The Goldman Sachs Connection

The Independent, a UK paper has an interesting article on Goldman Sachs, the global monetary crisis, and how many Goldman Sachs former associates including Jon Corzine are in positions of power throughout the world.

The article commences with Goldman Sachs latest power broker being called by government to clean up the mess that they helped create in the first place.  I guess it makes sense. If you want to secure your house against breaking and entering, hire a former burglar as a consultant! Who knows better how to stop crime than a former criminal?

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.

The article then goes on to offer this ominous warning:

“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.”

It ends with a list of Goldman Sachs power brokers now in charge in various capacities in government:

John Thornton – a highly-influential figure in the developing business and poltical inter-relations between the US and China.

Duncan Niederauer – in charge of NYSE.

Jon Corzine – 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 – aided George Bush’s 2000 election campaign, helped co-ordinate policy in the White House and had been the President’s chief of staff since 2006.

Paul Deighton – heading London’s planning for the 2012 Olympic Games,

Robert Rubin – US Treasury secretary under Bill Clinton

Gavyn Davies – ex-chairman of the BBC, married to the Prime Minister’s aide Sue Nye

Jim Cramer from Mad Money

Robert Zoellick – head of the World Bank

Mario Draghi – head of the Italian central bank

Malcolm Turnbull – Australia

Hank Paulson – US Treasury


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