Goldman Sachs, the international investment bank that is under more or less continuous government investigation, has forbidden senior employees from giving money to the Trump-Pence campaign.
But these wizards of Wall Street drew the new rule up in such a way that they can claim they are not trying to elect Hillary Clinton president.
The rules kicked in Sept. 1 and will apply only to partners of the firm. The memo detailing the rule change was first reported by Politico. The firm says the rules were meant to remove any implication of so-called “pay to play.” Four years ago, the bank paid $12 million to settle charges that a former Boston-based banker had picked up bond underwriting business in the state while working for and contributing funds to the campaign of a then Massachusetts state treasurer and governor-hopeful, Tim Cahill.But the people in the Trump campaign are sure to question the timing. That’s because the rules ban donations to politicians running for state or local offices, as well as donations to state officials who are seeking federal office. That makes campaign contributions to the Trump-Pence ticket a no-no. Pence is the current governor of Indiana.
While oppressive, this new rule is not all that surprising. Everybody knows Goldman Sachs is solid Democrat territory. CEO Lloyd Blankfein is a hardcore Democrat and he’s far from alone at the company. And we know Hillary gave speeches to Goldman audiences for quite a bit of money and refuses to release transcripts of what she said.
As I’ve written before, Goldman Sachs is the Left’s favorite bank. It abhors free markets with a Mussolini-like zeal. Like Il Duce and his less thuggish imitators in the welfare wasteland of modern Europe, Goldman stands for centrally managed markets, provided that it gets to make the rules.
Goldman thrives on complexity and backroom dealing. It reaps huge profits from regulations that place its smaller, less politically nimble competitors at a disadvantage.
So it should surprise no one that Goldman favors increased regulation of the economy as a matter of policy and that its leaders love Hillary Clinton.
The Open Secrets website shows that Goldman employees overwhelmingly favor Hillary over The Donald. As of June 27, Goldman people have given ZERO dollars to benefit Trump, compared to $201,119 given to benefit Clinton.
The rule comes a few weeks after Goldman was fined (well, technically, reached a settlement to pay) $36.3 million for obtaining and using confidential regulatory materials from the Fed two years ago. The $36.3 million figure amounts to one-tenth of one percent of the firm’s 2015 revenue of $33.8 billion.