Press Releases

 

Entries in Goldman Sachs (6)

Thursday
Apr292010

NRN - Must Reads for April 29, 2010

Thursday
Apr292010

ALG Urges Senate Republicans to "Hold the Line" Against Dodd "Goldman Sachs Bailout Bill" 

"The facts are clear. The head of Goldman Sachs has said he embraces the legislation and that the biggest beneficiary of the bill is Wall Street.  This is evidence that the Dodd-Goldman bill continues the system of 'too big to fail,' and does not reject it." —Bill Wilson, President of ALG.

April 28th, 2010, Fairfax, VA—Americans for Limited Government (ALG) President Bill Wilson today praised Senate Republicans for blocking what he called the "Dodd-Goldman financial takeover bill" and "protecting taxpayers from never-ending government takeovers and bailouts."

"We know now this is nothing more than the Goldman Sachs bailout bill.  The Senate must vote no on the Goldman Sachs bailout bill," Wilson said.

"The facts are clear. The head of Goldman Sachs has said he embraces the legislation and that the biggest beneficiary of the bill is Wall Street.  This is evidence that the Dodd-Goldman bill continues the system of 'too big to fail,' and does not reject it," Wilson said.

The final vote failing to invoke cloture on the legislation was 56-42.  Senate Majority Leader Harry Reid promptly filed a motion to reconsider.

"Harry Reid and Chris Dodd are desperate to make good on their promises for an unlimited bailout fund to Wall Street," Wilson declared.

Wilson noted that Goldman Sachs has been a major Democrat donor, funneling over $20 million in donations to Democrat candidates from since from 1989, according to OpenSecrets.org.

Wilson blasted provisions that he said would protect firms with assets greater than $50 billion, saying, "This bill would create about sixty new Fannie Mae's all with the implied backing of taxpayers.  Taxpayers cannot even afford to back Fannie and Freddie, and Senate Democrats want to multiply that by a factor of thirty.  This is madness."

According to the Congressional Budget Office, there are about 60 bank holding and insurance companies with $50 billion or more in assets that would contribute to an unlimited fund with the power to bail out those firms.  The Dodd-Goldman bill would also allow the FDIC put into receivership companies whether they are financial or not.

Wilson urged Senate Republicans to produce an alternative bill that "addresses the root, government causes of the financial crisis: Fannie, Freddie, the Federal Reserve, the FHA, and HUD."

ALG has previously condemned Fannie Mae and Freddie Mac weakened mortgage underwriting standards and mislabeled high-risk mortgage-backed securities, defrauding investors; the Federal Reserve whose easy money, low interest rate policies fueled the housing bubble; the Federal Housing Administration (FHA) lowered down payments on mortgages; and the Department of Housing and Urban Development's (HUD) Community Reinvestment Act regulations reduced lending standards and forced banks to give loans to lower-income Americans that could not be repaid.

"Any compromise legislation that includes a takeover of the financial services industry, and endangers taxpayers with perpetual bailouts, and the private sector with limitless government takeovers, is unacceptable to the American people and must be rejected," Wilson concluded.

Attachments:

Letter to the U.S. Senate, ALG President Bill Wilson, April 26th, 2010.

"'Down a Rabbit Hole:' The Threat Posed by the Dodd Bill to the Private Sector," April 22nd, 2010, Americans for Limited Government.

Saturday
Apr242010

AFP - Goldman Scandal Key to Stopping Obama's Bailout Bill 

Obama claims opponents of his so-called financial reform bill are on the side of the big banks.  But in fact the big banks are on his side.  The Center for Responsive Politics (CRL) reports Wall Street has given 63 percent of its political contributions this cycle to Democrats, up from 57 percent in 2008.

Employees of scandal-plagued Goldman Sachs have given 69 percent of their political contributions this cycle to Democrats, only slightly down from 2008, when they gave 75 percent to Democrats -- including nearly a million dollars to Barack Obama and $112,400 to Senate Banking Committee Chairman Chris Dodd. (Dodd is retiring instead of facing voters because of his own involvement in a housing-related scandal, a sweetheart loan Countrywide gave him.)

Bank stocks went up after Obama's speech yesterday - probably because his bill institutionalizes "too big to fail."  It doesn't break up the banks and it assures them access to Federal Reserve loans as needed.  It makes bailouts permanent.

Despite what you may have heard, this bill can be stopped.  The Goldman Sachs scandal exposes a deep flaw in the bill that I believe can generate enough public outrage to stop this bill - if we can educate people quickly.

We made a video that lays it out clearly.  Please watch it now and share it with your contacts.  The short version is that hedge fund billionaire John Paulson, the central figure in the Goldman fraud investigation, may have helped engineer the housing collapse that made him a fortune - with the help of a key Obama administration official and the leftwing group that designed Obama's so-called reform bill.

Click here for the video explanation of how John Paulson's scheme worked.

The Securities and Exchange Commission is investigating whether Goldman acted improperly, but there is no investigation into the leftwing Center for Responsible Lending, which facilitated both the creation of the subprime bubble and its collapse, while CRL's major donors (John Paulson, Herb and Marion Sandler, and George Soros) made a fortune.

The bill the Senate is now considering does nothing to attack the root causes of the housing bubble - Fannie Mae, Freddie Mac, and activists like the Center for Responsible Lending who forced banks to make risky loans.

It actually rewards these people.

Please click here now to urge Congress to vote no on this phony reform bill and demand a full investigation into the Paulson/Goldman/CRL scandal BEFORE moving forward with legislation.

We can win, but we need to act fast to get the word out. 

Thanks for all you do,

Phil Kerpen
Vice President, Policy
Americans for Prosperity

P.S. Please share our short video on the Paulson/Goldman/CRL widely to help explain what we're up against.  And click here to tell Congress to vote no on the permanent bailout bill.  Thanks!

Like what Americans for Prosperity is doing? Invest in our work by clicking here. We're supported by our more than one million citizenactivists nationwide. Your contribution in any amount will go a long way in promoting freemarket policies at all levels of government local, state and federal. Thanks!

Friday
Apr232010

ALG praises Congressman Issa for Investigation into Politically Motivated SEC Prosecution

April 22nd, 2010, Fairfax, VA—Americans for Limited Government President Bill Wilson praised Congressman Darrell Issa the ranking member of the House Committee on Oversight and Government Reform today for his rapid response to the apparent political motivations behind Security and Exchange Commission actions against Goldman Sachs.

Wilson noted that the people's trust in the federal government is at historic lows and called it, "good news for the American people that Congressman Issa is taking on this blatantly political prosecution." 

The Goldman Sachs prosecution was announced by the SEC as Senate Democrats kicked off a nationwide public relations effort to garner support for disgraced Senator Christopher Dodd's legislation which is known in some circles as the Financial Services takeover bill.

"Ironically, Senate Majority Leader Harry Reid was in New York City raising campaign cash from Goldman executives just days before the SEC announcement.  Goldman has been a regular stopping point for Democrats, on the campaign trail contributing four out of five dollars to Democrats including a substantial $994 thousand to Obama himself," said Wilson.

Wilson said the irony in the situation is that while Goldman has become the designated corporate whipping boy in the attempt to sell the Dodd bill to the American people, Goldman itself reports that they have already financially benefited from government interventions to date.

In a letter to shareholders in September 2009, the firm praised the government for benefiting the company: "Goldman Sachs is grateful for the indispensable role governments played and we recognize that our firm and our shareholders benefited from it."

Still, Bill Wilson of Americans for Limited Government worries that the precedent of allowing the Administration to abuse their extraordinary prosecutorial power to push a political agenda is a danger to the nation,  stating, "It is a classic maneuver of the left to demonize a group to gain public support for an action that would otherwise be unacceptable, but the Obama Administration takes this tactic to extremes that not even Richard Nixon dreamed of, and the American people are fortunate to have Darrell Issa working to keep them in check." 

Friday
Apr232010

Daily News from the Veterans Today Network 

Gordon DuffVeterans Today Network footer More and More of What You are NOT Supposed to Know
Obama Thought He Had Been Elected Prez
Military Warns President to "Step up the Plate"

The powers, factions and conspiracies that influence our government, moreover a less visible world government is guessed at, lied about but generally never seen. Suffice it to say that what is read in newspapers, seen on TV or on the internet is wrong, even the conspiracies that seem so very right. People who care, people often in power, sometimes in decision making positions in the US or other countries or senior members of defense and intelligence organizations are more than a bit misinformed also. A few things have come together lately. No "great plot" will be made from them. Those I am writing to will know why I am writing this and why it can be said so openly. I will try to keep it short.
Read More >>


Today's Featured Stories...