Wall Street Greed, Courtesy Of Democrats

Articles in the Monday papers about Goldman Sachs have affirmed what some of us have known for some time now: Wall Street is a subsidiary of the Democrat Party, and the "regulatory reform" and "executive pay reform" rhetoric of the Obama Administration is yet another Red Herring. As Goldman Sachs' experience demonstrates, not only is it not reform, it's the exact opposite of reform. On steroids.

The latest case in point is the announcement that Goldman Sachs has allocated $18 billion in yearly compensation for its 28,000 employees ($600,000 per employee), while earning only $1.66 billion in first quarter profits. Meanwhile, Goldman's stock is still down 40% from its 2007 high.

Adding insult to injury is that the bulk of the compensation will go to upper management and brokers, who account for less than 30% of the 28,000 employees. There's something seriously wrong with a system that allows a tiny elite to siphon away most of the wealth, leaving scraps for investors, shareholders, workers - and dare I say - taxpayers.

Is there any clearer example of Wall Street greed than this? And yet, President Obama is silent.

For all of his tough talk during the presidential campaign, it appears that President Obama has decided - like President Bush - to "look the other way" while the Money Changers plunder the system and enrich themselves unjustly. In fact, he's gone Bush at least two better, by explicitly underwriting 100% of Goldman's risk with taxpayer dollars, and forcing other brokerages into bankruptcy to clear the field in what had previously been a competitive market.

If you "follow the money", you see the clear and not-so-surprising practice of large Brokerage firms giving the bulk of their money to Democrats, just as they have for decades. Goldman Sachs was the poster child for this largely unreported upon phenonmenon, giving the lion's share of their presidential campaign contributions last cycle to Obama, totalling just under $1 million. Some quick math reveals that their "contribution" works out to a measly thirty five cents per Goldman employee. Not a bad "investment" for Goldman Sachs, if somewhat of an embarrassment for the Obama Administration, since a single Broker could have paid the whole thing and not felt more than a twinge.

The thing is, if the Democrats are going to sell us out, could they at least not do it so cheaply? Folks might start getting the wrong impression.