MAY 13, 2010
Besides being a liberal activist and political operative with no judicial experience, President Obama’s Supreme Court nominee has financial ties to a global investment firm embroiled in a major fraud scandal after getting a generous government bailout.
Solicitor General Elena Kagan worked for Goldman Sachs, a Wall Street titan that donates generously to Democrats, while she was dean of
Kagan worked as an “advisor” for Goldman Sachs for about four years and received a $10,000 annual “stipend” from the embattled investment banking and securities firm. The information only came to light because Kagan was forced to include it on financial disclosure forms when Obama appointed her Solicitor General last year.
Goldman Sachs has been charged with defrauding investors in the sale of securities with subprime mortgage ties when the housing market was collapsing. The Securities and Exchange Commission (SEC) claims the firm misstated and omitted key facts about a financial product tied to subprime mortgages, leaving investors to lose $1 billion.
The firm is one of many financial institutions that received a taxpayer bailout as part of Obama’s fraud-infested Troubled Asset Relief Program (TARP). Allocation of the disastrous program’s $700 billion has been largely swayed by lobbyists, despite the president’s promises to restrict them from influencing the disbursement of tax dollars in this case. Goldman Sachs got a $10 billion infusion.
Not surprisingly, Kagan, her supporters and even the Justice Department assure that she was not involved in any investment decisions at Goldman Sachs. The Solicitor General was merely a member of the firms’ “advisory panel” that met once a year to discuss public policy issues.
Kagan is one of many top Obama Administration officials with close ties to Goldman Sachs. The president has received hundreds of thousands of dollars in political donations from the financial giant and so has Secretary of State Hillary Clinton, who’s tight with ex-Goldman chief Robert Rubin, a member of her husband’s White House staff.
Obama’s current Chief of Staff, Undersecretary of the Treasury for International Affairs, Deputy National Security Advisor, Director of the Congressional Budget Office and chief economic advisor are among the many with close ties to Goldman Sachs. A news website, which lists Goldman-tied Obama Administration power players, claims it’s become the Goldman Sachs administration.
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