Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting. Four months earlier, Bear Stearns Cos. had sold itself for just $10 a share to JPMorgan Chase & Co. (JPM)
During the prairie revolt that swept the Great Plains in 1890, populist orator Mary Elizabeth Lease exclaimed, "Wall Street owns the country... Money rule... Our laws are the output of a system which clothes rascals in robes and honesty in rags. The [political] parties lie to us and the political speakers mislead us."
Naomi Klien points out that the people, the occupy wall street protesters are realizing that the change is not coming in Washington because politicians are so controlled by corporate interests, and that is the fundamental crisis in this country. And that's what's so profound about this.
When you see a Wall Street economist offering analysis on cable news or the op-ed pages, you figure you know where they're coming from -- whatever will profit Wall Street. When you see an economist identified as being from Harvard, Yale, Princeton, or Stanford, do you assume that it's a different story?
At a time when Congressional hearings are set to call testimony from some Goldman Sachs employees, it is vital to understand how widespread that institution s ties are to the Obama administration. This diary shows the pervasive influence of Goldman Sachs and Goldman created institutions (like the Hamilton Project embedded in the Brookings Institution), employees and influence peddlers in the Obama administration.