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We should not oppose offshoring or outsourcing,” proclaimed a well-known economist at the 2011 World Business Process Outsourcing/Information Technology Outsourcing (BPO/ITO) Forum. Hundreds of corporate executives sat in on this economist’s lecture, including representatives from Morgan Stanley, JPMorgan, Deustche Bank, Pfizer, Coca Cola and other major businesses. The economist went on to proclaim that critics of outsourcing were like “Luddites who took axes to machinery early in England’s industrial revolution.”
This economist was not a Heritage Foundation scholar or Ayn Rand Institute fellow. The speaker that June was none other than Lawrence Summers, who had just finished up his role as director of the White House National Economic Council, where he was President Obama’s top economic adviser.
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Summers is not the only possible nominee with corporate conflicts of interest. Another name being floated is former Treasury Secretary Tim Geithner. Geithner, too, has used his time out of government to enrich himself, at least partly from corporate largesse. After leaving his post in January 2013, Geithner got $200,000 to speak at a Deutsche Bank conference, and $100,000 from investment banking firm Blackstone and private equity firm Warburg Pincus. Blackstone and Deutsche Bank have both been in the news for their efforts to “create and sell the first bond backed by home-rental payments,” which the Wall Street Journal warns would be “more risky than well-known securities” but would satisfy “investors…hungry for the high returns.”
Finally some good news, its so nice to know my stock pile of food and water and bullets might actually come in handy if either one of these 2 get the nod on this job.
I need to grow out my hair and walk around with a sign that says the end is near.
Ooo as an added touch I was thinking about putting on a tin foil hat (what do you guys think)
There is only one main goal and that is too keep the QE party going so it will not matter. With that said he will pick Yellen as the first woman to chair the FR you heard it here first.
new shill tactic? Wall st Journal facts are now tin foil to blind supporters?.
invest as a favor to a politically-connected director.
Last month, it was revealed that Summers, whom President Obama appointed to essentially run the economy from his perch in the National Economic Council, earned nearly $8 million in 2008 from Wall Street banks, some of which, like Goldman Sachs and Citigroup, were now receiving tens of billions of taxpayer funds from the same Larry Summers. It turns out now that those two banks have continued paying into Summers-related businesses.
According to filings obtained for this story, Summers first joined the board of directors of Revolution Money back in 2006 (when it was called “GratisCard”), the same year that Summers was forced to resign as president of Harvard after his disastrous tenure. Revolution Money/GratisCard was a startup headed by former AOL chief Steve Case. Revolution Money billed itself as the Next Big Thing in online payment, “PayPal meets Mastercard,” according to their own pitch.
In September 2007, Revolution Money announced that it had raised $50 million from a group of investors including Citigroup, Morgan Stanley and Deutsche Bank. Some found the investment strange even then, because normally big banks don’t get involved in seeding small startups -- that’s the domain of venture capitalists, not mega-banks. Especially not in September, 2007, when these same megabanks were Chernobyling their way into full-fledged balance-sheet meltdown.
What seems clear is that at least part of Revolution Money’s success in raising funds is due to their star-studded board of directors -- which included not only Larry Summers, but also the notorious Frank Raines, the former Fannie Mae chief whom Time Magazine named to its “ 25 People To Blame For The Financial Crisis” list. Raines is still a board member.
Over the next year and a half, Revolution Money didn’t quite live up to its promise of competing with PayPal or Visa/Mastercard. At least some of this could be attributed to the difficulty of starting up an online credit card company in the middle of a triple-cluster credit crunch, banking crisis and recession. But there is also evidence that the company wasn’t run well. Another one of Steve Case’s “Revolution” brand startups, “Revolution Health,” (which also features a star-studded board of directors including Carly Fiorina, Colin Powell, and several future-Obama Administration officials) essentially folded last autumn when it was sold to Everyday Health last September and merged into that company’s operations.
In spite of all of this, on April 6, 2009, Revolution Money announced the happy news: it had just successfully raised $42 million dollars in the most difficult market since the 1930s. The investors? Goldman Sachs, Citigroup and Morgan Stanley -- bankrupt institutions that Larry Summers was transferring billions in bailout funds to.
do some research. Summers is a financial felon and should be in prison for fraud.
Goldman Sachs was appointed to run Greece IIRC, it hasnt worked out too well.
This country is spiraling the economic drain, and we have a leader who spews propaganda about "housing recovery" because some govt land in AZ has been purchased by Blackstone group. What a sad, sick sham.
More Summers frauds:
According to filings obtained for this story, Summers first joined the board of directors of Revolution Money back in 2006 (when it was called “GratisCard”), the same year that Summers was forced to resign as president of Harvard after his disastrous tenure. Revolution Money/GratisCard was a startup headed by former AOL chief Steve Case. Revolution Money billed itself as the Next Big Thing in online payment, “PayPal meets Mastercard,” according to their own pitch.
In September 2007, Revolution Money announced that it had raised $50 million from a group of investors including Citigroup, Morgan Stanley and Deutsche Bank. Some found the investment strange even then, because normally big banks don’t get involved in seeding small startups -- that’s the domain of venture capitalists, not mega-banks. Especially not in September, 2007, when these same megabanks were Chernobyling their way into full-fledged balance-sheet meltdown.
Revolution Money’s success in raising funds is due to their "star-studded" criminal board of directors -- which included not only Larry Summers, but also the notorious Frank Raines, the former Fannie Mae chief whom Time Magazine named to its “ 25 People To Blame For The Financial Crisis” list. Raines is still a board member.
So massive financial fraud is fine with you? good to know.
smh
Even before the upheaval in Italy, there was no sign of Goldman Sachs living down its nickname as "the Vampire Squid".
sKeptical voices are raising questions over its influence. The political decisions taken in the coming weeks will determine if the eurozone can and will pay its debts – and Goldman's interests are intricately tied up with the answer to that question.
Simon Johnson, the former International Monetary Fund economist, in his book 13 Bankers, argued that Goldman Sachs and the other large banks had become so close to government in the run-up to the financial crisis that the US was effectively an oligarchy. At least European politicians aren't "bought and paid for" by corporations, as in the US, he says. "Instead what you have in Europe is a shared world-view among the policy elite and the bankers, a shared set of goals and mutual reinforcement of illusions."
This is The Goldman Sachs Project. Put simply, it is to hug governments close. Every business wants to advance its interests with the regulators that can stymie them and the politicians who can give them a tax break, but this is no mere lobbying effort. Goldman is there to provide advice for governments and to provide financing, to send its people into public service and to dangle lucrative jobs in front of people coming out of government. The Project is to create such a deep exchange of people and ideas and money that it is impossible to tell the difference between the public interest and the Goldman Sachs interest.
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