The announcement last week that yet another executive from Goldman Sachs (NYSE:GS) was installed in a major financial regulatory position of the Obama administration raised even more red flags on the growing and apparently disturbing relationship directly between the administration and Goldman Sachs.
Adam Storch, vice president in Goldman Sachs’ Business Intelligence Group, is the latest to be added to the Obama financial team, picked to be the COO of the enforcement division of the Securities and Exchange Commission (SEC), a new position at the SEC.
This is primarily motivated by the failure to identify the Bernie Madoff scandal, even though there were numerous markers pointing to it for some time over a 20-year period.
Other high level financial positions held in the Obama administration by former Goldman Sachs executives are Neel Kashkari, heading the TARP bailout; Mark Patterson, Chief of Staff for Treasury Secretary Timothy Geithner; Gary Gensler, top executive at the Commodity Futures Trading Commission; and finally Goldman has its top lobbyist, Michael Paese, Rep. Barney Frank’s top aide, who is the chair of the House Financial Services Committee.
Interestingly, Desmond Lachman mentioned what he called “Goldman Sachs’s seeming lock on high-level U.S. Treasury jobs,” which now continues on unabated and with impunity. It seems like the mainstream media love affair with the Obama administration and Obama disallows commentary and exposure of these atrocious acts that are seemingly flaunted because of the lack of media coverage and checks-and-balances on the administration, allowing them to do almost anything they want without question.
For example, the Goldman Sachs executives being hired at such a rate into key government financial positions as to raise serious questions and doubts as to the veracity of transparency and integrity in doing so. It seems with complete aplomb concerning being challenged in their actions, they’re emboldened to expand these apparent outrages without hardly a whimper from the media. This hopefully won’t continue, as the consequences and risks are extraordinary, and the idea that Obama is acting like Goldman Sachs is his personal financial farm team should case a flurry of research activity into how this is benefiting Goldman Sachs and the various financial arms of the federal government.
The conflicts of interest here are so obvious that it must be concluded the administration thinks it can get away with doing whatever they want, as well as the executives of Goldman Sachs which now has a spiderweb of entangling alliances with the upper echelons of the government. I can’t see that in any way being a good thing.