Monday, May 10, 2010

Obama SCOTUS nominee Kagan worked for Goldman Sachs

Government of Goldman Sachs, by Goldman Sachs, and for Goldman Sachs.

    HuffPo -

    Just days before the president is expected to announce his choice for the Supreme Court, the perceived front-runner for that post is being plagued by a story that actually broke in March 2009.

    On Friday, a slew of inquiries was made to the White House and Justice Department about a minor post Solicitor General Elena Kagan once held at Goldman Sachs, the investment bank under fire over controversial mortgage securities transactions. Kagan served on a Goldman advisory council between 2005 and 2008, with the task of providing expert "analysis and advice to Goldman Sachs and its clients." For her work she earned a $10,000 stipend.

    This was actually old news. Kagan disclosed this information during her first confirmation hearings for the post of Solicitor General. On March 24, 2009, the New York Times mentioned the position and payment in an article on whether White House employees should be allowed to keep the bonuses they earned from their time in private industry.

    In mid-April 2010, Goldman was charged by the SEC with fraud in its dealing with the subprime mortgage market and immediately became a toxic name within the political world. With Kagan ascending to the short list of potential Supreme Court nominees shortly thereafter, USA Today revisited the matter on April 27 -- albeit in a much different context than the Times.

Read all of it.