No surprise: Goldman Sachs – aka the Treasury Dept. – reports record earnings

The financial firm’s investment in the Obama campaign is certainly reaping impressive dividends. The company “generated nearly $750 million in revenue from equity underwriting, helping battered financial-services firms sell stock to meet new government capital requirements. The quarterly performance from equity underwriting was a company record, and surpassed even the heady days of the Internet bubble and the previous benchmark for such fees set in 2000.” The only difficulty the company faces is how to cover up the bonuses it will pay out as a result of all this.

For those keeping score at home here is the tip of the iceberg of Goldman alumnae now working for change in Washington:

  • Mary Schapiro, Chair, Securities and Exchange Commission
  • Gary Gensler, chair, Commodity Futures Trading Commission.
  • Lawrence Summers, Director of the White House’s National Economic Council
  • Mark Patterson, chief of staff to Treasury Secretary Tim Geithner’s
  • Neel Kashkari, Treasury Dept. assistant secretary for international affairs

And, no I don’t think it would have been any different had someone else been elected.

One thought on “No surprise: Goldman Sachs – aka the Treasury Dept. – reports record earnings

  1. And since trickle-down works, any day now we should see employment rates surpass “even the heady days of the Internet bubble.”

    Somehow, I’m not holding my breath.

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