“Goldman Sachs’ Million Dollar Man”: Mitt Romney’s Ties To A “Toxic And Destructive” Bank
Republican presidential primary frontrunner Mitt Romney (R) is taking a break from the campaign trail a day after finishing third in the Alabama and Mississippi primaries, stopping in New York City for multiple fundraisers and a visit with campaign surrogate Donald Trump. Romney will attend three fundraisers and haul in an expected $2 million this week, bolstering a fundraising total that has already made him Wall Street’s favorite candidate.
More than any other institution on Wall Street, Romney has ties to Goldman Sachs, the firm that was slammed in a New York Times editorial this morning by a resigning executive director who decried the firm’s “toxic and destructive” culture. Romney and his wife, Ann, have investments in almost three-dozen Goldman Sachs funds valued between $17.7 million and $50.5 million, according to his personal financial disclosure forms.
No Wall Street bank has been as generous to Romney’s campaign, his leadership PAC, and the super PAC that backs him as Goldman. According to an analysis of Federal Election Commission reports, Goldman Sachs employees have given the Romney campaign more than $427,000 during the 2012 cycle, nearly twice as much as he has received from any other major Wall Street bank (Citigroup employees have given roughly $274,000 to Romney, the second-largest amount). According to OpenSecrets.org, total contributions to Romney from Goldman Sachs, its employees, and their immediate family members totals more than $521,000.
The Free And Strong America Leadership PAC, which is affiliated with the Romney campaign, has received $30,000 from Goldman Sachs employees during the 2012 cycle. Goldman employees and their spouses, meanwhile, have given $670,000 to Restore Our Future, the super PAC backing Romney.
After making billions of dollars in the run-up to the financial collapse of 2008, Goldman Sachs benefited from a federal bailout that saved Wall Street banks. The company, like other Wall Street firms, stood opposed to the Dodd-Frank Wall Street Reform Act that was signed into law in 2010 and also fought regulations it contained, such as the Volcker Rule, which would prevent proprietary trading that made the bank billions but left taxpayers on the hook when it nearly collapsed. Romney has rarely missed a chance to tout his opposition to the law on the campaign trail, announcing that he’d repeal it even before he read it.
By: Travis Waldron and Josh Israel, Think Progress, March 14, 2012
Tone Deaf Mitt Romney Lacks The Common Touch
As is the case with many politicians, Mitt Romney’s greatest strength is also his biggest weakness. His experience as a corporate executive should make him a good presidential candidate in a year when the economy is bad. However, while the former liberal and former governor of Massachusetts can speak fluently about the economic big picture he is completely tone deaf when he tries to relate to the middle class families who are hurting so badly.
Romney can’t even relate to the average race fan. Yesterday, at the Daytona 500 track, a reporter asked him if he followed NASCAR. Romney said he didn’t follow the sport “as closely as some ardent fans, but I have some friends who are NASCAR team owners.” That’s Romney’s problem in a nutshell. He knows the owners of most corporations but doesn’t know any of the employees.
Friday, speaking in Detroit, which is the poorest city in America, Romney told voters that his wife “drives a couple of Cadillacs, actually.” Romney could promise to put two Cadillacs in every garage but it wouldn’t have the same ring as Herbert Hoover pledging to put a single chicken in every pot.
Last June, Romney told voters, “I’m also unemployed.” It’s easier for Romney to be unemployed than other people since he has stashed millions of dollars in bank accounts in Switzerland and the Cayman Islands. If he keeps talking like that he’ll still be unemployed next year.
Last August he told an Iowan, “Corporations are people, my friend.” If corporations are people, why isn’t the investment firm Goldman Sachs doing a long stretch in a federal pen for defrauding thousands of investors?
Instead of sympathy from the former Bain capitalist, voters get a 59 point economic plan and power point presentations. Then, of course, he asked Texas Gov. Rick Perry to agree to a casual $10,000 bet. I could go on and on, but I don’t have the space here to chronicle every misstep Romney has made when he tries to relate to working families.
Romney’s platform betrays his background as much as his personality.
Mitt supported the Wall Street bailout for bankers and billionaires but opposed the GM bailout that saved the jobs of thousands of auto workers.
Mitt supports the Rep. Paul Ryan’s budget which decreases federal spending for financial assistance for seniors who can’t afford to heat their homes but preserves the federal freebies to big oil to the tune of $4 billion a year.
Romney, like many other prominent politicians, is of the manor born. But Mitt, unlike the others, never developed the common touch. Franklin Delano Roosevelt came from the same privileged background as Romney, but he could talk to an assembly line worker or a farmer without sounding patronizing. When Bill Clinton told Americans in 1992 that “I feel your pain,” he meant it because he had felt the pain as a boy growing up in a poor town in Arkansas. In contrast Clinton’s opponent, the patrician president George H. W. Bush didn’t even know what a super market scanner was.
You can take Mitt out of the manor but you can’t take the manor out of Mitt.
By: Brad Bannon, U. S. News and World Report, February 27, 2012
“The New Elite Aristocracy”: Mitt Romney’s Wealth Problem
Americans have come to expect a certain patrician baseline from their political class. Congress is stocked full of millionaires, and in the 2008 campaign Joe Biden was considered working class for riding Amtrak, despite having a net worth in the hundreds of thousands. No one bats an eye now when Rick Santorum whines about his meager means on the debate stage then releases tax returns revealing that he rakes in over $900K a year.
Yet, Mitt Romney’s wealth has served as an albatross to his campaign. We might be used to millionaires running for president, but Romney would rank among the richest handful of presidents if elected. His vast fortune is more than double the total worth of the past eight presidents combined. Newt Gingrich played on resentments of Romney’s wealth to great success in South Carolina before dialing back his attacks once the Republican establishment turned on him, accusing the former speaker of employing leftist critiques of capitalism.
Romney’s campaign has danced around the issue throughout the campaign, but over the weekend TPM‘s Pema Levy noticed a new strategy emerging from Romney and his friends:
On Friday, Romney had another one of his out-of-touch moments when he said that his wife Ann “drives a couple of Cadillacs.” But rather than try to walk back the comment, team Romney appears to have a new tactic for dealing with this problem.
When Romney and a surrogate were asked about Ann’s Cadillacs on the Sunday talk shows, their response was not to hide or apologize for Romney’s wealth. Instead, their message boiled down to: Yes he’s rich, get over it.
When questioned about the line on Fox News, Romney said, “If people think there’s something wrong with being successful in America then they better vote for the other guy.”
Mitt Romney wants to have it both ways. He sees himself as the fulfillment of the American ideal; the personification of the 1% that many middle class Americans believe they will one day reach, even if upward social mobility is increasingly difficult.
Yet, Romney also presents himself as attuned to the travails of normal working folks. He calls himself unemployed, claims to have once worried about receiving a pink slip, and litters his stump speeches with folksy tales of his normal upbringing (leaving out the years spent in a governors mansion) and starting his own, typical small business.
While the two personas appear to be at odds, Romney could get away with the contradiction if his wealth had been earned through other means. The self-made millionaire is a bedrock part of the American tale. But Romney’s struggles are as much about how he accumulated his vast fortune. Private equity is a largely unknown sector of the American economy, and its mysterious practices have a whiff of the under-the-table financial Wall Street instruments that brought economic ruin to the country. Romney earned most of his $21 million 2010 income, not from direct earnings, but from gains accrued off his investments. Rather than exemplifying the entrepreneurial spirit Americans love, the continued growth of Romney’s bank account highlights the divide between the normal working class and the new elite aristocracy whose fortunes continue to rise based on their already accumulated wealth.
By: Patrick Caldwell, The American Prospect, February 27, 2012
A Gasoline Conspiracy To Set Fire To The Obama Administration?
I’ve never been much of a conspiracy theorist as it is not my inclination to see evil lurking behind every bush (no pun intended.) More times than not, things are—for the most part—pretty much as they appear to be.
However, there is a strange anomaly occurring on the highways of America and in the boardrooms of some of our largest investment institutions that has caused me to consider whether a plan is afoot that, if successful, could represent the best possible strategy for ending the presidency of Barack Obama.
According to the Automobile Club of America, gasoline prices have risen, on average, 13.1 cents in the past month—despite the fact that gas prices traditionally fall in the month of February as people drive fewer miles during the wintery month.
What’s more, virtually every projection out there suggests that gas prices are about to make a dramatic rise to, potentially, record levels with some suggesting that $5.00 a gallon gas or more —double the prices of just a few months ago—could very well be in our future.
This becomes a particularly odd statistic when one considers that Americans are using less gasoline than they have at any time in the last fifteen years. Currently, we burn up 8 percent less gas than we did during the peak year of 2006 while most experts expect the trend to continue to where we will be using 20 percent less gasoline by 2030.
Says Tom Kloza, chief oil analyst for the Oil Price Information Service,
Strangely, the current run-up in prices comes despite sinking demand in the U.S. Petrol demand is as low as it’s been since April 1997. People are properly puzzled by the fact that we’re using less gas than we have in years, yet we’re paying more.
How can this be explained?
Certainly, concerns of a potential conflict in Iran, and the impact such an event would have on the world oil market, would drive prices up. Adding fuel to this gasoline fire are the seeds of uprising that are ripening in the eastern region of Saudi Arabia where most of the nation’s oil reserves are located.
And, to be sure, an improving domestic economy typically results in higher oil prices as demand begins to rise. However, experts seem to agree that even this will not return us to our high’s of 2006.
Experts agree that even when the economy rebounds from the recession, gasoline usage will remain below the 2006 figure, which should remain forever untouched barring any massive economic boom periods or drastic fuel price cuts. That reduction can be attributed to a number of factors such as higher fuel efficiency fleet figures for manufacturers, a higher use of hybrids, an increase in bio-fuels like bio-diesel and ethanol, and continued high gas prices, among other factors.
There has to be something else at work here.
According to Kloza, a healthy percentage of the increase is the result of speculative money flowing into gasoline futures contracts since the beginning of the year, mostly coming from hedge fund and big money mangers. “We’ve seen about $11 billion of speculative money come in on the long side of gas futures,” Kloza says. “Each of the last three weeks we’ve seen a record net long position being taken.”
These record positions that are driving up prices could certainly be the result of speculators’ legitimate belief that Middle Eastern instability and an improving economy at home make higher prices a good bet.
And yet, Middle Eastern instability is nothing particularly new. Even if speculators see an Iranian crisis putting more pressure on the oil markets than in days gone by, it is difficult to rationalize how this would result in a 100 percent increase in prices at the pump, particularly in view of the fact that we use less gasoline today than at other times of crisis.
While Wall Street’s ‘priority one’ is to make money, it is clear that, for this year, priority two is the destruction of Barack Obama’s presidency. Accordingly, from a Wall Street point of view, it certainly is a happy coincidence that that priority one, making big money on oil speculation, could directly lead to accomplishing their second highest mission.
I am left to wonder whether this is a happy Wall Street coincidence or a clever strategy that could pay off big-time come November.
Gasoline prices have a ‘real time’ impact on middle-class voters. Can you imagine a better way to make voters good and angry than to insure that they are paying five bucks a gallon for the gasoline that will be powering them to the voting booth in November? And if you subscribe to the theory that the President’s opponents would like to keep economic growth down until the election is over, what better way to accomplish such a goal than to force a precipitous rise in gas prices?
Maybe what we are seeing is nothing more than the natural and completely explainable reaction to events in oil producing countries and the promise of an improving domestic economy.
However, when you consider that we’ve faced these uncertainties more than once in the past fifteen years, and combine that with the understanding that we are currently consuming less oil products than at any time during that period, it is difficult to come up with a rational explanation as to why gas prices would nearly double in so short a period under these circumstances.
Am I simply getting paranoid as the election season is upon us?
Maybe. But there is no disputing that the higher gasoline prices go, the lower the odds that President Obama will be returned to office for a second term.
So, I’m just saying’…..
As a result of what is coming, it might be a good idea for the Obama Administration to start talking about the reasons for rising gas prices and I’d start talking about it now. This is one instance where silence is anything but golden and without a plausible explanation as to why the Administration is not responsible for what might be a dramatic rise in gas prices, it may be Pesident Obama who is left holding the pump nozzle come December.
By: Rick Ungar, Washington Monthly, February 17, 2012
Newt Gingrich: Romney Is The “George Soros-Approved” Candidate
While Romney spent his victory speech in Nevada last night doubling down on his ”
Obama is bad for the economy” message, Gingrich opted for a more low-key press conference where he dispelled any rumors of an imminent withdrawal and vowed: “We will go to Tampa.” The rest of his remarks, however, made it clear who his real opponent is, not Obama but Obamney. Not only has his campaign resurrected “Obamneycare” (which has got to have Romney seeing red and Tim Pawlenty kicking himself), but last night he debuted another attack-label for Mitt “the Massachusetts moderate” Romney: he is now also the “George Soros-approved candidate,” a reference to the liberal financier loathed by the right.
Gingrich was talking about an interview in Davos where George Soros made the following remarks:
If it’s between Obama and Romney there isn’t all that much different, except for the crowd that they bring with them. Romney would have to take Gingrich or Santorum as a vice president and probably have some pretty extreme candidates on the Supreme Court. So that’s the downside.
Imagine the hysterical glee when Gingrich (or one of his staffers) heard that gem coming out of George Soros’ mouth. Now he can really go all out on the I’m-the-only-true-conservative-up-against-the-mean-old-Establishment-and-all-that-money, which is exactly what he did last night.
So we stopped and said, alright, the entire Establishment will be against us, the scale of Wall Street money starting with Goldman Sachs will be amazing, and the campaign will be based on things that aren’t true, then how do you define the campaign for the average American so they get to choose do they want two George Soros-approved candidates in the general election or would they like a conservative versus one George Soros-approved candidate.
Looks like Gingrich is settling in for the long fight after all. He made clear at the press conference that he plans to wrest as many delegates out of Romney’s balled-up fists as he can (with special attention, it seems, being paid to Ohio and Arizona). And along the way, you can be sure he’ll trot out the “George Soros-approved candidate” line at least another 4,000 times.
By: Andre Tartar, Daily Intel, February 5, 2012
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