Goldman Sachs

Nobody outside of Wall Street elites and the White House inner sanctum knows what’s really going on with the alleged economic recovery. What you do know is that Goldman Sachs is going to be handing out $23 billion in bonuses this year and record profits. You also know that without the hundreds of billions of taxpayer money, Goldman Sachs wouldn’t be rolling in piles of cash while its competition was left to fail (e.g. Lehman Brothers). And if you’ve been reading the newspaper, you know the Obama administration doesn’t care.

Frank Rich wrote about this today in his column “Goldman Can Spare You a Dime.” Rich compares Goldman Sachs to the early 20th century giant Standard Oil – known as “The Octopus.”

When Roosevelt set out to fix what was wrong with the economy that lead to the Great Depression, he didn’t hobnob with America’s first billionaire John D. Rockefeller as Obama has with Goldman Sachs bigwigs. If he had, Rich wrote, palled around with the Standard Oil titan, it’s unlikely the monopoly would have been broken up and the oil company would still have a stranglehold on the economy – sucking out money wherever it could sink its tentacles.

President Barack Obama

But Obama is clearly a friend to Goldman. His administration is filled with Goldman shills like Timothy Geithner and the newly appointed man in charge of the Securities and Exchange Commission’s enforcement unit Adam Storch – a former Goldman executive.

For more on this important topic, read Rich’s column