Posted by on October 22, 2016 11:30 pm
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Categories: Economy Financial Regulation goldman sachs Goldman Sachs Asset Management Jamie Dimon JPMorgan Chase Lloyd Blankfein South Carolina

As has been widely reported, in 2013 Hillary Clinton was paid $675,000 for three speeches to Goldman Sachs.  One was delivered on June 4, 2013 at the 2013 IBD CEO Annual Conference at The Inn at Palmetto Bluff in South Carolina, a second one took place on October 24, 2013 at the Goldman Sachs Asset Management AIMS Alternative Investment Symposium, and the last one was delivered on October 29, 2013 at the Goldman Sachs builders and innovators summit.

As we detailed here, the speech transcripts, in their entirety, were revealed for the first time in an email from Tony Carrk, research director at Hillary for America, in an email dated January 23, 2016, and disclosed to the public for the first time ever via some of the latest Wikileak of Podesta emails… including this classic…

Hillary Clinton Said Her Dream Is A Hemispheric Common Market, With Open Trade And Open Markets. 

“My dream is a hemispheric common market, with open trade and open borders, some time in the future with energy that is as green and sustainable as we can get it, powering growth and opportunity for every person in the hemisphere.” [05162013 Remarks to Banco Itau.doc, p. 28]

Hillary Clinton Joked That If Lloyd Blankfein Wanted To Run For Office, He Should “Would Leave Goldman Sachs And Start Running A Soup Kitchen Somewhere. “

“MR. BLANKFEIN:  I’m saying for myself.             MS. CLINTON:  If you were going to run here is what I would tell you to do —             MR. BLANKFEIN:  Very hypothetical. MS. CLINTON:  I think you would leave Goldman Sachs and start running a soup kitchen somewhere.             MR. BLANKFEIN:  For one thing the stock would go up. MS. CLINTON:  Then you could be a legend in your own time both when you were there and when you left.” [ Speech to Goldman Sachs, 2013 IBD Ceo Annual Conference, 6/4/13]

Clinton Joked It’s “Risky” For Her To Speak To A Group Committed To Futures Markets  Given Her Past Whitewater Scandal.

“Now, it’s always a little bit risky for me to come speak to a group that is committed to the futures markets because — there’s a few knowing laughs — many years ago, I actually traded in the futures markets. I mean, this was so long ago, it was before computers were invented, I think. And I worked with a group of like-minded friends and associates who traded in pork bellies and cotton and other such things, and I did pretty well. I invested about a thousand dollars and traded up to about a hundred thousand. And then my daughter was born, and I just didn’t think I had enough time or mental space to figure out anything having to do with trading other than trading time with my daughter for time with the rest of my life. So I got out, and I thought that would be the end of it.” [Remarks to CME Group, 11/18/13]

However, in an interview that will air Sunday on CNN’s “Fareed Zakaria GPS”, Lloyd Blankfein, chief executive officer of Goldman Sachs, confidently declared that Hillary Clinton didn’t say “anything untoward” in her appearances.

Until now, Blankfein had shied away from publicly backing a presidential candidate this year, saying his support could harm that person’s chances, but, as Bloomberg reports, when asked if he personally supports and admires Democrat Hillary Clinton, said that he did…

“I’m supportive of Hillary Clinton,” Blankfein said, according to a transcript provided by the network. “Yes, so flat out, yes, I do. That doesn’t say that I agree with all of her policies. I don’t. And that doesn’t say that I adopt everything that she’s done in her political career or has suggested that she might do going forward.”

During her 2008 campaign, before investigations into Goldman’s sales of toxic mortgage securities turned Blankfein into one of the faces of the U.S. financial crisis, the executive held a fundraiser for Clinton. In the latest interview he admired her willingness to work with Republicans when she represented New York as a senator.

“She could cross the aisle and engage other people to get things done,” Blankfein, 62, said on CNN. “That willingness to engage is a scarcer commodity these days.”

Bank executives have been hesitant to wade into politics this election season. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon on Oct. 17 offered a read-between-the-lines prediction that Clinton would win, drawing applause by referring to the next president as “she” at a conference. Blankfein was asked about the election in an interview in February and declined to take sides at that time. “I don’t want to help or hurt anybody by giving them an endorsement,” he told CNBC.

In the wide-ranging CNN interview, Blankfein also said the U.S. economy, despite a “tepid” rate of growth and DNC Chair Brazile’s private comments that the real economy is a disaster, has a “lot of advantages,” including the extent to which consumers have de-leveraged since the 2008-09 financial crisis, and a sound banking system.

“The sentiment is a lot worse than the economy,” he said, speaking about “a more generalized anxiety” evident in the 2016 political season.

“I’m not minimizing the consequence to people who should have — who feel their jobs should be higher paid, and legitimately so, and the legitimate issues about minimum wages,” Blankfein said. “But at the end of the day, these problems always existed to some extent.”

Speaking about financial regulation, Blankfein said that the rules in place now are strict, and that his biggest fear is that the potential misconduct of a rogue employee will be attributed to him and the bank as a whole.

Finally Blankfein seemed to defend his apparent ‘stay out of jail free card’ by explaining that some financial misconduct isn’t intentional enough to be a crime.

“To be punished the way people are saying they should be punished, you still have to find some kind of a criminal intent,” Blankfein said. “If you’re merely wrong and you didn’t get it right, it’s hard to ascribe criminality.”

Faux ignorance, once again, it seems is a good enough defense for Secretaries of State, Presidents, and bank CEOs.

But to be frank, we are mainly wondering why all of a sudden  – 3 weeks before the election – Blankfein would go public with – implicitly – Wall Street’s endorsement? Is the real deep state concerned about her?

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