Tuesday, April 27, 2010
Goldmangate: Goldman Sachs employees have given 69 % of their political contributions to Democrats, slightly down from 2008, when they gave 75 % to Democrats
Goldman Sachs employees have given 69 % of their political contributions this cycle to Democrats, only slightly down from 2008, when they gave 75 % to Democrats -- including nearly a million dollars to Barack Obama and $112,400 to Senate Banking Committee Chairman Chris Dodd. Dodd is now retiring instead of facing voters because of his own involvement in a housing-related scandal, a sweetheart loan Countrywide gave him.
Blankfein supports financial reform legislation
By Vicki Needham - 04/27/10 06:45 PM ET
A financial regulatory reform bill has at least one supporter outside of Congressional Democrats, Lloyd Blankfein, the head of investment bank Goldman Sachs.
"I'm generally supportive," Blankfein told the Senate Permanent Subcommittee on Investigations.
Wall Street will benefit from the bill because it will make the market safer, Blankfein said.
"The biggest beneficiary of reform is Wall Street itself," he said. "The biggest risk is risk financial institutions have with each other."
American consumers also would benefit from better regulations, he said.
Blankfein said he didn't know all the bill's details and couldn't speak to provisions that affect community and consumer banks and mortgage originators because they are "remote" to our experience.