Tag Archives: Goldman Sachs

Hillary Clinton’s Full ‘Speech’ To Goldman Sachs

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Given the fact that a snowball has a better chance in hell than the American public ever seeing a transcript of Hillary Clinton’s various million-dollar speeches to Goldman Sachs employees, K.J. Noh, Counterpunch’s resident satirist in chief, unleashes his best guess at what was said.. and if not, what was implied… Liberty Blitzkrieg’s Mike Krieger excerpts the true meaning of Clinton:

CLINTON: Thank you. Thank you so much. Thank you very much, Lloyd [Blankfein], and thanks to everyone at Goldman Sachs for welcoming me today. I’m delighted to be back among friends, colleagues, collaborators, supporters, kindred spirits…

Let me jump right in. You know, over the past few months, there have been popular concerns about an economy that still isn’t delivering for the majority of Americans. It’s not “delivering” the way that they feel it should, that they feel entitled to. Most Americans that you speak to, speak a populist rhetoric that claims it is stacked for those at the top, that those of you here have it too good.

(Laughter)

But we know the hopes that the little people have for their future — things like school, job, food, clothing on their backs– all of those little things would not be possible without your leadership and innovation. Since the time of the Medicis, even before, and the financing of the first joint stock companies in the transatlantic slave trade, we know that finance and banking is what makes our capitalist economy not just grow but tick…

Previous generations of Americans built this economy and a middle class on a collective illusion: that they do productive work, this creates wealth, and that this builds the economy. We all know how misguided that is. We know that it’s really due to your investing, credit, and economic stewardship, that they have been able to work at all, that they are able to put food on their tables. It’s due to you and other banking, trading, investment houses that we have an economy that works at all. You are why we are a truly 21st century economic power.

(Applause)

For decades, people have argued that if we give more wealth to those at top by cutting taxes and letting you and other corporations write the own rules, it will trickle down, it will trickle down to everyone else. And it has! My speech here is an example!

(Cackles, Waves Check)   

(Laughter).

Some will say that you are simply parasitic on those who labor at menial physical production—these are people who still subscribe to 18 Century notions of value production–and that you skim off profit without doing anything meaningful or of value. Those people are misguided: we know that if money never sleeps, that’s because you keep it awake! You have—if I may use a metaphor–injected money with caffeine, Adderal, crack, meth, with LSD so that it can dance the crazy dance and grow a crazy thousand psychedelic feet tall in a rainbow minute!   Money was a lazy b*tch, until you put it to work! And look how it works! Look how it grows! Materializes out of nowhere!

(Waves check again, dances, cackles).

Some people have said that it was your irresponsible financial engineering, risk-taking, and profit-seeking, that led to the 2008 crash; that you shorted your own toxic mortgages in the most brazen securities fraud in financial history, dynamiting and imploding the global economy; and that the exorbitant bonuses paid from tax payer money, the financial bailouts, the non-prosecutions created moral hazard, rewarded avarice, incompetence, corruption and vice. You and I know it is nothing of the sort. As leaders, innovators, captains of finance, you will always be subject of the jealous resentment, the petty tantrums of the unwashed masses, the insolvent, the irresponsible, the invidious, the losers. They will envy you, your successes, they will despise you, but they secretly want to be like you!

(Laughter)

As you know, my husband tried very hard to change the culture of this misbegotten underclass, by kicking them off the government teat, by poisoning their milk with harsh, bitter regulation, and by disciplining them with the most arbitrary, racist, punitive, devastating criminal laws in US history, laws which Richard Nixon, the Southern strategists, the slave catchers, could only have dreamed of. He also passed NAFTA, which told them in no uncertain terms that they needed to discipline themselves as workers, and learn to be competitive in the global sweatshop, or face certain extinction. But they have not learned their lesson.

(Hissing)

The effects prove themself. Under President Clinton — I like the sound of that!— America saw the longest, most prodigious reaming of the undesirable classes in our history, putting them firmly in their places. And they loved it! He felt their pain! And relished it! Because he was inflicting it!

(Applause)

And I will too!

(Applause)

Books like “The Spirit Level” and organizations working for equality, certain politicians, spew a ridiculous myth of populism and the benefits of equality. But the fact is, we can’t create profitable businesses without exploitation, and we can’t grow the economy without speculation and inequality, and we certainly can’t boost our economy into the stratosphere without allowing you to exercise your amazing financial intelligence and acumen in fiscal number-crunching, speculation, numbers-running and fraud!

(Applause)

Let’s tell the truth: America is struggling—despite the endless fabrication about “the recovery”– because we are not yet running the way we should. Banks are still over regulated. It’s over-regulation that creates financial catastrophe! Despite your huge paychecks and squirreled away assets, I know that you are worried: worried that some “socialist” demagogue might come along and confiscate it all and put you all in jail. With president Obama, you were in good hands: he’s one of us. (Good thing you ponied up $981K for his campaign). He took good care of you, had your back, covered your financial rear. But populist sentiment is rising up again, more strongly than before, and the unwashed masses are full of resentment, anger, jealousy. They are angry that they don’t have jobs, that they are in debt, that they can’t scrape a living together, even though they are working, 2,3,4 jobs to put shelter over their heads. That their children are starving. That they cannot see a light at the end of the tunnel. They are angry about the 100 million people driven into the brink of starvation and the global food riots that they claim you caused with your commodity futures speculation. The $5 Trillion of value lost from the markets that they claim you collapsed. The millions who lost their homes and are now on the verge of homelessness. The trillions funneled to you in loans, write-offs, bribes to keep the system going. Even when I was working for Barry (Goldwater), I felt that same irrational resentment. Now it’s at an all time high. Irresponsible single mothers, uneducated immigrants, lead-drinking ghetto-strutters, homeless, crying, babies, starving senior citizens, obnoxious, entitled African Americans who object to having bullets pumped into their bodies by police: all these people are angry, entitled, and making noise, and they are endangering our democracy and economy, our greatness.

(Hissing)

I hear this everywhere I go. A single mother, with three children—wants to go to college, find enjoyable, well-paid work and also enjoy the emotional luxuries of motherhood—all at the same time. Everyone feels entitled to everything. She even wants housing. Now even I couldn’t do all these things, despite my incredible privilege and intelligence. But they want it all, now. Three children?

(Booing)

A grandmother, playing with children—it makes her happy like a cow, but she still feels entitled to be paid. Because she wants to feed her drug habit, she wants to sell them for more money….she wants it all!

(Booing)

A student, with an unmarketable degree in women’s studies, specializing in medieval feminist villanelles, wants debt forgiveness, and a high-paid job putting her non-existent skills analyzing romance language texts to use and profit in a rewarding cause. She also wants a pony, a sensitive but dominant lover, a villa on the Riviera, and World Peace!

(Cackles).

(Laughter)

Millions of working sad-sack Americans have similar fantasies.  They want more money.  More pay. Decent wages for hard work. They think it grows on trees. They think that money will grow and nuzzle up to them in their sleep, when they have no money-appeal. They think they can tax Other People’s Money to get what they want. They don’t realize Money has to be jacked up the ass, stuck in the veins with meth, dragged out and pimped to make more! You have figured out how to make your money work, turned it into a profit-generating prostitute! The future expected earnings of a profit-generating prostitute! That you’ve shorted! These people, idiots, all of them, they expect money to come to them! Without Scheming! Without reaming others! By working hard and being good! Like puppies and ponies! Like flowers after a downpour! Like the lilies of the valley! Like utopian visions of a drug-addled socialist!

Because what’s best for Wall Street is what’s best for the US. What’s best for Goldman Sachs is what’s best for the planet. I promise to take on this challenge against the clamoring, whining, agitating babies demanding for major changes in our economy and the global economy, demanding for equity and justice. These demands are stupid beyond belief.

As president, I will work with you to turn the tide of populism, to make these currents of change infeasible, impossible. We don’t hide from change; we subvert, hijack it, appropriate it.

Let me tell you straight: I want to be the presidency of, by, for Goldman Sachs, and I mean it. I’ll make sure to line my cabinet with your people, like everyone else. Lloyd, name your position!

(Wild Applause)

And I know it’s not always how we think about this, but another engine of strong growth should be the TPP and the TTIP, and the TISA.

(Applause)

I want you to hear this. Creating a global neo-liberal enclosure of the entire world economy that pretends to be about “free trade” won’t do much for the total economy—perhaps a tiny percentage point of growth—but I guarantee it will line your pockets like nothing else. Think trillions in your coffers. Quadrillions, once we force all the Asian-Pacific economies to suspend their financial uptightness restricting wild casino gambling! Financial liberalization forced on Asia will result in Quadrillions! Bazillions! And remember, the house—that’s us—we write the rules—never loses!

(Wild Applause)

You know, all this speculation adds up. And for you, it’s trillions every day. Now I am well aware that for far too long these practices have been challenged by socialistic demagogues.

Well, those days are over.

(Applause)

The current President Obama gave you and your colleagues 17 Trillion of free money, and endless zero-rate loans, but he still had to pretend to take you and your colleagues to the woodshed. Dodd-Frank. Sarbanes-Oxley. The return of Glass-Steagall. Other annoying, pesky legislation and regulations. Too many of you are bound and wrapped in red tape: shadow banking, money laundering, hedge funds, high-frequency trading, non- bank financing, interest rate manipulation, all done in the shadows, because of vicious, irrational regulations that marginalize and oppress you.

(Hissing)

I will appoint you to every regulatory position of power! Too big to fail is too big not to give control over the entire government!

(Applause)

That’s what I’ll do as president. I will seek out and welcome any good idea that is accompanied by a large check!

Brushes check suggestively against cheek)

(Laughter)

Thank you all. Thank you. I just want to leave you with one more thought. I want every banker, financier, trader, hedge fund manager to reach their God-given potential to rule the universe.   Please join me in that mission — let’s do it together!

(Applause)

Is there anything he left out?

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Source: ZeroHedge

Clinton Email Shows that Oil and Gold Were Behind Regime Change In Libya

On New Year’s Eve, 3,000 emails from Hillary Clinton’s private email server were released.

One of them confirms – an email dated April 2, 2011 to Clinton from her close confidante Sidney Blumenthal – that:

“Qaddafi’s government holds 143 tons of gold, and a similar amount in silver.”

Her Best Friends call her Gert

***

This gold was accumulated prior to the current rebellion and was intended to be used to establish a pan-African currency based on the Libyan golden Dinar. This plan was designed to provide the Francophone African Countries with an alternative to the French. franc (CFA).

(Source Comment [This is in the original declassified email, and is not a comment added by us]: According to knowledgeable individuals this quantity of gold and silver is valued at more than $7 billion. French intelligence officers discovered this plan shortly after the current rebellion began, and this was one of the factors that influenced President Nicolas Sarkozy’s decision to commit France to the attack on Libya. According to these individuals Sarkozy’s plans are driven by the following issues:

  1. A desire to gain a greater share of Libya oil production,
  2. Increase French influence in North Africa,
  3. Improve his internal political situation in France,
  4. Provide the French military with an opportunity to reassert its position in the world,
  5. Address the concern of his advisors over Qaddafi’s long term plans to supplant France as the dominant power in Francophone Africa)

This may confirm what some of us have been saying for years.

The REAL Reason Sunni Governments Like Saudi Arabia Are At War Against the Shias

While the Sunnis and Shias have been competing for more than a thousand years, they have largely co-existed peacefully until recently.

Why are they involved in an open war across multiple countries now?

Much of modern geopolitics is driven by hydrocarbons … i.e. oil and gas.

Is this true of the Sunnis-Shia war?

Yes, the U.S. and its allies are backing the Sunnis against the Shias … in order to wage war for oil.

And it turns out that the lion’s share of oil in the Middle East happens to be located in Shia countries … and in the Shia-minority sections of Sunni-majority countries.

Specifically, as Jon Schwartz reports this week at the Intercept:

Much of the conflict can be explained by a fascinating map created by M.R. Izady, a cartographer and adjunct master professor at the U.S. Air Force Special Operations School/Joint Special Operations University in Florida.

What the map shows is that, due to a peculiar correlation of religious history and anaerobic decomposition of plankton, almost all the Persian Gulf’s fossil fuels are located underneath Shiites. This is true even in Sunni Saudi Arabia, where the major oil fields are in the Eastern Province, which has a majority Shiite population.

As a result, one of the Saudi royal family’s deepest fears is that one day Saudi Shiites will secede, with their oil, and ally with Shiite Iran.

This fear has only grown since the 2003 U.S. invasion of Iraq overturned Saddam Hussein’s minority Sunni regime, and empowered the pro-Iranian Shiite majority. Nimr himself said in 2009 that Saudi Shiites would call for secession if the Saudi government didn’t improve its treatment of them.

shia-oil-cropped-2

The map shows religious populations in the Middle East and proven developed oil and gas reserves. Click to view the full map of the wider region. The dark green areas are predominantly Shiite; light green predominantly Sunni; and purple predominantly Wahhabi/Salafi, a branch of Sunnis. The black and red areas represent oil and gas deposits, respectively.

Source: Dr. Michael Izady at Columbia University, Gulf2000, New York

As Izady’s map so strikingly demonstrates, essentially all of the Saudi oil wealth is located in a small sliver of its territory whose occupants are predominantly Shiite. (Nimr, for instance, lived in Awamiyya, in the heart of the Saudi oil region just northwest of Bahrain.) If this section of eastern Saudi Arabia were to break away, the Saudi royals would just be some broke 80-year-olds with nothing left but a lot of beard dye and Viagra prescriptions.

Nimr’s execution can be partly explained by the Saudis’ desperation to stamp out any sign of independent thinking among the country’s Shiites.

The same tension explains why Saudi Arabia helped Bahrain, an oil-rich, majority-Shiite country ruled by a Sunni monarchy, crush its version of the Arab Spring in 2011.

Similar calculations were behind George H.W. Bush’s decision to stand by while Saddam Hussein used chemical weapons in 1991 to put down an insurrection by Iraqi Shiites at the end of the Gulf War. As New York Times columnist Thomas Friedman explained at the time, Saddam had “held Iraq together, much to the satisfaction of the American allies Turkey and Saudi Arabia.”

So the Sunni Gulf monarchies in Saudi Arabia, Bahrain, Oman, the United Arab Emirates, Qatar and Kuwait are single-mindedly going after Iran and the Shia world – because the Shias are sitting on the oil and gas resources – and doing everything they can to start a Sunni-Shia war across the entire MENA area (Middle East and North Africa) in order to “justify” a resource grab.

Source: by George Washington blog in ZeroHedge

There Is Officially No Difference Between Jeb And Hillary, Whose Biggest Donors Are The Same

What many have tacitly known for a long time was finally confirmed overnight when an analysis of Federal Election Commission data by Vocativ and The Daily Beast found that of the 60 or so ultra-rich Americans – aka the mega-donors – who have contributed to both Jeb Bush’s and Hillary Clinton’s federal campaigns, seventeen of those contributors have gone one step further and opened their wallets to fund both Bush’s and Clinton’s 2016 ambitions.

None of this is a surprise: back in March, when showing the support of what may be the most important backer for any future president, Goldman Sachs, we explained as much. In “As Jeb Bush Pounces On The Hillary Email Scandal, The Real Winner Is… Goldman Sachs” we wrote:

Goldman likes to play both sides of the fence and that’s especially true of a race like this where either of these two candidates — Bush and Clinton — could ultimately be helpful to them,” said Charles Geisst, a Wall Street historian at Manhattan College. Campaign finance experts say Goldman is hoping another President Bush or President Clinton would both push for Wall Street-friendly policies and draw on Goldman’s executive ranks for expertise, a practice that has fallen out of favor in the years following the financial crisis.

Today, we get confirmation that what Goldman is doing is precisely the same tactic employed by all the other super-donors: “why support just Hillary Clinton or just Jeb Bush when you can hedge your bets and donate to both? This seems to be the thinking of a group of powerful men and women—racetrack owners, bankers, media barons, chicken magnates, hedge funders (and their spouses). Some of them have net worths that can eclipse the GDPs of small countries. 

Larry Noble, senior counsel for the Campaign Legal Center, told The Daily Beast that it’s a common practice among a small number of people. “Some of them will say they believe in the process, but the truth is you usually see them giving to people who will be most helpful to them if [the politician] gets into office,” he said. “They are not necessarily Republicans or Democrats, they are business people first.”

Some of them said personal connections are driving the double donations. Many work in industries that depend on the federal government for their continued operation. A few have had brushes with the law. One donor said he’s soured on Hillary, and is now on Team Jeb. Another claimed that he gave to Clinton by mistake.

Some examples of bet “hedgers” include David Stevens, CEO of the Mortgage Bankers Association, whose chief economist Larry Yun has been the butt of jokes for decades:

David Stevens, the CEO of the real estate lobbying group the Mortgage Bankers Association, was in the government himself. Stevens served in the Obama administration as the assistant secretary for housing and as Federal Housing Administration (FHA) commissioner at the Department of Housing and Urban Development from July 2009 to April 2011.

But that doesn’t mean he’s completely on board with his fellow administration alum.

His résumé reflects dual political loyalties. He’s served every Republican president since Richard Nixon and in 1997 was appointed to a task force by President George W. Bush to help study the best way to overhaul social security.

David Stevens, the CEO of the real estate lobbying group the Mortgage Bankers Association, was in the government himself. Stevens served in the Obama administration as the assistant secretary for housing and as Federal Housing Administration (FHA) commissioner at the Department of Housing and Urban Development from July 2009 to April 2011.

But that doesn’t mean he’s completely on board with his fellow administration alum.

His resume reflects dual political loyalties. He’s served every Republican president since Richard Nixon and in 1997 was appointed to a task force by President George W. Bush to help study the best way to overhaul social security.

However, he also advised then-President-Elect Obama as part of the Economic Transition Team in 2008. Parsons did not return attempts for comment.

“I want to focus on candidates who best represent issues of housing and issues important to me and are not extreme, especially on the social issues that are important to me,” he said. Stevens has given $2,700 to Hillary For America and $1,000 to Jeb 2016. He said he has watched with great concern about the increased polarization of both parties.

But at the end of the day, Stevens conceded it’s also about access. “While [Hillary Clinton and Jeb Bush] don’t make commitments, obviously, I want to make sure my views are presented to them, because they are considered more center-left or center-right,” he said.

Richard Parsons, the former head of Time Warner and now a senior adviser at Providence Equity Partners Inc., has donated the maximum $2,700 to both the Clinton and Bush presidential campaigns.

James R. Borynack, the owner of Wally Findlay Galleries — is another supporter of both sides, although he prefers to keep a low profile:
“[Borynack] has no detailed comments at this time, other than to support both Hillary Clinton and Jeb Bush equally as presidential candidates,” a spokeswoman said.

Curiously, another such ambi-supporter is The other is Robert Foresman, head of Barclays’s business in Russia. Foresman’s Russia ties include the state-owned energy company that is one of Putin’s biggest levers against the West. Russia’s state-owned Gazprom provides critical gas to nearly two dozen European countries—and has shut off energy to countries in dispute with Russia. In the early 2000s, Foresman was nominated as a candidate to the board of directors of Gazprom, but was never actually appointed to the board, according to the company’s website.

Some unmasked donors prefer to remain in the shadows: “one Wall Street donor, who asked to remain anonymous because he considered the donation to Hillary “embarrassing,” said he gave money to her Senate race after a bundler friend asked him for a contribution. He noted he asked the bundler friend to donate to a Republican in return.”

There are many more such donor,s who like Goldman Sachs are all about “hedging” their bets, and the full list can be found in he original Daily Beast piece, a summary of which is shown below:


… and while none of this will come as a surprise to our readers, it may be a shock to the rest of America.

Or maybe judging by the surging popularity of such anti-establishment candidates as Donald Trump, the realization that the left and the right all serve the same masters, has finally seeped out.

Source: Zero Hedge