Word: goldmans
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...corruption arrests are just the latest boon to Christie's challenge of Democratic incumbent Jon Corzine, an off-year race that both parties are watching for its national implications. In the midst of a recession, Corzine, a former Goldman Sachs CEO, would seem to have a natural advantage over Christie, who boasts no policy experience and in fact seems to delight in telling crowds, "I will never be the smartest man in the room." But with Wall Street (and in particular Goldman Sachs) being blamed for much of the financial crisis, Corzine's professional background has turned into a major...
...advantage Corzine has is money. Estimated to be worth more than $400 million after leaving Goldman Sachs in January 1999, he spent more than $60 million of his own money in his successful race for the U.S. Senate and an estimated $38 million in his first gubernatorial election, and he is expected to do the same again now (though the market crash hasn't been kind to him; last year he reported a loss of nearly $3 million, and he's also been through an expensive divorce rumored to have cost him tens of millions). Christie, by contrast, has elected...
...Moreover, the term Cadillac health plan is a tad misleading. Aside from a small number of corporate executives - like the CEO of Goldman Sachs who reportedly enjoys a health plan costing $40,543 a year - many of the Americans with health-insurance plans substantially above the national average (which is about $13,000 for a family of four) are state employees and union members. It's true that the few Wall Street and other Fortune 500 executives have gold-plated plans that pay for any doctor or specialist, require no out-of-pocket expenses and tack on perks like nutrition...
...this has turned out to be a pretty great financial crisis for Goldman Sachs--and for its employees, who will earn, on average, almost $1 million each for the year if the profit pace keeps up. It hasn't been a great financial crisis for the U.S., and the juxtaposition is bound to grate...
There isn't. But the mere fact that reporters raised the subject was an indication that the issue is complicated. Goldman's profits are so high because so many of its competitors are wounded or defunct. Though the firm is in this advantageous position because it did a better job of steering through the crisis than did most rivals (JPMorgan Chase is Wall Street's other beacon of health), it probably wouldn't have survived the worst of the panic last fall if there hadn't been a massive government bailout--engineered by a Treasury Secretary who used...