Goldman Sachs Vice Chair Asked To Take Key US State Dept. Post

[Lamarr]

http://www.upi.com/Business_News/20...o-key-State-Dept-position/UPI-36291247923498/

WASHINGTON, July 18 (UPI) -- Robert Hormats, a vice chairman of investment bank Goldman Sachs, has been tapped for a key U.S. State Department post, White House officials say.

Hormats was named by the Obama administration Friday to be the department's undersecretary for economic, energy and agricultural affairs, an official announcement indicated.

Should he be confirmed by the Senate, Hormats would head up efforts by Secretary of State Hillary Clinton to help refine Washington's relationships with China, India and Russia, moving to base them on economic, trade and environmental issues, The New York Times reported.

Hormats "will be key in Secretary Clinton's efforts to bring more visibility to the work of the department on economic matters," an unnamed senior U.S. official told the newspaper.

A biography provided by the White House said Hormats, who has been with Goldman Sachs since 1982, had previously served as Assistant Secretary of State for Economic and Business Affairs from 1981 to 1982, ambassador and Deputy U.S. Trade Representative from 1979 to 1981, and Senior Deputy Assistant Secretary for Economic and Business Affairs at the State Department from 1977 to 1979.

 

[Cruise]

Why? Why? Why?

But, you know why. He's not the "black" President...

he is the "bank" President.

 

[Lamarr]

Why? Why? Why?

But, you know why. He's not the "black" President...

he is the "bank" President.

Seriously, What is it gonna take? Regardless of the 'black' Pres thing, Isn't it painfully obvious he's aligning himself with Wall Street? Even suggesting the Fed Res. have more regulatory authority / These are the people who created this crap

 

[Cruise]

What I find interesting, is the members of the Board of the Federal Reserve were first called Directors, with the Federal Reserve Banks each having a President they approve.

However, the Directors of the Federal Reserve felt their title should be higher than that of President to reflect their authority over the Federal Reserve Banks.

So, they changed from Directors to Governors.

The Federal Reserve Board of Governors believe they are the true authority of this country. The Presidents (of the United States or the Federal Reserve Banks) are answerable to them and serve at their pleasure.

This is why Obama's actions (or any PUSA) are entirely predictable. He is merely a President (like Geithner was).

They serve the interests of the Federal Reserve and we all have to just go along with that, until we create or demand an alternative.

Even suggesting the Fed Res. have more regulatory authority / These are the people who created this crap

There was a time (back in the 1970s) when the Federal Reserve only REGULATED a fraction of the depository institutions it does today.

First, the FED gets the Monetary Control Act of 1980, which led to the S&L disaster. Jimmy Carter signed this. YAY! Now, the FED regulates ALL depository institutions.

Then, it got the Gramm-Leach-Bliley Act of 1999, which led to the collapse of the banking industry. Bill Clinton signed this. YAY! Now, the FED (which before just regulated) gets to SUPERVISE essentially all depository institutions.

According to the FED's own materials, they now SUPERVISE 96% of all deposits in the United States.

Yet, with all that power, they couldn't stop the banking collapse. And, to add to that, they think getting that last 4% is somehow going to make a difference??!?!?!?

Personally, I think the FED is using this as an excuse to expand their regulatory and supervisory authority beyond just depository institutions.

The FEDs goal is to essentially take over all financial transactions in this country. And, it looks like Obama is happy to oblige.