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Goldman draws bailout critic’s ire
First Bill Perkins likened the architects of the $700 billion U.S. bailout to communists. Now the Houston-based venture capitalist is going after the capitalists.
In his latest full-page ad in the New York Times, Perkins raises a question about the propriety of Goldman Sachs buying the majority of Constellation Energy’s London-based commodities business.
“Question #1: Does anyone else find it troubling that a government bailed out bank (Goldman Sachs) is buying a European Energy Speculation Outfit? It’s your money!!!”
A Barack Obama fundraiser, Perkins made a $1.25 million profit on volatile banking shares and decided to use the proceeds to campaign against the bailout, according to media reports.
As far back as Sept. 23, in a full-page Times ad that cost $130,000, Perkins accused then President George W. Bush, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke of being “new communists.”
Perkins attack on the use of TARP money comes as the House of Representatives approved a bill to impose new rules on the bailout program.
The House bill, authored by Massachusetts Democratic Rep. Barney Frank, calls for among other things limiting the use of TARP funds in bank buyouts.
(Photo: People enter and exit 85 Broad Street, headquarters of investment bank Goldman Sachs in New York, October 23, 2008. REUTERS/Brendan McDermid)
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No surprise whatsoever. This is a rip-off by the fiancial world of the rest of us and it’s plain for everyone to see
but nevertheless hard to believe.
Paulson is a life-long Goldman man, so no surprises there either.
What did you expect from bankers?
If it was the commodity speculaters at Goldman Sachs, Lehman Brothers, etc. that drove the price of oil up last year that resulted in the tranfer of several hundreds of billions of dollars to Middle Eastern countries, why should the tax payer now be required to help these same companies survive? Let traditional market measures play out and let them declare bankruptsy. Their executives and share holders who made tons of money last year during the runup of oil prices can now pay for the downturn.
No doubt Paulson and Co. will now go back to Goldman after giving them TARP money so he can reap the rewards.