5 ms·

> Clinton accepted $675,000 from Goldman for 3 talks Okay, I get it, Clinton bad etc. But Trump has appointed tons of people from Goldman to his administration

by klipt 10y ago

> Clinton accepted $675,000 from Goldman for 3 talks Okay, I get it, Clinton bad etc. But Trump has appointed tons of people from Goldman to his administration[1] and filed an executive order against financial industry regulations[2] - you know the regulations put in place after the last Wall Street crash, to prevent a similar crash? Can we stop pretending that Trump isn't bought off by Goldman now? [1] http://www.nydailynews.com/news/politics/trump-adds-goldman-sachs-executive-administration-article-1.2944943 http://www.nydailynews.com/news/politics/trump-adds-goldman-... [2] https://www.whitehouse.gov/the-press-office/2017/02/03/presidential-memorandum-fiduciary-duty-rule https://www.whitehouse.gov/the-press-office/2017/02/03/presi... https://www.whitehouse.gov/the-press-office/2017/02/03/presidential-executive-order-core-principles-regulating-united-states https://www.whitehouse.gov/the-press-office/2017/02/03/presi...

IgorPartola 10y ago
Not a Trump fan at all here, but technically I think it's more the other way around. Trump is buying up Goldman, rather than they buying him. I have yet to see a clear line of influence from Goldman to Trump personally. It seems more like he's hiring old buddies for potential future favors from them. Reverse lobbying! You heard it here first!
- kemiller 10y ago
  How is giving Goldman people government positions buying them if not by giving them the power to set rules as they like? It's not like they are in it for the cushy gov't benefits.
  - IgorPartola 10y ago
    I am saying the causality here is backwards (I think). It is not the case that Goldman did something for Trump so now he has to make these appointments. It is that he is giving them these appointments so they return the favor in the future. I think he is doing this for future business needs after he is done being president, but I am sure it could be any number of other reasons.
  - powertower 10y ago
    These corporations are huge, with many many employees (over 30 thousand just at Goldman Sachs). Just because you used to work for Goldman in the past, does not mean you are a current and future supporter of Goldman. Nor does it mean that you are a bad person. Trump is hiring people that know how these companies work from the inside-out. Which is the exact type of person you need to be able to deal with these companies head-on.
    - JoeAltmaier 10y ago
      That has to be a self-delusion of the highest magnitude ever recorded. "Sure he's let the fox run the henhouse; but who knows better than a fox?"
      - forgetsusername 10y ago
        Assuming that anyone who works for GS, or banking in general, are homogenous in morals and ethics and ability is equally delusional.
        JoeAltmaier 10y ago
        These guys are not 'anyone'. That's just deliberately ignoring the point.
      - tropo 10y ago
        Tom Wheeler had been a telecom CEO and lobbyist prior to running the FCC. He turned out OK, solidly reining in the industry he had worked for. He knew what to watch out for, and didn't need to rely on lobbyists to explain things to him. So it works. Integrity and patriotism matter of course. Diversifying investments prior to taking office would help reduce temptation.
- r00fus 10y ago
  Corruption is by association, not direction. So Trump's involvement with Goldman at all is indication of a quid-pro-quo that stinks of corruption. Trump may be right about H1Bs, but he's knee deep in corruptive patterns. The details will come out when those "old buddies" start doing their "former" businesses huge favors.
  - davidf18 10y ago
    > but he's knee deep in corruptive patterns. Well, you might be right, but it helps to cite evidence to your assertions.
    - r00fus 10y ago
      http://www.politico.com/story/2016/11/goldman-sachs-power-white-house-231998 http://www.politico.com/story/2016/11/goldman-sachs-power-wh...
      - davidf18 10y ago
        I see allegations, but no true corruption. Could you please cite a specific example? Hiring a Goldman banker is no proof of corruption.
        r00fus 10y ago
        I said corruptive patterns, ie, things commonly associated with corruption, like hiring insiders from the very companies the agency is regulating.
        mememachine 10y ago
        Insiders tend to be knowledgeable
davidf18 10y ago
There is a big difference between selling out Americans to be replaced by foreigners whether H1-B as in Disney, Silicon Valley, and Wall Street or illegal immigrants replacing working class American jobs and depressing working class jobs and what Trump is doing now with Wall Street. If Trump were truly bought off by Goldman, he certainly would not be behind legislation that fixes the broken H1-B Visa system. Goldman, Wall Street, Silicon Valley and other firms will have to start paying market wages instead of depressed wages because of the H1-B Visa reform.
- mywittyname 10y ago
  It's possible that he's trying to stick it to Silicon Valley as payback. Technology salaries are probably a drop in the bucket cost-wise compared to the profits that will be made from deregulation of the industry. So while Goldman might have to pay a few million more in salaries, it's offset by the billions more in profits that they will rake in (over the short-term, until they destroy the economy again, that is). Tech companies aren't going to see a similar measure to increase their profits to offset the labor costs increases.
  - vondur 10y ago
    I don't think so (sticking it to SV). He was threatening to reform the H-1B visa program during his campaign.
    - mywittyname 10y ago
      Sure, but he was also blasting SV "elites" the entire time too. I mean, look at all the people that wrote this: https://shift.newco.co/an-open-letter-from-technology-sector-leaders-on-donald-trumps-candidacy-for-president-5bf734c159e4 https://shift.newco.co/an-open-letter-from-technology-sector...
      - davidf18 10y ago
        The SV elites were very much against him because he wanted to protect US STEM worker by fixing the broken H1-B program that stopped SV firms from hiring H1-B for depressed wages.

by klipt 10y ago

IgorPartola 10y ago

Not a Trump fan at all here, but technically I think it's more the other way around. Trump is buying up Goldman, rather than they buying him. I have yet to see a clear line of influence from Goldman to Trump personally. It seems more like he's hiring old buddies for potential future favors from them. Reverse lobbying! You heard it here first!

kemiller 10y ago
How is giving Goldman people government positions buying them if not by giving them the power to set rules as they like? It's not like they are in it for the cushy gov't benefits.
- IgorPartola 10y ago
  I am saying the causality here is backwards (I think). It is not the case that Goldman did something for Trump so now he has to make these appointments. It is that he is giving them these appointments so they return the favor in the future. I think he is doing this for future business needs after he is done being president, but I am sure it could be any number of other reasons.
- powertower 10y ago
  These corporations are huge, with many many employees (over 30 thousand just at Goldman Sachs). Just because you used to work for Goldman in the past, does not mean you are a current and future supporter of Goldman. Nor does it mean that you are a bad person. Trump is hiring people that know how these companies work from the inside-out. Which is the exact type of person you need to be able to deal with these companies head-on.
  - JoeAltmaier 10y ago
    That has to be a self-delusion of the highest magnitude ever recorded. "Sure he's let the fox run the henhouse; but who knows better than a fox?"
    - forgetsusername 10y ago
      Assuming that anyone who works for GS, or banking in general, are homogenous in morals and ethics and ability is equally delusional.
      - JoeAltmaier 10y ago
        These guys are not 'anyone'. That's just deliberately ignoring the point.
    - tropo 10y ago
      Tom Wheeler had been a telecom CEO and lobbyist prior to running the FCC. He turned out OK, solidly reining in the industry he had worked for. He knew what to watch out for, and didn't need to rely on lobbyists to explain things to him. So it works. Integrity and patriotism matter of course. Diversifying investments prior to taking office would help reduce temptation.
r00fus 10y ago
Corruption is by association, not direction. So Trump's involvement with Goldman at all is indication of a quid-pro-quo that stinks of corruption. Trump may be right about H1Bs, but he's knee deep in corruptive patterns. The details will come out when those "old buddies" start doing their "former" businesses huge favors.
- davidf18 10y ago
  > but he's knee deep in corruptive patterns. Well, you might be right, but it helps to cite evidence to your assertions.
  - r00fus 10y ago
    http://www.politico.com/story/2016/11/goldman-sachs-power-white-house-231998 http://www.politico.com/story/2016/11/goldman-sachs-power-wh...
    - davidf18 10y ago
      I see allegations, but no true corruption. Could you please cite a specific example? Hiring a Goldman banker is no proof of corruption.
      - r00fus 10y ago
        I said corruptive patterns, ie, things commonly associated with corruption, like hiring insiders from the very companies the agency is regulating.
        mememachine 10y ago
        Insiders tend to be knowledgeable

davidf18 10y ago

There is a big difference between selling out Americans to be replaced by foreigners whether H1-B as in Disney, Silicon Valley, and Wall Street or illegal immigrants replacing working class American jobs and depressing working class jobs and what Trump is doing now with Wall Street. If Trump were truly bought off by Goldman, he certainly would not be behind legislation that fixes the broken H1-B Visa system. Goldman, Wall Street, Silicon Valley and other firms will have to start paying market wages instead of depressed wages because of the H1-B Visa reform.

mywittyname 10y ago
It's possible that he's trying to stick it to Silicon Valley as payback. Technology salaries are probably a drop in the bucket cost-wise compared to the profits that will be made from deregulation of the industry. So while Goldman might have to pay a few million more in salaries, it's offset by the billions more in profits that they will rake in (over the short-term, until they destroy the economy again, that is). Tech companies aren't going to see a similar measure to increase their profits to offset the labor costs increases.
- vondur 10y ago
  I don't think so (sticking it to SV). He was threatening to reform the H-1B visa program during his campaign.
  - mywittyname 10y ago
    Sure, but he was also blasting SV "elites" the entire time too. I mean, look at all the people that wrote this: https://shift.newco.co/an-open-letter-from-technology-sector-leaders-on-donald-trumps-candidacy-for-president-5bf734c159e4 https://shift.newco.co/an-open-letter-from-technology-sector...
    - davidf18 10y ago
      The SV elites were very much against him because he wanted to protect US STEM worker by fixing the broken H1-B program that stopped SV firms from hiring H1-B for depressed wages.