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YOUR FRIENDS' ACTIVITY

    Goldman Sachs spent $800K on 3Q lobbying

    AP – Fri, Dec 16, 2011

    WASHINGTON (AP) — Goldman Sachs Group Inc. spent $800,000 in the third quarter to lobby the federal government on rules for implementing the Dodd-Frank Wall Street reform act and on other financial services issues, according to a disclosure report.

    That's 2.5 percent more than the $780,000 the New York bank spent in third quarter of 2010, and 26 percent less than the $1.08 million it spent in the second quarter of 2011.

    Goldman Sachs lobbied members of Congress, the Federal Reserve, the Securities and Exchange Commission and the Commodities Futures Trading Commission on implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, securitization and other issues related to financial industry.

    Banks are spending heavily to influence the writing of rules that stem from the Dodd-Frank act, which was passed last year. Named for former Sen. Christopher Dodd and outgoing Rep. Barney Frank, the new law was written to overhaul the financial system and curb practices that were thought to be responsible for the financial crisis.

    Opaque, highly complex, but lightly-regulated derivatives contribute to large profits at investment banks like Goldman Sachs, but were at the heart of the financial crisis of 2008. Wall Street traders create these securities to bet on the value and risk of loans such as home mortgages and credit cards.

    The new Dodd-Frank act has written rules aimed at preventing Wall Street traders from taking too much risk. It calls for the trades to go through a central exchange and for their prices to be reported. This new law could cost the banks billions of dollars in revenue, which is why banks like Goldman are lobbying regulators writing the new rules.

    Goldman is one of the largest commodities trading houses in the world and is trying to influence policy that affects that business. It lobbied the White House on energy policy.

    In recent years, there have been allegations that Wall Street's speculation in the commodities markets has led to wild gyrations in prices, which has driven up food and oil prices. New rules have placed curbs on how much of one type of bet traders can make on a single commodity. Many banks oppose these rules.

     

    4 comments

    • Someone
      Someone  •  Danville, United States  •  5 mths ago
      these lobbyists should shot for treason against ALL that the USA stands for.
    • Paul
      Paul  •  Wichita, United States  •  5 mths ago
      Let's see...we have representatives that exist solely to receive lobbyists money and pass laws that hurt the people that actually pay the bills and media that reports such figures without even naming the recipients so they can be voted out. Who's interests lie where ?
    • Orland
      Orland  •  Chico, United States  •  5 mths ago
      I am old enough to remember that a former Bank Manager did the overnight investing of clients cash ,and returning it in the morning, yes he is still in jail...Why are these people still out?
      • Someone
        Someone 5 mths ago
        because they lobbied the PEOPLE who WRITE THE LAWS!!!
    • Roger
      Roger  •  Chesapeake Beach, United States  •  5 mths ago
      Hmm...let see here?? What is a lobbiest? Could I be correct in stating a lobbiest is a person who attempts to bribe another to possibly alter his or her decision? Is this correct? If so, how is it that we the nation of America openly allow bribery to alter the course of our lives? Just because goldman sucks and company have the need to rape even more dollars from the common citizen in America and the extra ill-gotten dollars to bribe with, how is this legal in America? I have always thought bribery was a form of treason? Something illegal within the judicial parameter. So, our elected officials accept bribes from illicit companies as they make every effort to rape more of the common American dollars is accepted by our government?? What has happened to America to ever allow for such open illegal actions?
      I can't help but wonder what our founding fathers would do with a so called lobbiest? Hmm...I would bet that cockroach of a human would be tied to a stake and placed in the town square, tarred and feathered and left for the vultures. Then our founding fathers would go after the company who sent the intruder and then put the entire company in prison for corrupt and illegal actions. Oh how I wish we would be once again be the controller of the 535 corrupt Washingtonians instead of them controlling us. Of the people, by the people and for the people I sadly believe is history. It is now- of the corporation, by the corportion and strictly and only for the betterment of the corportation. We America, unless we zero out the corporate lobbiest, will be forever doomed.
      It continues to anger me that not for the corporate lobbiest telling our SEC exactly how to set the laws which control the buy and sale of paper oil we little Americans would be able to retain at least 20.00 or more per tank of gas instead of it being skimmed off by the ultra-wealthy evil vultures most of whom have blood that runs green. Oh my, and one day they all will be gone forever back to the dust they came. No eternity or hope of any future. You have had your fun and soon that too will end.
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