We Are Losing Control

Here are the facts, please research them yourself, don't take my word for it.

Goldman Sachs is a Wall Street financial services firm and recently became a bank holding company. Today (7/14/09) they announced their second quarter profits. Their profits went up 65%. They are paying back government loans to the tune of $10,000,000,000 (that's $10B).

The Secretary of the Treasury up until Jan 20, 2009, Henry Paulson, was Chief Executive of Goldman Sachs until being appointed Treasury Secretary. (His net worth is estimated to be $700 million).

In 2008 the economy goes south and Bear Sterns (a Wall Street firm) takes a dive, the government steps in and arranges the rescue and sale of Bear Sterns.

The US government allows Lehman Brothers, another financial services firm, to fail. Who is Lehman Brothers biggest competitor? Goldman Sachs.

The next day, the US government rescues AIG with (to date) around $152,000,000,000 (that's $152B).

Who benefits from the AIG bailout? Which company is one of the first that AIG pays off? Goldman Sachs.

So, the former Goldman Sachs employee, now Treasury Secretary, appoints someone to oversee TARP (Troubled Asset Relief Fund). Who is appointed to be the head of the newly created Office of Financial Stability? His name is Neel Kashkari and who did he work for before running this office? Goldman Sachs.

At this point in time with two former Goldman Sachs employees in high power positions in Washington, Goldman Sachs applies to become a bank holding company. Companies such as Walmart had applied for this for more than two years. Why would Goldman Sachs even want this? They become eligible for even more government money in the form of FDIC funds.

One problem with this scheme - the SEC doesn't oversee bank holding companies (which oversaw Goldman Sachs in the past), the Federal Reserve does. And who is the Chairman of the Federal Reserve Bank of New York? His name is Stephen Friedman and who did he work for? Yep, Goldman Sachs. He was the former CEO and sat on the Goldman Sachs Board of Directors.

And while this might seem like a major conflict of interest, the former Goldman Sachs employee, now Treasury Secretary Paulson, writes a waiver for the Federal Reserve Bank Chairman and member of the Goldman Sachs Board of Directors. Friedman doesn't have to give up his seat, in fact it's okay for him to buy 52,000 more shares of Goldman Sachs stock.

Before today those shares were worth about $3 million. They just went up 65% in value.

Goldman Sachs is the largest supporter of Waxman-Markey (cap and trade) next to GE? Why? What company has been tapped by the government to oversee the system of trading the carbon credits regulated by Waxman-Markey and stands to make billions? Goldman Sachs.

When did the House of Representatives vote (passing by 7 votes) on Waxman-Markey? June 26th - 4 days before the end of the 2nd quarter - the same quarter that Goldman Sachs profits went up by 65%.


My friends, we are losing control of our own government. It is not lost, but as a people we have got to make our voices heard. You and I have just as much power, right, and responsibility to change the course that we are on. I implore you - do not be apathetic. Our fathers, mothers, grandfathers, brothers, sisters, sons, and daughters fought, and still fight, for us - the greatest country on Earth.

Our country is not the physical land, as beautiful as it is, from sea to shining sea. Our country is not the mega-blockbuster Hollywood movie that I'll probably see before the end of the summer. And our country certainly isn't in the business section of the Wall Street Journal.

Our country beats within the chest of every American who realizes who we are and what we stand for - something great, something beautiful, a promise and a dream.

And I'll be damned if I let someone take that away from me and my family without a fight.


(I was inspired to write this after reading Glenn Beck's radio show transcript from 7/14/09 and finding corroborating information on various news sites and web pages. Just giving credit where credit is due).