Here are two excellent items on the greedy cultish institutional culture of Goldman Sachs, which has its own revolving door in and out of the Federal government.
Background from November 2009
Average pay this recessionary year for the 30,000 staff is expected to be a record $700,000. Top earners will get tens of millions, several hundred thousand times more than a cleaner at the firm. When they have finished getting “filthy rich by 40”, as the company saying goes, these alpha dogs don’t put their feet up. They parachute into some of the most senior political posts in the US and beyond, prompting accusations that they “rule the world”. Number 85 Broad Street is the home of Goldman Sachs.
New focused report:
Simon Johnson, Baseline Scenario, 2 Feb 2010
Goldman and the other big Wall Street firms have already won big on this round. They will plow even more money into defeating political candidates who have opposed them – for example, on credit card legislation. The Republicans see this coming and are rubbing their hands with glee.
With their incentive structure intact – they get the upside and regular folk get the downside – and their closest friends on their way back to power, Big Finance is ready to roll into the next great global boom-bust cycle.
Phi Beta Iota: President Obama still does not get it–he was funded to keep Senator McCain out of the office, now he is going to be unfunded to put the original Republican sell-outs (Senator Phil Gamm R-TX et al) back in. What the President especially does not get is that the only way to put Goldman Sachs back in its box is to let We the People out of ours. Electoral Reform in time for November 2010 (first four elements) and then 2012 does three things: 1) assures him of a second term; 2) buries the two-party tyranny; and 3) restores honest civil reality-based give and take to our democracy.