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Monday, October 05, 2009

Pretty Much looks like they are extremely well-connected, I'd say!!!!!!!!!!


Goldman Sachs PAC Has Only $25,482 ..

Reuters reports that Goldman Sachs has virtually stopped raising money for political candidates through its political action committee even as it remains extremely well-connected to Washington lawmakers.
While rivals Morgan Stanley and JPMorgan Chase have shelled out hundreds of thousands of dollars in employee political contributions, campaign finance records show that Goldman's political action committee hasn't taken any money from employees in more than a year -- its balance is a meager $25,482.
According to Reuters:
Critics believe Goldman might be operating under the belief that it has all the political influence it needs.
"They don't seem to need a PAC since Goldman has had its way with Washington consistently since Wall Street imploded a year ago," said Harvey Rosenfield, president of the non-profit Consumer Education Foundation. "You could argue they have done pretty well without any PAC contributions." LinkHere
Goldman to be paid $1bn if CIT fails
By Henny Sender and Saskia Scholtes in New York
Goldman Sachs stands to receive a payment of $1bn – while US taxpayers would lose $2.3bn – if embattled commercial lender CIT files for Chapter 11 bankruptcy protection, people familiar with the matter said.
The payment stems from the structure of a $3bn rescue finance package that Goldman extended to CIT on June 6 2008, about five months before the Treasury bought $2.3bn in CIT preferred shares to prop it up at the height of the crisis. The potential loss for taxpayers would be the biggest to crystalise so far from the government’s capital injection plan for banks.
The agreement with Goldman states that if CIT defaults or goes bankrupt, it “would be required to pay a make-whole amount” that totals $1bn, the people familiar with the matter said. LinkHere

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