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Beware the rhetoric of Goldman Sachs populists
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| Contributor | Patrick |
| Last Edited | Patrick Jan 22, 2010 05:37pm |
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| Category | Opinion |
| News Date | Friday, January 22, 2010 11:00:00 PM UTC0:0 |
| Description | ‘If these folks want a fight,” President Barack Obama said Thursday, tossing a rhetorical barb at Wall Street, “it’s a fight I’m ready to have.”
But what if they don’t want a fight?
To begin with, the substance of his proposed regulations: Right now, all we have is a vague first draft. We know they will be fleshed out, rewritten, amended, tweaked, ping-ponged and massaged.
All along, we know Wall Street lobbyists will be at the table. The Wall Street “fat cats,” as Obama calls them, probably aren’t really looking for a fight as much as a seat at the table — and the numbers suggest they’ve earned that seat.
For his presidential campaign in which Wall Street regulation was a mantra, Obama’s top source of funds was investment bank giant Goldman Sachs, whose employees, partners and executives gave him $995,000. It was the most any politician has raised from any one company in a single election since the age of “soft money” ended.
Obama is touting his proposed bank tax and financial regulations as a test of “whose side” politicians are on, the bankers’ or the people’s. But check the numbers at OpenSecrets.org and you get an interesting clue as to whose side Wall Street is on. |
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