Shocking & Unexpected: "Goldman Sachs Publicly Supports Financial Reform, Fights It With Lobbyists"

[Amerigo Vespucci]

Goldman Sachs Publicly Supports Financial Reform, But Fights It With Lobbyists

http://www.huffingtonpost.com/2010/05/17/goldman-sachs-publicly-su_n_578434.html



For all of Goldman Sachs' professed support for an overhaul of financial regulations, the megabank hasn't exactly withdrawn its army of lobbyists. Far from wearing out its welcome, the firm is busier than ever safeguarding its interests while a Wall Street crackdown takes shape in Washington.

Goldman has an unrivaled and influential network of lobbyists, including about 50 people with close ties to Congress and past White Houses, a Huffington Post Investigative Fund analysis of lobbying and campaign records shows. The lobbyists are challenging reforms aimed at Goldman's profit centers, including the trading of complex contracts known as derivatives. The Senate this week will continue debating proposed regulations of derivatives, which are blamed for fueling the financial crisis.

Perceptions of Goldman's role in the crisis, along with a civil fraud case brought against the bank last month by the Securities and Exchange Commission, have already spurred predictions of a less dominant future. But all is not lost for Goldman, which still stands out as perhaps the most influential of the nation's top six banks -- a remarkable feat given a crowded field of well-connected institutions.

Goldman's professional persuaders hail from 14 different lobbying firms, Senate lobbying records show. No other top bank -- not JPMorgan Chase & Co., Bank of America, Morgan Stanley, Wells Fargo or Citigroup -- has as many firms lobbying on its behalf. Goldman has hired nearly 40 lobbyists, all former government employees, to target financial reform alone, Senate disclosure records show.

[polichick]

1. Same thing politicians do - talk one game, play another. nt

[notesdev]

2. Why do they need any lobbyists?

They have at least a dozen people of their own in the top ranks of the government already... their lobbyists are drawing a public salary and pension.