by Mark Silva
"Take it back, take it back'' - take that cash right out of here.
It was inevitable, in the midst of all the exposure that Goldman Sachs' most controversial investment strategies have been getting lately, that politicians might start giving back or giving away some of the more than $31 million that the investment banker's PACs and employees have given to political campaigns in the last 20 years.
Most of that money is long gone, however, spent on campaigns past won and lost.
Sen. Blanche Lincoln, the Arkansas Democrat facing a reelection fight back home, is giving $7,500 that her campaign collected from Goldman Sachs' political action committee to charity - the Arkansas Hunger Relief Alliance. Lt. Gov. Bill Halter, Lincoln's leading rival for the Democratic nomination, has criticized Lincoln for accepting money from the bank.
There's a lot more money still out there, in the election cycle underway. According to the review that the Center for Responsive Politics has made of all contributions of $200 or more reported to the Federal Election Commission, Goldman Sachs and its employees have put at least $694,000 into the campaigns of federal candidates in the 2010 election cycle - that money flowing by a better than two-to-one margin to the Democratic Party, the one in control of Congress.
Candidates - including President Barack Obama - collected $5.9 million from the firm's PAC and employees in the 2008 election cycle (Obama's campaign close to $1 million.)
The Democratic National Committee already has said that it is not refunding any money from a company that has not been accused of any criminal activity. The Securities and Exchange Commission has sued the firm in court, accusing it of making money at the expense of its own clients by, on the one hand, selling derivatives to investors, and, on the other hand, selling bets against those investments.
The company, whose executives have testified on Capitol Hill this week, maintains that it was doing nothing wrong in both selling securities-based derivatives and hedging bets against them, but simply managing its own risks during turbulent times.
It remains to be seen how many more candidates come to view Goldman Sachs' campaign cash as a risk as well and decide to cut their own losses.
As Jack Bruce once put it: "Got this great need, the need to stay alive. Not ashamed of my creed, I've got to survive. So come on baby, don't go away, just let them save me for a rainy day. Take it back, take it back, take that thing right out of here.''





Comments
These clowns (Democrats) think the american public are fools and morons and we will actually fall for their staged circus (hearings). Goldman donated most of it's money to Democrats (including $1 million that Obama refuses to give back), has special favors and the most to gain from the legislation passing, supports the legislation and all this crap aimed at Goldman comes after the CEO visited the White House four times and the liberal media refuses to call this what it is, a scam. I'm glad the Republicans are standng up to the Democratic thugs and the longer they drag this out the better.
Posted by: Dave | April 28, 2010 10:33 AM
This is exactly why PAC & corporations should *not* be considered individuals for the purposes of campaign donations. Even if there isn't any thing improper going on, it certainly gives the appearance of "give enough money and skip going to jail". There's even a t-shirt that addresses it - http://www.despair.com/getoutofjafr.html
Posted by: SMU Cox MBA | April 28, 2010 10:46 AM
Hey, Dave, you're not one of those idiots, you speak so highly of, are you !!? If you aren't, how about getting the facts straight, or is that out of your reach. All political parties received political contributions from The Weasels of Wall Street and thanks to the Republican-Libertarian-T.Baggers' parenthood of the Gramm-Leach-Blily Act of 1999, greed is once again, unleashed and out of control, thanks to the good, old Obstructionists in our Senate !! As to presenting the picture accurately, I see that, that is also out of your reach, be it intellectually or morally. President Obama's campaign received the campaign contributions. I know it allows you to distort, insinuate and lie about who received what, but please, try to present a more accurate picture of what happened. You never know, you may be able to sway a voter, to see it the way, you would like them to see it. It is probably, not likely, but you can still strive for fairness, for its own sake !! I know that maybe asking way too much of you, but I tried, in any case.
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | April 28, 2010 11:21 AM
"Goldman Sachs and its employees have put at least $694,000 into the campaigns of federal candidates in the 2010 election cycle - that money flowing by a better than two-to-one margin to the Democratic Party, the one in control of Congress."
I find the Goldman Sachs testimony and some of the Senators such as Carl Levin trying to act cute with his use of the"S" word disgusting. Carl, you are Chairman of a U.S. Senate Committee and not in a bar room discussion on finance. What I find interesting is that Goldman Sachs and employees have contributed heavily to the Democrats. But many posts on this story in the TRIBUNE, especially by such people as HHH, Roger Morris and Don Fitzgerald to name a few are so upset about Republicans taking money but ignore the Democrats who have taken Goldman Sachs contributions. In the 2007-2008 election cycle Barack Obama received almost a Million Dollars from Goldman Sachs alone, and almost 75% of Goldman Sachs political contributions went to Democrats. And in the 2010 election cycle it is being reported that Goldman Sachs and its employees have contributed at least $694,000 so far and by a 2 to 1 margin that money has gone to Democrats. I must be missing something here but it seems that Democrats are receiving most of the political contributions from Wall Street. And most of the Democrats, including the President, have not returned any of this tainted money. To HHH, Roger Morris and Don Fitzgerald, I am confused. You all seem to get so upset that Republicans have received campaign contributions from Wall Street but seem to have not heard or are blinded by your highly partisan and narrow minded view of all this. The Democrats and the President, not the Republicans, seem to be getting most of the large sums of Wall Street campaign contributions. HHH, Roger Morris, Don Fitzgerald, can you explain whats going on here. Most of out here are waiting for your response to all this.
Posted by: Depot- Jim | April 28, 2010 12:29 PM
Dave Speaks! Knock, Knock! Who's there! Dave! Dave Who! Dave from Mortgage Electronic Registry Service! Who! Dave! Dave Who! Dave Servicing Center LLC! Who? Dave! Dave who? Dave Goldman Sachs! Who's there? Dave! Dave who? Dave from 100% LTV Department no credit check just a 720 FICO! Who? Dave! Dave who? Dave from Peoples Choice! Who? Dave from Long Beach Mortgage! Who? Dave! Dave who? Dave from the refinance department! Who? Dave! Dave who? Dave from Loss Mitigation! You've just been foreclosed! You didn't get the memo! Who? Loan Servicing! Who? The Bundler! The Investor! The Bank! Just not RESPA! Oh that DAVE! We're moving already! We've moved already! DAVE! Blame it on the NINA! Blame on Obama! Just not DAVE or the GOP Generational Theft by Deception Axis of EVIL Doers from the last Home Ownership GOP Alliance! It was always about Portal Domination! It was always about Theft! Deception and DAVE!
Posted by: Roger Morris | April 28, 2010 12:45 PM
Depot-JIM, Bush/Cheney lost 9 Billion Dollars CASH MONEY! That's what's tainted. I don't speak for the President of the United States. I speak for myself, myself and I alone! If I'm not mistaken, the Supreme Court just said it was okay for Walmart to set outside a High School with one table that says Replace and then Repeal next to another table that says FAITH, HOPE, CHARITY just no LOVE please take my $6.00 FAITH, HOPE, CHARITY GOP Man or Woman Initiative from me!
Bush/Cheneygate lost 9 BILLION DOLLARS during the early days of your "Suspension of GOP Disbelief." Go ask the Bush/Cheney GOP Generational Theft by Deception Axis of Evil Doers for that GIVEBACK! GETBACK on our "Return on Success" on that 4.9 Trillion Dollar GOP DEAL OR NO DEAL we're still trying to WAKE UP from! I'm not stuck on the Republicans! America is stuck on stupid because of the Republicans! Bottom line! So my pokes are my pokes and my pokes alone! I don't speak for the President of the United States. Just me, myself, alone! I'm just ONE VOTE! Democratic, but just ONE VOTE! So if you give me 694,000 I'm not giving it back! It was for the FAITH in you! It was the HOPE in you! It was for the CHARITY in you! So from the "Love" in me! I thank you! Because where there is LOVE there is PAIN! We're just feeling the PAIN!
Posted by: Roger Morris | April 28, 2010 1:27 PM
Depot-JIM, Bush/Cheney lost 9 Billion Dollars CASH MONEY! That's what's tainted. I don't speak for the President of the United States. I speak for myself, myself and I alone! If I'm not mistaken, the Supreme Court just said it was okay for Walmart to set outside a High School with one table that says Replace and then Repeal next to another table that says FAITH, HOPE, CHARITY just no LOVE please take my $6.00 FAITH, HOPE, CHARITY GOP Man or Woman Initiative from me!
Bush/Cheneygate lost 9 BILLION DOLLARS during the early days of your "Suspension of GOP Disbelief." Go ask the Bush/Cheney GOP Generational Theft by Deception Axis of Evil Doers for that GIVEBACK! GETBACK on our "Return on Success" on that 4.9 Trillion Dollar GOP DEAL OR NO DEAL we're still trying to WAKE UP from! I'm not stuck on the Republicans! America is stuck on stupid because of the Republicans! Bottom line! So my pokes are my pokes and my pokes alone! I don't speak for the President of the United States. Just me, myself, alone! I'm just ONE VOTE! Democratic, but just ONE VOTE! So if you give me 694,000 I'm not giving it back! It was for the FAITH in you! It was the HOPE in you! It was for the CHARITY in you! So from the "Love" in me! I thank you! Because where there is LOVE there is PAIN! We're just feeling the PAIN!
Posted by: Roger Morris | April 28, 2010 1:27 PM
Roger, you seem to be blinded by partisan politics and do not seem to have a clue on whats going on. Although the Democratic and Republican Parties have done good things, they have also done a good job at messing things up too. You need to wake up and smell the coffee. You are only seeing one narrow view of whats actually going on. To blame all the troubles of the country on the Republicans is complete Nonsense just as it would be to blame the Democrats for all the problems.
Posted by: Depot- Jim | April 28, 2010 2:32 PM
Since campaign contributions started being recorded in the 1990s, Goldman Sachs has given twice as much to Democrats as to Republicans. In the 2008 election cycle, that ratio was 3-1 Dem.
What this means is, whether Congress or the White House is Republican or Democratic, Goldman Sachs has been the Democrat's piggy bank.
Posted by: Equal time, injecting facts | April 28, 2010 3:28 PM
There you go again, with that Republican-Libertarian-T.Bagger fact book !! Since the 1990s Goldman Sachs has derivatives it wants to sell you, at rock bottom prices and they say, you will double your investment in 10 years. Now, you know their word is as good as gold, as in Goldman Sachs, " The Aw Shucks Gang ", that didn't know anything, at anytime, during the meltdown !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | April 29, 2010 12:29 AM
FITZ,
Derivatives didn't have anything to do with causing the recession. The finanical product that the derivatives were based upon did - subpprime mortgages. If you have been paying attention, you know who caused the flurry of sub-prime mortgages.
Not only were "educated" by CPS, you were probably near the bottom of your class.
Posted by: Terry | April 29, 2010 9:33 AM
Don't stop there, " genius ", I never graduated from high school. To make matters worse, I only attended one year of high school, before I volunteered for the service, USAF !! Don't worry, " magma cum loudly ", I did get my G.E.D !! That should square everything with the " thought police ", because sometimes I am mistaken for an " alien ". I better get my State-Issued ID card and start wearing my flag-lapel pin, you know us Irish-Americans are often mistaken for " undocumented aliens ". I wonder if those first, Irish, indentured slaves/criminals had the proper papers ? I bet they didn't. Do you think the present day " illegal alien " agents, will ask us, for our Papers !!?
You just can't find any cheap labor, any more, said those, oh, so patriotic Corporations, with our Free Speech !!!
Ah, America, you are letting the morons, the imbeciles and the mentally challenged, dictate the course of our good country !! Up until now, it hasn't served us well, at all !! Let's let some sound-minded citizens govern our country for a while, like President Obama and Vice-President Biden. They have done an exceptional job, so far !! Unless you are a dunderhead and can't see the Bush for the Cheney !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | April 30, 2010 8:55 AM
FITZ,
I think your service to society peaked whne you volunteered for the USAF.
Speaking of papers FITZ, do you remember when Ohio gov't employee's went thru the records of Joe the Plummer to discredit him? A misuse of gov't powers on an American citizen by a democrat.
When you enter this country at an official border crossing, are you asked if you are an American citizen? If you are asked to provide proof, do you have to?
Posted by: Terry | April 30, 2010 4:32 PM