Monday, July 21, 2008

It's Goldman Sachs World - We Just Live in It

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Long time readers know my views on Goldman Sachs (GS) - the company that has people placed in key positions throughout both Wall Street and Washington D.C. At this point there is not even an attempt to hide the interconnections anymore ;) I guess that means the system they've helped to create to milk has cracked. For that that don't know- U.S. Secretary of Treasury Paulson used to be the CEO of.... Goldman Sachs.
  • Goldman Sachs Group Inc.'s most senior financial-institutions banker, Ken Wilson, is temporarily leaving the firm to advise Treasury Secretary Henry Paulson on how to resolve the country's banking crisis, according to people familiar with the matter.
  • The Treasury and Federal Reserve are grappling with how to respond to the threat of bank failures, flagging capital levels and crises of confidence in important institutions such as Fannie Mae and Freddie Mac.
  • President George W. Bush made a personal call to Mr. Wilson in recent days, asking him to assist Mr. Paulson.
  • Mr. Wilson's appointment is the latest in the ranks of Goldman employees who have moved into public service.
  • And it reflects the seriousness of the issues before the Treasury, which is trying to instill public confidence in the financial system without pushing the federal government into a posture of expensive public bailouts.
[Jul 3: Invisible Hand Video]

Long Goldman Sachs in fund; no personal position

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