I had to go searching to confirm an item I saw crawl by on a news station last evening, but I was able to find what I needed on the website of the New York Post. According to columnist, Charles Gasparino, the banking firm, Goldman Sachs, is endorsing Mitt Romney for the Republican presidential nomination.
Gasparino's lead paragraph set the tone for his column: "Goldman Sachs may be the most hated firm on Wall Street, vilified by protesters and banking rivals alike, but one reason the firm has so many detractors is envy of its uncanny ability to bet on winners."
But what I thought most interesting was the writer's assumption that Goldman CEO, LLoyd Blankfein, has apparently found his pick and the reason why. According to friends, Blankfein’s bet is that Romney will win the nomination fairly early, not only putting him in a decent position to win the presidency, but once in office to do his best to water down some of the more insane aspects of the Dodd/Frank financial-reform law.
This move is practically a complete reversal of Goldman's position in 2008, and what makes it so striking is just how far to the left it was in 2008. The Goldman "community" gave more than a $1 million to the president's campaign, beaten only by the ultra-liberals tied to the University of California. However, this time around through September, Goldman-linked givers barely crack the top 20 of Obama donors, with a little more than $50,000 toward the re-election effort.
Furthermore, Goldman-linked donors are presently Romney’s leading source of corporate campaign cash, $367,200 so far, which is nearly $127,000 more than the firm put up for 2008 GOP nominee John McCain.
So, I guess that here we have another indication of what's to come, because a firm like Goldman Sachs isn't in the politics business, but makes every effort to do what's best for itself, like all well-managed enterprises should. And their position change stems from the fact that they've been legislated out of billions by an over-zealous, ill-informed and anti-success administration who'll likely do far more damage if allowed to continue. However, it appears that it's not going to be so easy for them next time around, because folks everywhere are awfully tired of watching their assets and equity shrink with no return for their investment.
That's it for today folks.
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