Sunday, April 18, 2010

It's "Training Day" for Goldman 

After briefly examining the figures over at OpenSecrets -- which clearly details that nearly two-thirds of the political contributions made by Goldman Sachs employees over the past decade went to Democratic candidates, and fully three-quarters of contributions during the 2008 cycle -- I wondered why the Obama administration's SEC would pick on Goldman for its first major mortgage meltdown enforcement action. (Senator Obama received $994,795 from Goldman employees during the 2008 cycle, more than four times the amount received by Senator McCain).

While I won't go so far as to say that the political contributions of its employees should have purchased adequate protection for the firm, the theme of payments made by private entities to government officials has a rich history in modern drama and film. How is the amount of consideration calculated, and what happens when the officials think that it needs to be bumped up?

Antione Fuqua's 2001 hit movie Training Day examines such questions in one of its plot elements. In a key scene, Alonzo (Denzel Washington, in an Oscar-winning performance), a police detective, "taxes" Roger (Scott Glenn), a purveyor of street pharmaceuticals. Things don't go well for Roger (toggle ahead to 4:00, NSFW):

"Bad news, dog ... had lunch with the Wise Men today, they say you gotta render unto Caesar."


By Blogger JPMcT, at Sun Apr 18, 04:30:00 PM:

It must be getting a bit crowded under the Obama bus....  

By Anonymous The Truth is Out There, at Sun Apr 18, 08:43:00 PM:

Definition of an honest politician: They stay bought!

Partial repost from below:

Blankfein is scheduled to be in front of Levin's Senate Investigations Committee on April 27. Several Senators on this panel -- including at least one well-known Republican -- will want to shove a broken bottle up his ass.

So here's the opening betting line:

Odds that Lloyd is forced to plead the Fifth on April 27 ... 50%/50%

Odds that the cover of the NY Post the next day has Lloyd as "Dr Evil" .... 50%/50%

In a fair world, several other CEOs should be in the dock before Lloyd, but so it goes.  

By Blogger JPMcT, at Sun Apr 18, 09:25:00 PM:

The professional corrupt are examining the amateurs. Great theater!

Social Security remains the largest Ponzi scheme in history.

The "Stimulus" is basically legislated translocation of taxpayer income to political favorites.

"Cap and Trade" speaks for itself as the most stunningly deceitful invasion of private and corporate income for purposes that have yet to be validated.

...and these are the guys that judge "Wall Street"...in the middle of an investment crisis!

Somebody call the cops!!!  

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