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To: NormsRevenge

No kidding!?


14 posted on 04/16/2010 9:17:27 PM PDT by patriot preacher (To be a good American Citizen and a Christian IS NOT a contradiction. (www.mygration.blogspot.com))
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To: NormsRevenge

Kind of a non-story... “The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties.”

An equal opportunity whore-payer who needs to be behind bars, regardless.

If it were up to me I’d throw the whole government out and draft productive Americans and choose them by lot. Would be a VAST improvement.


15 posted on 04/16/2010 9:30:32 PM PDT by VictoryGal (Never give up, never surrender! REMEMBER NEDA)
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To: NormsRevenge
Of course he's a Democrat. GS is all a bunch of Democrats. Why are you surprised?. I'm been in banking buz for 40 years and everyone knows there are the greediest bastards on Wall Street. The only question is why did the big O'B go after them—Oops, my mistake I forgot about the new “Bank Regulations Laws” they want to pass-Bail Out$$s Forever!!
16 posted on 04/16/2010 9:33:47 PM PDT by RWAubrey ("Men sleep peacefully in their beds at night because rough men stand ready to do violence on their b)
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To: NormsRevenge

Wow, he covered all the bases. But who had the power to make things happen?


17 posted on 04/16/2010 9:59:33 PM PDT by Marty62 (marty60)
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To: NormsRevenge

Paulson & Company

Alan Greenspan - advisory board member

******

Hedge fund manager John Paulson has profited more than anyone else from the financial crisis. His $3.7 billion payday in 2007 broke every record, and he made it all by betting against homeowners, shareholders, and the rest of us.

Paulson is the most conspicuous of Wall Street’s winners. Paulson & Co.’s funds (with an estimated $36 billion under management and growing by the day) were up a staggering $15 billion as the markets teetered in 2007; one fund gained 590 percent, another 353 percent. All this reportedly garnered him a personal payday of $3.7 billion, among the biggest in history.

By scoring returns of this magnitude, Paulson has dwarfed the success of George Soros.

Paulson makes no apologies. He describes in detail how he pulled off the greatest financial coup in recent history—a two-year bet that the calamity we are now experiencing would take place. It was a megatrade involving dozens of financial instruments, along with prescient wagers that banks like Lehman Brothers would eventually go under.

http://tinyurl.com/y6vvbql


18 posted on 04/16/2010 10:01:35 PM PDT by kcvl
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To: NormsRevenge

A research firm is now calling Paulson the George Soros of derivatives markets, where the bulk of speculation against European debt and the Euro is happening; the Telegraph says that so far “no hedge fund has put its head above the parapet in this destructive trade,” but the rumor is that Paulson is behind it.

If Paulson is the hedge fund king behind the parapet, as rumored in English and reported in Greek, then it would seem fairly likely that Paulson and Goldman partnered — colluded? — to build profitable short positions against Greek debt. That Goldman was shepherding hedge fund client Paulson around Athens in recent weeks would seem to suggest that the bank and hedge fund are working together in Greece.

Paulson and Goldman have partnered before — on the subprime short trades that won them enormous profits in the midst of the housing. Those trades have gotten a lot of attention, but the fact that Paulson and Goldman worked together to make it all happen has received much less ink. The story of Paulson’s investments is detailed in Gregory Zuckerman’s book, The Greatest Trade Ever. Goldman plays a prominent role, setting up the CDOs that Paulson would wager against, and then selling them to investors. The star Goldman trader who placed the bank’s winning bets against the subprime market, Josh Birnbaum, was reportedly in frequent contact with Paulson, at one point encouraging him to back off his bets (perhaps to make more room for Goldman).

Since Paulson was in the room with Goldman (and several other banks) when these CDOs were first conceived, it would seem that the fund had an unfair edge over the investors that would lose their shirt buying the securities. Zuckerman notes that Deutsche Bank suffered losses because it couldn’t find takers; that famous taker, AIG, may have been Goldman’s convenient solution.

These parallels raise obvious questions: was Paulson also in the room with Goldman before it tried to sell Greece on a new way to hide its debt this past November? As a hedge fund client of Goldman’s, did Paulson have special information about Greece’s true debt situation? Are Goldman and Paulson partnering, once again, to profit from the downfall of an entire country/continent?


19 posted on 04/16/2010 10:06:40 PM PDT by kcvl
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To: NormsRevenge

Um, on the Presidential side he supported McCain, Giuliani, and Romney. So, really, he didn’t support any Republicans.


20 posted on 04/16/2010 10:07:36 PM PDT by bIlluminati (Don't just hope for change, work for change in 2010.)
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To: NormsRevenge

Paulson does not appear as a defendant in the SEC’s lawsuit, which hones in on whether Goldman Sachs (GS, Fortune 500) disclosed conflicts of interest. But if the allegations in the suit are true, then Paulson had inside, perhaps non-public, and very material knowledge about a security that made him money — and lost Goldman clients $1 billion.

“Paulson’s fund is a private entity and his records are not public, which is probably why you haven’t seen charges brought against him,” says Keith Springer, president of Capital Financial Advisory Services. “The government may still be gathering information, but I can’t imagine them not going after him.”

In light of today’s SEC’s allegations, it seems inevitable that questions will arise regarding whether Paulson was manipulating the subprime market for his hedge fund’s gain, and what lengths he went to in order to make sure his big bet against the American economy came up a winner.

http://money.cnn.com/2010/04/16/news/companies/SEC_goldman_paulson.fortune/index.htm


21 posted on 04/16/2010 10:12:21 PM PDT by kcvl
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To: NormsRevenge

He was buying everyone off. And Goldman got quite a bang in bail out bucks! Generations of debt for Americans. I wish we had representatives as good as Goldman does.


22 posted on 04/16/2010 11:16:43 PM PDT by SaraJohnson
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To: NewSlavery

“corporatist “

Ron Paul is that you? Marxists like people with money. They are part of the elite and not the masses.


23 posted on 04/17/2010 4:33:40 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: NormsRevenge

Protection money...


24 posted on 04/17/2010 4:39:35 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...
The Democrats' bailout plan from last year, a bailout spearheaded by the Zero administration, is of course completely unmentioned. Weird coincidence. One of those accidental omissions by the "journalist" (partisan media shill) who repeatedly brings up that Paulson also gave to Republicans is that most did not win and were chosen by Paulson precisely because he wanted RINOs to be nominated but not elected -- IOW, he's a typical rich NY Democrat.
The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties. Campaign fundraising records show that John A. Paulson, founder and chairman of the hedge fund Paulson & Co., gave $30,400 to the Democratic Senatorial Campaign Committee in June, qualifying him as a major Democratic donor. He also gave $2,300 to Senate Majority Leader Harry Reid's (D-Nev.) reelection campaign in February of last year and $4,800 to Senate Banking Committee Chairman Chris Dodd (D-Conn.) last April, according to records filed at the Federal Election Commission... Paulson's support of Democrats, however, may give Republicans ammunition when Democrats bring their financial regulatory reform bill to the Senate floor next week, as planned... The SEC alleged that Paulson & Co. participated in a scheme in which Goldman sold subprime residential mortgage-backed securities to investors, such as foreign banks and pension funds, that were expected to lose value. Paulson & Co. bet heavily against the value of the fund, named Abacus 2007-AC1, which included mortgage bonds it viewed as overvalued, earning millions at the expense of Goldman clients who invested in it... Goldman earned between $15 million and $20 million to create and market the fund to investors who did not know that Paulson helped select its holdings and then bet it would lose value, according to the SEC. Reid seized on the allegations to argue that the Senate should pass a Democratic Wall Street reform bill... "We will stop banks from becoming 'too big to fail' and end taxpayer bailouts," Reid said... Paulson gave thousands to other senior Senate Democrats in previous election cycles. He gave $4,600 to Sen. Carl Levin (D-Mich.) and $4,600 to Sen. Max Baucus (D-Mont.) in 2008, according to FEC records. Paulson... gave $2,300 to Rudy Giuliani's presidential campaign and $2,300 to Mitt Romney's presidential campaign[s] in 2007. He gave $5,000 to House Republican Whip Eric Cantor's (R-Va.) leadership PAC in 2009 and a $1,000 contribution to Republican Rep. Virginia Foxx (N.C.) in 2008.
Thanks NormsRevenge.
25 posted on 04/17/2010 5:53:32 AM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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To: NormsRevenge

My question to Reid and every pol accepting huge sums of money from individuals involved in financial fraud:

How can we trust them to write anti fraud legislation that will hurt their biggest donors?

Isn’t it more likely this legislation will encumber honest financiers and provide cover for the frauds driving 18 wheelers through loopholes in the law?


26 posted on 04/17/2010 7:44:11 AM PDT by NotSoModerate
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To: Earthdweller

“Once the bets are made they want a return on their investment.”

Well, they sure got it when Paulson was working “for” President Bush. It is also interesting to note the as of 0/3/07, the CEO of GS had a $37 million salary. On 4/30/08 as the market was tanking his salary was upped to $74 million. That spring 43% of the stockholders voted for a Proposal that stockholders have an advisory vote on executive compensation. At that time the top 3 GS people were all paid more than $65 million. And this does not include stock options and other perks. This may have made them a little nervous, because on 4/22/09 the CEO salary was only $26 million. Cant’t wait to see what this spring’s info is.

SOURCE: Google “Forbes CEO Compensation” for the above dates. Look at a lot of the CEO salaries, both the financials, insurance, and health related. Gives one a much better idea of what all the fusses are about.


27 posted on 04/17/2010 10:06:53 AM PDT by gleeaikin
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To: kcvl; All

Check out my Comment #27 for more interesting Goldman Sacks fact.


28 posted on 04/17/2010 10:09:26 AM PDT by gleeaikin
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To: NotSoModerate

Folk, we have a

W I N N E R !!!!!!!!


29 posted on 04/17/2010 11:28:09 AM PDT by stephenjohnbanker (Support our troops....and vote out the RINOS!)
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To: NormsRevenge

No problemo... Holder will stop the process as soon as he gets another fat dem “donation.”


30 posted on 04/17/2010 11:36:21 AM PDT by Humidston (For the first time in my adult life I FEAR my government.)
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To: NewSlavery

No orange jumpsuits here. These are civil charges from the SEC.
Don’t forget this...
The U.S. Securities and Exchange Commission hired Adam Storch, a 29-year-old former employee in Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division ...

www.nydailynews.com/.../10/16/2009-10-

Also, buzz from Zerohedge..
Goldman sold 1,000 big SP today over 1,200.00. Was it just a hedge because they KNEW the SEC would do nail them to the cross? Is that insider trading? Who knows how many tens of thousands they sold in the ES?
(GS knew this was coming for a while. How much money did they make off of the actions of the SEC??)


31 posted on 04/17/2010 11:55:02 AM PDT by griswold3
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To: Maelstorm; rwrcpa1; molybdenum; Impy; TigersEye; floriduh voter; snippy_about_it; ovrtaxt; ...

Filing this [and your post 3] in ...

Obama-nomics link-list
http://www.freerepublic.com/focus/chat/2464021/posts

Lots of Goldman Sachs research at the bottom of the thread, strangely it was right before the investigation. G. Sachs is one of the sleaziest firms we ever had. FRegards ....


32 posted on 04/17/2010 2:34:43 PM PDT by Arthur Wildfire! March (Weakening McCain strengthens our borders, weakens guest worker aka amnesty)
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To: NormsRevenge

His “political investment strategy” could use a bit of re-tooling.


33 posted on 04/17/2010 7:59:24 PM PDT by Tainan (Cogito, ergo conservatus)
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To: gleeaikin

Just so there is no confusion - John A. Paulson, the hedge fund manager, who is the central figure in the article, is not the same person as former CEO of GS Henry “Hank” Paulson that was working “for” President Bush.


34 posted on 04/17/2010 8:07:11 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: kcvl; SunkenCiv
Paulson does not appear as a defendant in the SEC’s lawsuit, which hones in on whether Goldman Sachs (GS, Fortune 500) disclosed conflicts of interest.

To be precise, the SEC lawsuit against GS is for "fraudulent misrepresention" in the marketing of the nature and potential liabilities or problems with Abacus 2007 AC-1 $1B CDO. Paulson was not and could not be charged because he was not marketing and "misrepresenting" AC-1 CDO.

As a matter of fact, John Paulson - who was one of the pioneer of using Credit Default Swaps "insurance" instruments for synthetic shorting of other financial instruments (like CDOs, MBSs, SIVs) and financial firms that bought them - was buying cheap puts in the form of CDSs on these CDOs and paid GS $15M for structuring and marketing Abacus 2007 AC-1 CDO.

From SEC: "Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio while telling other investors that the securities were selected by an independent, objective third party."

The SEC lawsuit itself, though, is very iffy. This particular Goldman's CDO was a private placement, not registered offering, so the buyers were all pretty sophisticated institutional investors and funds, not naïve retail investors.

The real reason Goldman Sachs was hit with this SEC nuisance / publicity lawsuit is that Obama and Dems in the Senate are hoping to use the Republicans' and conservatives' intense dislike of Goldman Sachs and get them on board to push through [tougher] Finance Reform bill.

Of course, just like ObamaCare doesn't even attempt to deal with and contain rising medical costs, Obama's Finance Reform has nothing to do and doesn't deal with the sources of real estate bust and consequent financial crisis - insane Community Reinvestment Act (CRA) laws and de facto mortgage market regulators, government-owned Fannie, Freddie and FHA, which between them now own or control 9 out of 10 mortgages in U.S.

SEC lawsuit is just a red herring to make Financial reform possible or "tougher" than it othwerwise may be.

35 posted on 04/17/2010 8:52:30 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: NormsRevenge

Say it ain’t so, Joe! Say it ain’t so....


36 posted on 04/17/2010 9:06:23 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: NormsRevenge
Paulson... an equal opportunity buyer of whores...
37 posted on 04/17/2010 9:07:19 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: NormsRevenge

Well yeah!!!! The list went across the scroller on Fox last night, 40K to the DNC, a ton of money to Schumer and Dodds and Obama..


38 posted on 04/17/2010 9:07:29 PM PDT by Arizona Carolyn
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To: Arthur Wildfire! March

The only thing that surprises me is that this is news, I looked this info up back in the run-up to the vote for stimulus and I never did trust Hank Paulson, plus anyone paying attention new all bailout roads led money-wise right back to Goldman Sacs....


39 posted on 04/17/2010 9:10:02 PM PDT by Arizona Carolyn
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To: CutePuppy

Thanks CP.


40 posted on 04/17/2010 9:12:27 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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To: NormsRevenge

Wall street can go jump off a cliff straight to he!! - the sooner the better.


41 posted on 04/18/2010 12:13:59 AM PDT by TheDailyChange (Politics,Conservatism,Liberalism)
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To: kcvl

He was betting on the failure of Democrat Government Programs..A sure bet.


42 posted on 04/18/2010 3:33:09 AM PDT by screaminsunshine (i)
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To: Arizona Carolyn

The news is that the ‘snewz’ teams picked up is that their crime boss is turning on someone. They smell a great scapegoat-arama. But we’ve tied in Sachs with the left for a long time.


43 posted on 04/18/2010 5:13:41 AM PDT by Arthur Wildfire! March (Weakening McCain strengthens our borders, weakens guest worker aka amnesty)
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To: presently no screen name
"Protection" money.

Exactly. Pay to Play. Shows the creeping fascism / crony capitalism that infects the country.

44 posted on 04/18/2010 7:05:46 AM PDT by ecomcon
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To: NormsRevenge

Goldman Sachs exec named first COO of SEC enforcement

WASHINGTON – A Goldman Sachs executive has been named the first chief operating officer of the Securities and Exchange Commission’s enforcement division.

The market watchdog says Adam Storch, vice president in Goldman Sachs’ Business Intelligence Group, is assuming the new position of managing executive of the SEC division.

http://news.yahoo.com/s/ap/20091016/ap_on_bi_ge/us_sec_enforcement_official;_ylt=AqvWI0_xRBsc9L4981LJnuOs0NUE;_ylu=X3oDMTNkZDJyanBxBGFzc2V0A2FwLzIwMDkxMDE2L3VzX3NlY19lbmZvcmNlbWVudF9vZmZpY2lhbARjcG9zAzUEcG9zAzIEcHQDaG9tZV9jb2tlBHNlYwN5bl9oZWFkbGluZV9saXN0


Adam Storch Named Managing Executive of SEC’s Enforcement Division
FOR IMMEDIATE RELEASE
2009-220

Washington, D.C., Oct. 16, 2009 — The Securities and Exchange Commission today announced that Adam Storch has been named to the newly-created position of Managing Executive of the SEC’s Division of Enforcement.

http://www.sec.gov/news/press/2009/2009-220.htm


45 posted on 04/18/2010 7:22:49 AM PDT by WOBBLY BOB ("The welfare of humanity is always the alibi of tyrants"-Albert Camus)
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To: kcvl

9/22/08

Here is the ‘money quote’ as they say:

“Let’s start with the numbers. Why is a first term Senator pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org). John McCain’s numbers, according to OpenSecrets.org for the period 1990-2008 (i.e., 18 years worth of data) only collected $549,584.00. In other words, Barack is receiving $273,582.25 (and 2008 is not over) per year while McCain raised a paltry $30,532.44.

Want another shocker? Barack Obama has received more from one source–Goldman Sachs $542,252.00–than McCain has from all of the companies combined. Who the hell is more beholden to lobbyists? And why does a junior Senator from Illinois rate this kind of dough?”

http://noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/#more-4939


46 posted on 04/18/2010 7:24:02 AM PDT by WOBBLY BOB ("The welfare of humanity is always the alibi of tyrants"-Albert Camus)
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To: bIlluminati
Thanks for these words of clarity:

Um, on the Presidential side he supported McCain, Giuliani, and Romney. So, really, he didn’t support any Republicans.

The Rino Presidential candidates picked by the left wing mediots and the liberal elites who control their pet mediots.

47 posted on 04/18/2010 7:54:34 AM PDT by Grampa Dave (Use your $'s as weapons! Boycott Gay Frisco, since they keep Pelosi in congress.)
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To: NormsRevenge

I not sure if this has been posted before.....but a good insight on how we’re all getting ripped off big time....

http://www.youtube.com/watch?v=ssl5yb7FewA&sns=fb


48 posted on 04/18/2010 8:26:59 AM PDT by Doogle (IT'S THAT TIME AGAIN....donate, because it's the RIGHT thing to do)
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To: NormsRevenge

When dems whine that repubs are the “party of big business” they are only half right. Dems are also the party of big business.

Patriots and conservatives don’t rely on corporations to defend freedom.

They will throw conservatives under the bus just as fast as they do libs. They go where their bread is buttered and the political winds are blowing.

They don’t care about America or freedom. I don’t expect them to.


49 posted on 04/18/2010 12:37:12 PM PDT by Eric Blair 2084 (Beware of the Socialist Government-Academia Grant Junkie-Rich "non-profit"-Liberal Media Complex)
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To: CutePuppy; kcvl; SunkenCiv
More evidence that this is a purely political move (and timing) on the part of SEC, designed to help Obama and Dems push the Financial Reform bill through Senate.

Goldman received Wells Notice 9 months ago, so they had plenty of time to quietly settle the matter, if there was anything to it. Most of these result in consent decree aka negotiated settlement arrangements.

The lawsuit itself is so narrow and requres a "proof of negative" from the government (it's about what GS "misrepresented" to buyers by not telling them about who was on the other side of the trade, which is consistent with the usual practice of private placements by any investment company anyway) that it essentially specifically excludes a counterparty (John A. Palson & Co.) from any liability and is [almost] designed to fail in court. Usually the government likes to make charges as broad as possible, in this case they created an almost destined to fail, narrow "proof of negative" contract law case.

Abacus Let Goldman Shuffle Mortgage Risk Like Beads - BL, 2010 April 17, by Jody Shenn and Bob Ivry

Goldman Sachs Said to Have Been Warned of SEC Suit - BL, 2010 April 17, by Joshua Gallu and David Scheer

Democrats Say Goldman Sachs Fraud Suit Bolsters Case for Rules - BL, 2010 April 17, by Alison Vekshin

For Some Investors, Another Reason to Distrust Wall Street - CNBC, 2010 April 16, by Jeff Cox

The Obama's Democrats equivalent of the Reichstag fire?

50 posted on 04/18/2010 1:32:15 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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