OH GOODY! SUPREME COURT NOMINEE HAS GOLDMAN SACHS TIES
Posted By: food4thought, Rumormillnews
Kagan’s Goldman Ties Won’t Hurt Supreme Court Chances, White House Says [No sh!t! --F4T]
Date: Monday, 10-May-2010
Wall St Journal
May 10, 2010
WASHINGTON—The White House said Friday that Elena Kagan’s membership on an advisory panel for the securities firm Goldman Sachs Group Inc. wouldn’t disqualify her for a position on the Supreme Court.
Ms. Kagan, the solicitor general, is considered a top contender to replace retiring Justice John Paul Stevens. President Barack Obama is expected to announce his nomination next week. An announcement could come “at any moment,” White House Press Secretary Robert Gibbs said Friday.
From 2005 to 2008, Ms. Kagan was a paid member of the Research Advisory Council of Goldman Sachs Global Markets Institute, according to financial-disclosure reports she filed after being appointed to her current job. The form shows she was paid $10,000 in 2008, when she was dean of Harvard Law School.
The Securities and Exchange Commission has accused Goldman in a civil suit of failing to disclose to clients in a deal involving mortgage-related securities that a hedge fund betting on the mortgages to fail helped design the product. Goldman denies the charges.
Mr. Gibbs said the group Ms. Kagan advised had nothing to do with the activities in the SEC's case. "This is a panel that had absolutely nothing to do with the decisions that Goldman has made that they're now being investigated for," he said. Asked if there was a concern that this issue could be used against Ms. Kagan, should she be nominated, Mr. Gibbs said, "No."
Justice Department spokeswoman Tracy Schmaler said the Goldman advisory group met once a year for a day-long conference about public-policy issues. "The group wasn't involved in making any investment decisions for the company," she said.
Write to Laura Meckler at firstname.lastname@example.org
Full article here:
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First Goldman Sachs gets grilled.
Then the markets tank.
The timing kind of stinks here, don'tcha think?
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