Democrat Dirty Laundry: Goldman Sachs to Dems: Bring on the Bailouts

Goldman Sachs to Dems: Bring on the Bailouts
Democrats and Wall Street, Hand-in-Hand on Financial Regulatory Reform

SPIN CYCLE: Obama Criticized and Attempted to Distance Himself from Wall Street

“’One of the most significant contributors to this recession was a financial crisis as dire as any we’ve known in generations — at least since the ’30s and that crisis was born of a failure of responsibility — from Wall Street all the way to Washington — that brought down many of the world’s largest financial firms and nearly dragged our economy into a second Great Depression,” he said. ” Some — and let me be clear, not all — but some on Wall Street forgot that behind every dollar traded or leveraged there’s family looking to buy a house, or pay for an education, open a business, save for retirement. What happens on Wall Street has real consequences across the country, across our economy.’” (“Obama pushes financial reform in NYC,” MSNBC, 4/22/2010)

RINSE CYCLE: Goldman Sachs Hand-in-Hand on the Democrats’ Permanent Wall Street Bailout

A financial regulatory reform bill has at least one supporter outside of Congressional Democrats, Lloyd Blankfein, the head of investment bank Goldman Sachs.

“I’m generally supportive,” Blankfein told the Senate Permanent Subcommittee on Investigations.

Wall Street will benefit from the bill because it will make the market safer, Blankfein said.

“The biggest beneficiary of reform is Wall Street itself,” he said. “The biggest risk is risk financial institutions have with each other.”

American consumers also would benefit from better regulations, he said.

Blankfein said he didn’t know all the bill’s details and couldn’t speak to provisions that affect community and consumer banks and mortgage originators because they are “remote” to our experience. (Vicki Needham, “Blankfein supports financial reform legislation,” The Hill, 4/27/2010)

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The Democrat Majority: Built on Goldman Sachs’ Wall Street Cash

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