Reed, Raimondo Welcome Goldman Sachs - Who’s Given Over $100K to Top RI Democrats
Wednesday, March 23, 2016
Rhode Island political and educational leaders on Tuesday touted a new $10 million investment by Goldman Sachs in Rhode Island for its "10,000 Small Businesses Initiative" - including Senators Jack Reed and Sheldon Whitehouse, who according to OpenSecrets.org have received over $100,000 in campaign contributions from the Wall Street giant.
"Goldman Sachs and the Goldman Sachs Foundation are committing $10 million in capital and philanthropic support to help create jobs and generate economic growth in local small businesses," boasted the company in their release entitled, "Goldman Sachs Launches 10,000 Small Businesses in Rhode Island."
Rolling Stone's Matt Taibbi famously dubbed Goldman Sachs "the great American bubble machine" in 2010, and more colorfully wrote, "The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTReed and Whitehouse have received $68,500 and $32,500 from Goldman Sachs related individual and PAC giving during their careers, according to OpenSecrets.org.
Public, Private, Political Connections
"By providing small business owners with access to network support services, education, and financial resources, this initiative can help them increase revenue, create jobs, and expand economic opportunity for more Rhode Islanders,” said Reed, the Ranking Member on Senate Appropriations Subcommittee for Transportation, Housing, and Urban Development, of Goldman Sachs' investment on Tuesday.
Reed is also a senior member of the Senate Banking, Housing, and Urban Affairs Committee which oversees the nation’s banking and financial sector, Federal Reserve System, housing and economic policy, insurance markets, and urban development.
Campaign finance records online show that New York-based Goldman Sachs employees have also given over $8,000 to Rhode Island candidates and elected officials, including Governor Gina Raimondo and General Treasurer Seth Magaziner.
Democratic Presidential candidate and Wall Street critic Bernie Sanders took aim specifically at Goldman Sachs in a recent campaign ad, saying, "As long as Washington's bought and paid for, we can't build an economy that works for the people" -- and referenced Goldman Sachs' recent "$5.1 billion toxic mortgage settlement" and a CNN piece that said the company's "shady deals fueled the financial crisis."
CCRI as Battleground?
The Community College of Rhode Island touted Goldman Sachs' investment in the state -- and workforce development at the community college -- on Tuesday
"CCRI will be the first community college in New England to host this program, and we are proud to be the educational anchor to help Rhode Island’s small businesses reach their full potential. The announcement illustrates what can happen when public-private partnerships form to create opportunity, and it’s an inspiring example of how CCRI can make a positive difference in our state’s economy," said CCRI President Dr. Meghan Hughes in a message to the CCRI community. "Our Business Department faculty are at the heart of this initiative."
CCRI professor of English Steve Forleo, who is the adviser to the student-run college newspaper, The Unfiltered Lens -- and recently wrote a Guest MINDSETTER™ for GoLocal entitled, "CCRI About to Undergo Political Takeover" -- weighed in on the Goldman Sachs development.
"I'm not at all comfortable with CCRI cozying up to those frat boys on Wall Street. That's what we can expect coming from the venture capitalist governor using CCRI as her very own "lively experiment," said Forleo on Tuesday. "But, hey, I only teach Shakespeare."
Related Slideshow: RI Public Pension Reform: Wall Street’s License To Steal
See the key findings from Forbes' columnist Edward Siedle, who unveiled his investigative report into the RI pension system, "License to Steal," in October 2013.
"The Employee Retirement System of Rhode Island has secretly agreed to permit hedge fund managers to keep the state pension in the dark regarding how its assets are being invested; to grant mystery hedge fund investors a license to steal, or profit at its expense using inside information; and to engage in potentially illegal nondisclosure practices," said Siedle.
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