Ah, the associative nature of the mind. When I heard the words “Goldman Sachs” this morning, they rang a bell.
Rice’s Deputy to Join Goldman Sachs – New York Times By CHRISTINE HAUSER
Robert B. Zoellick said today that he will leave his post as the deputy secretary of state and return to the private sector to work with the New York investment bank, Goldman Sachs. …
Mr. Zoellick served during the presidency of George H.W. Bush as the under secretary of state for economic and agricultural affairs, as well as counselor. From 1985 to 1988, Mr. Zoellick served at the Department of the Treasury in various positions. …
Mr. Zoellick had previously worked for Goldman Sachs as an international adviser, a part-time consultant, when Bill Clinton was president. A Goldman Sachs statement said Mr. Zoellick would return to the company as a managing director, a full-time position, with the title of Vice Chairman, International. In that capacity he will head the firm’s group of international advisers.
Perhaps there is little to note in the revolving door that has a fellow work for Republican presidents and Goldman Sachs alternately. But Zoellick isn’t the only GS alum in the Bush administration, nor the biggest.
Now, in all that follows, I don’t see some evil conspiracy. I see the intimate ties of wealth and power, which certainly involves Democrats as well, though perhaps not so blatantly or successfully. Rich Democrats may not manipulate the rabble (aka The Base) as shamelessly as Rich Republicans. Or, maybe, poor Democrats like me, aren’t fooled into believing we set the agenda or that the Rich have our best interests in mind.
In the end, I must say I find new Treasury Secretary nominee Paulson interesting. He’s a big business environmentalist with at least a pragmatic view of gays in the workplace. He surely will hate every minute he spends with Duhbya the Doer. mjh
Goldman Sachs rules the world – Los Angeles Times By Kyle Pope
Goldman Sachs alums now run the White House bureaucracy (in new Chief of Staff Joshua B. Bolten), , the state of New Jersey (Gov. Jon Corzine) and the New York Stock Exchange (Chief Executive John Thain). Not since John D. Rockefeller’s Standard Oil — and maybe not even then — has one firm exerted such muscle over national economic and fiscal policy.
Goldman Sachs – Wikipedia, the free encyclopedia
Alumni of Goldman Sachs
A number of alums of Goldman Sachs have gone on to hold prominent positions in both politics and in other for-profit and non-profit organizations. A sampling of alums includes:
Politics / Public Service [mjh: I reduced this long list to just people in Bush’s sphere; I believe this list is incomplete.]
* Joshua Bolten, current White House Chief of Staff
* Gary Gensler, Undersecretary of the Treasury (1999-2001) and Assistant Secretary of the Treasury (1997-1999)
* Stephen Friedman, Chairman of the National Economic Council (2002-2005), Chairman of the President’s Foreign Intelligence Advisory Board (2005 – ).
* Reuben Jeffery III, Chairman of the Commodity Futures Trading Commission
* Henry M. Paulson, current nominee for United States Secretary of Treasury
* Robert Zoellick, United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006)
What’s so special about Goldman Sachs? By Daniel Gross
But the appointment suggests a larger question: What’s the deal with Goldman Sachs? Brainpower has never been more broadly diffused on Wall Street—scattered among private equity funds, investment banks, and hedge funds. And yet the 137-year-old firm remains the default choice for publicly minded financial adepts. Indeed, a politico’s view of Wall Street must look like an inversion of Saul Steinberg’s famous New Yorker’s view of the rest of the world: Goldman Sachs’ headquarters building standing tall in a vacant desert. When governments and institutions need some Wall Street credibility, they almost invariably turn to Goldman …
Former Goldman heads have something else to recommend them to public service: They’re insanely wealthy.
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What’s so special about Goldman Sachs? By Daniel Gross
John Whitehead, co-chairman and senior partner at the firm from 1976 to 1984, served as a deputy secretary of state in the Reagan administration and in 2001 was tapped to chair the Lower Manhattan Development Corp. Robert Rubin, co-senior partner and co-chairman from 1990 to 1992, served with distinction in the Clinton White House and as treasury secretary. Jon Corzine, senior partner from 1994 to 1998, graduated to the Senate and is now chief executive of the state of New Jersey. John Thain, president of Goldman between 1999 and 2003, runs the New York Stock Exchange. And Goldman has been virtually the sole source of Wall Street talent in the Bush administration. Rubin’s co-senior partner and successor, Stephen Friedman, headed Bush’s National Economic Council during the first term. White House Chief of Staff Josh Bolten also worked at Goldman.
Bush, Rove, Gays and the Goldman Sachs Crowd | TPMCafe By RockThrower
Which got me to wondering if Henry M. Paulson really knows what he is getting himself into. Already, the Paulson nomination is under attack by right-wing members of the Bush base. Apparently they are concerned because he likes birds and thinks that melting the planet might be bad for business. Wait until they find out that during his tenure at Goldman Sachs the company developed policies friendly to gays.
According to Vault, a career information services publication, Goldman Sachs was the first investment bank to host a gay recruiting dinner, and other sources report that the company actively participates in Gay and Lesbian recruitment efforts such as the Reaching Out Conference. GS was also among the first investment companies to offer benefits to “domestic partners” of Gay employees. And according to the Goldman Sachs website, as part of the firms commitment to diversity, GS supports a Gay and Lesbian employees network. Gay.com ranked the Goldman Sachs Group as among the top 20 big companies to work for in 2003.
I don’t know what Paulson’s personal position is on Gay marriage, but it is clear that, in an effort to maintain a competitive edge, Goldman Sachs has made a significant effort to recruit highly talented gay and lesbian employees.