An Updated List of Goldman Sachs Ties to the Obama Government Including Elena Kagan

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I. Introduction.

This essay
shows the pervasive influence of Goldman Sachs and its units (like
the Goldman-Robert Rubin-funded Hamilton Project embedded in the
Brookings Institution) in the Obama government. These names are
in addition to those compiled on an older such list and published
here at FDL. In the future, I will combine the names here and those
on the earlier article but I urge readers to look at the earlier
list too (links below). Combined, this is the largest and most comprehensive
list of such ties yet published.

For readability
and clarity, I have NOT included many of the details and links that
are found in the earlier article so as to make this one less repetitive
and easier to read. So, if you want more documentation, please look
at my earlier diary here at Firedoglake called "A
List of Goldman Sachs People in the Obama Government: Names Attached
To The Giant Squid’s Tentacles
" published on April
27, 2010.

Note too that
I have intentionally used the words, "Obama government"
rather than "Obama administration" because some of these
connections are not technically within his administration. These
would include ambassadorial appointments and Supreme Court appointments
(like that anticipated for Elena Kagan). This also includes lobbyists
like Dick Gephardt who has multiple connections/input to Obama and
to Goldman Sachs and the Hamilton Project.

In a similar
vein, I use a broader definition than just Goldman Sachs (GS) because
GS has funded, along with its ex-leader Robert Rubin, a right-leaning
think tank called the Hamilton Project and embedded it within the
Brookings Institution. Some of its activities thus also spill over
into Brookings Institution projects which doubtlessly was one of
the clever reasons Rubin and GS did this, along with providing their
essentially neo-con/neo-liberal think tank with camouflage. This
has worked beautifully for GS and Rubin as most writers – even
critical ones like Matt Taibbi – seem unaware of the important
doings of the Hamilton Project. The Hamilton Project has 32 people
sitting on its Advisory Council and many have ties to Goldman Sachs,
Rubin and the Obama government. Of the first four Directors of the
Hamilton Project, three work in the Obama administration. Meanwhile,
the most recent Director of the Hamilton Project came from academia
and from a position as economic adviser to the Obama administration
to Hamilton in the sort of "revolving door" that Washington
is famous for.

The Hamilton
Project (named after Alexander Hamilton whose most famous dictum
was "The People are a Great Beast") is essentially pushing
for cuts in entitlements (like social security), outsourcing American
jobs, and for more NAFTA-type agreements. This is essentially the
game plan for the Obama administration, not surprising since Barack
Obama was the inaugural speaker at the Hamilton Project (and Joe
Biden spoke there just weeks ago).

NOTE: This
diary and its predecessor are the result of a lot of painstaking
work. I am sure there are other Goldies out there in the Obama administration
who I have missed. If so, PLEASE let me know by dropping their name
in a comment below.

II. Additional
Names of Goldies serving with Obama.

Enough background
information, let’s reveal the Goldies with connections/jobs
within the Obama government (or with "revolving door"
status). For your convenience, I’ve listed the new names to
the list separately and in the first section, led off by Elena Kagan
because the buzz is that she is Obama’s pick to the Supreme

(with respect to prior article):


Kagan was appointed
by Obama to serve as the Solicitor General. The Solicitor General,
often called the 10th Supreme Court Justice, is the person who argues
the U.S. government side of cases before the court. Buzz has it
that she is also Obama’s next pick to the Supreme Court, perhaps
as early as this Monday.

At any rate,
she’s already in the Obama government as Solicitor General.
She also has ties to Goldman Sachs. From 2005 to 2008, according
to USA Today
and other sources, Kagan served as a member
of the Research Advisory Council of the Goldman Sachs Global Markets
Institute. Matt Kelley of USA Today wrote in
his article
, "Possible Supreme Court Pick Had Ties to Goldman
Sachs" that Kagan received $10,000 from Goldman Sachs for her
services in 2008, per federal disclosure forms. But since she was
doing the same thing in 2005, 2006, and 2006, it would appear that
she pulled in $40,000 from Goldman Sachs for what appears to be
sitting in on one day sessions looking at big issues affecting the
global economy. $40,000 grand for so little time is a nice gig if
you can get it (and she likely got expenses too) for so little time.
It’s not a huge amount but it is enough to affect a player’s

Here are some
questions that Senators on the Judiciary Committee might want to
ask of Kagan:

1) Can you
produce all the paperwork/receipts related to your ties to Goldman

2) Did you
report the GS payments as income on your income tax returns (lots
of people in the Obama administration (like Timothy Geithner) or
wanting to be (like Tom Daschle) seem to have trouble filling out
proper IRS forms.

3) Will you
recuse yourself in any cases brought before you at the Supreme Court
(if confirmed) that have any connection, no matter how remote, to
Goldman Sachs or its entities?

4) As Solicitor
General of the United States, have you handled (defined largely)
any cases relating to Goldman Sachs or its entities?
Have you given advice on any such cases?

5) Have you
had any dealings with The Hamilton Project? This includes speeches
given there, conferences attended, papers published etc.


Here is a murky
connection (but an important one) between Obama and Goldman Sachs.
Berkowitz serves as the Chairman,
Board of Directors
of the Washington Institute for Near East
Policy (WINAP). It is an important Washington think tank that gives
input to Obama. It was established by the American Israel Public
Affairs Committee (AIPAC) in 1985, according to Wikipedia.
People affiliated with WINAP are a virtual Who’s Who of foreign
policy including Henry Kissinger, Warren Christopher, Lawrence Eagleburger,
and Richard Perle.

Berkowitz also
is Managing Director of BlackRock and sits on the Advisory
Council of the Goldman Sachs funded Hamilton Project

BlackRock is
a global investmentment management firm with over $3.35 trillion
under management. There is a virtual revolving door of hiring and
acquisitions between BlackRock and Goldman Sachs as reported here.


Dudley, according
to the Federal
Reserve Bank of New York web site

became the
10th president and chief executive officer of the Federal Reserve
Bank of New York on January 27, 2009. In that capacity, he serves
as the vice chairman and a permanent member of the Federal Open
Market Committee (FOMC), the group responsible for formulating
the nation’s monetary policy.

Mr. Dudley
was a partner and managing director at Goldman, Sachs & Company
and was the firm’s chief U.S. economist for a decade. Earlier
in his career at Goldman Sachs, he had a variety of roles including
a stint when he was responsible for the firm’s foreign exchange
forecasts. Prior to joining Goldman Sachs in 1986, he was a vice
president at the former Morgan Guaranty Trust Company. Mr. Dudley
was an economist at the Federal Reserve Board from 1981 to 1983.

Dudley seems
to have Geithner’s old job, passed from one Goldie to the next.


Effron is a
money man. As a bundler for the 2008 Obama campaign, he raised more
than $100,000. According to this web
he also was a "Mega Donor" to Obama in 2008,
giving more than $28,500 though committees supporting Obama. His
wife is also a major contributor, giving tens of thousands of dollars.

Effron is a
founding partner
of Centerview Partners LLC. Their web site
indicates he has executed over $400 billion in transactions.

Effron is also
on the Advisory
of the Goldman Sachs/Robert Rubin funded Hamilton Project.


Froman (born
August 20, 1962) is deputy assistant to the president and deputy
national security adviser for international economic affairs, a
position to be held jointly at the National Security Council and
the National Economic Council. His responsibilities will include
serving as the White House liaison to the G7, G8 and G20 summits
of economic powers.[

He’s on my
prior list but his name was misspelled there (as Frohman). Froman’s
days with Obama go back to Harvard Law School. Froman appears to
be the original link between Robert Rubin/Goldman Sachs and Obama.

From Wikipedia:

received a bachelor’s degree in Public and International Affairs
from the Woodrow Wilson School of Princeton University in 1985,
a doctorate in International Relations from Oxford University
and a law degree from Harvard Law School where he was a classmate
of Barack Obama[2][3], and also an associate of Obama’s on
the Harvard Law Review.[4]

After Harvard,
Froman had lost touch with Barack Obama until Froman heard of
Obama’s Senate run. Froman volunteered at that point to help,
began raising funds for the candidate, and introduced the candidate
to Robert Rubin, whom Froman had followed from the Treasury Department
to Citigroup [Froman served as Rubin’s Chief of Staff] after the
Clinton administration.[4] Before moving to the Obama administration,
Froman most recently was a managing director of Citigroup’s
Citi Alternative Investments Institutional Clients Group, where
he was head of infrastructure and sustainable development [5].
He also served on 12-member advisory board of the Obama campaign’s
transition team.[1]

provides new information indicating Frohman, who was
Mr. Goldman Sach’s former Chief of Staff, as an "informal
adviser" to Obama. They spell his name as Froman, Michael.


Obama just
appointed Fudge to his budget deficit reduction committee (whose
real goal, like that of the Hamilton Project, is to cut entitlements).
Fudge has been the public relations craftsman for some of America’s
largest corporations. She sits, according to the Washington Post,
as a Trustee of the Brookings Institution within which the Hamilton
Project is embedded.

the rest of the article

14, 2010

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