“Goldman & Goldman Inc” on The Daily Caller

First Senate Move on Financial Reform Defeated – Despite control of the White House, the House and the Senate, and almost 70% of the country supporting financial reform, the Democrats could not prevail on a crucial financial services vote Monday.  The first vote to move along the financial reform bill was defeated 57 to 41, with 60 votes needed.  While the press today is full of attacks for Republicans voting (as did the Democrats) along party lines, a major cause for the loss was the fact that Democrat Ben Nelson (D-Neb) voted with the Republicans against the financial reform bill. (more)

Financial reform: the first vote – Reuters reports that Sen. Ben Nelson (D-Neb.) broke with party ranks on Monday and voted against opening Senate debate on a financial reform bill. Nelson’s action means that the Democrats lack the votes to go forward and that the bill will be blocked, at least for now. Democrats must pickup at least two Republicans to prevail and clear the way for consideration of the bill. Sen. Richard Shelby (R-Ala.) said Monday morning the Republicans had the 41 votes they needed to stop Democrats from beginning debate on the Senate floor on a bill to overhaul financial regulation, but he suggested it was unclear how long the GOP unity would last.“I believe that 41 Republicans – for right now – are going to stand together. I wish we’d stand together, period.” Republicans know that there is a significant political price to pay for opposing financial reform; even if the opposition may be well intentioned. According to a new ABC News/Washington Post poll out Monday, 65% of adults surveyed nationwide said they support regulatory reform, while 31 percent oppose it. Sixty-nine percent said in the poll that they support “increasing federal oversight of the way banks and other financial companies make consumer loans, such as mortgages and auto loans, and issue credit cards.” (more)

Plutocracy, rule by the rich, is not named for Pluto, god of death, but his spoiled son, Plutus, the personification of wealth. The juxtaposition of a dead economy and bank billionaires makes this lineage apt. (more)

It is so sad it’s almost funny when a majority political party thinks if they name legislation something positive, the negative aspects will not be examined. There is no debate against the fact that our financial services system is damaged. With remaining scars from Goldman Sacs, Bernie Madoff and others, there is a need for reform. However, the democrats’ definition of such as seen through this recent bill begs to differ from what is really required for us to escape the continuing turmoil of recession. (more)

The man who takes Sachs of gold is the man who makes the rules. President Obama is that man, and Republicans in Congress should demand an independent special prosecutor to investigate the relationship between gold and rulemaking in the executive branch. With nearly a million dollars of Goldman Sachs money in his hip pocket (rendering that institution his most generous ’08 corporate campaign contributor), Obama appears to be ignoring some serious rule-breaking. (more)

With the president’s signature on the health care bill Tuesday, roughly 50 percent of the U.S. economy has fallen under the purview of the federal government. (more)

U.S. special pay master for TARP Kenneth Feinberg said that Goldman-Sachs Chief Executive Officer Lloyd Blankfein’s recent $9 million bonus is still an excess bonus package, but he was quick to point out that the group has been following his “prescription” for better executive payout packages. (more)