Tuesday, April 07, 2009

Wall Street Won

The public is getting more facts and faster regarding the links between Wall Street and Obama's economic team leaders.

New York Times has documented how Larry Summers was receiving payments from Morgan Stanley, Goldman Sachs, Citigroup and others which have received Federal aid. Moreover he was richly rewarded by D.E.Shaw, a large hedge fund. Click here for the story.

All payments were disclosed and were legitimate.

Obama's Chief of Staff Rahm Emanuel was employed by a Wall Street investment bank where he worked for 30 months and was paid more than$16 million. He had no prior experience as a financial professional. The payment was disclosed and was legitimate.

Tim Geithner's deputy was a Goldman Sachs lobbyist.

So what?

The public officials and those they are helping are all part of the same fraternity sharing common values. In the 3 cases cited above the officials were recipients of monetary rewards they in their careers could never ever make except for the generosity of Wall Street firms that have all since needed Federal (taxpayers) help to avoid financial collapse.

This calls into question whether the public servants were acting on behalf of the best interest of the public at all times or did they ever put the interests of those Wall Street above everything else.

For a devastating analysis of the elite in charge of public economic policy and those who are benefiting from it, read MIT professor Simon Johnson's article in the May issue Atlantic. Click here.

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