The Clinton Goldman Sachs Gold Mine:
All In The Family – Cash to Bill, Hillary, Clinton Foundation, and Chelsea’s Husband
One of the Clintons most lucrative benefactors is Wall Street powerhouse Goldman Sachs. The Clintons have really cleaned up with them. Goldman and its partners have showered Bill, Hillary, the Clinton Foundation, and even Chelsea’s husband with lots of cash.
Since leaving the White House, Bill and Hillary have collected more than $5 million from the banking goliath in campaign contributions, speaking fees, and donations to their private foundation. In addition, Goldman has underwritten some of Hillary’s pet projects, including a partnership with the State Department on a women’s project conceived by Hillary. There’s more – Goldman also made commitments in the millions to the Clintons favorite programs at the Clinton Global Initiative. (”CGI”) And, Goldman sub-leased office space to the Clinton Foundation.
Now we learn that Chelsea’s husband’s hedge fund partners are former Goldman Sachs folks and that Goldman’s CEO is an investor who promoted the Mizvinsky fund. Unfortunately for him and all of the other investors, the fund took a dive this week after betting on derivatives in Greece.
But any loss was peanuts for Goldman, whose profit for the first quarter of 2014 was $2.1 billion!
The cozy relationship between the Clinton family and their Goldman benefactors has caused this question to loom over Hillary’s likely presidential candidacy : Will the left tolerate the Clintons increasingly incestuous relationship with the biggest crony capitalist firm in the U.S.? Politics, like nature, abhors a vacuum. Will someone from the left step forward to fill it?
So far, there’s no real threat, although Elizabeth Warren and her anti-Wall Street crusade is not going away. And how will Hillary attack derivatives when her daughter’s husband capitalizes on them? (or at least tries to)
Last year, Hillary gave two speeches to Goldman clients for $200,000 each. Her conciliatory tone alarmed some of her liberal friends. Not only didn’t she bash Goldman with the same robber baron populist rhetoric she’d used weeks earlier, she actually suggested that the banks shouldn’t be the only ones blamed for for the economic crisis. We’re all in this together she posited. At the time, no one knew that she meant that literally – Hillary’s son-in-law was partially funded by Goldman, so she was not about to do anything but make nice on them.
According to Politico, one Goldman listener was overjoyed. “It was like, ‘Here’s someone who doesn’t want to vilify us but wants to get business back in the game,” one banker noted, according to Politico. A match made in heaven. Hillary’s what they have been waiting for.
Bill’s piled up even more money, collecting over $1.3 million for eight speeches to Goldman. Now, that’s hard work, as Hillary would say.
And last September, Goldman sponsored a panel chaired by Chelsea Clinton at the CGI. For a mere $375,000, Goldman’s logo was prominently displayed and the company was listed as a host. In remarks at the session, Goldman’s CEO Lloyd Blankfein “praised the U.S. for accepting a higher unemployment rate, even as it bailed out the banks.” . Not a word from Hillary about how wonderful a high unemployment rate is!
Well-respected consumer advocate Jim Hightower questioned Goldman’s charitable contribution: “… what is “charitable” about funneling $375,000 into one of Bill Clinton’s show-and-tell PR events? Come on, that’s not charity — it’s advertising.” Hightower definitely has a point. What was the money for? CGI, certainly didn’t pay $375,000 to rent the room for that session. Nor did Chelsea Clinton command such a fee for her less than memorable scripted comments. No, it was simply a payment for exposure for Goldman (and good will with the Clintons) and more money for the CGI.
When the Clintons want to meet with their biggest donors for a day, they often book Goldman’s corporate Auditorium. Its the perfect place to make the heavy hitters feel comfortable and right at home.
Goldman’s employees were big fans of Hillary as a candidate, contributing $434,850 to her 2008 Presidential campaign and $143,170 in 2006 and another $65,500 in 2004. to her Senate campaigns.
In fact, CEO Blankfein brags about the fundraisers he’s held for Hillary. It’s all in the family, isn’t it?
And, of course, Goldman has made a substantial contribution to the Bill, Hillary, and Chelsea Clinton Foundation. The exact amount isn’t clear, but its listed $ 250,000 – 500,000.
Goldman can always be counted on at the Clinton Global Initiative. It joined Google,McKinsey, and Cisco in a $10 million commitment to fund a project helping girls with technology and promised additional money to a real estate project to lower energy costs.
As Hillary told Goldman – We’re all in this together. One big happy family. So,keep that cash coming. We’ll worry about the left some other day.