Meg Whitman has been bombarding the airwaves with her campaign ads trying to buy her way to becoming California’s next Governor, but her campaign ads never mention one very important fact: she was a Goldman Sachs board member for a little over a year before having to resign amidst controversy due to ‘spinning’ — a practice used by executives who did business with Goldman Sachs to reap profits by getting early stock deals before the public on hot IPOs offered by the bank — from which Whitman earned approximately $1.78 million.
Whitman was appointed to the board of Goldman Sachs in October, 2001 and resigned in December 2002 because of ‘spinning’ — a practice one law firm reportedly describes as “essentially … an illegal bribe … to corporate leaders.” After a Congressional investigation and an investor lawsuit, it was probably best to just leave the board.
Goldman Sachs has been responsible for a lot of questionable — fraudulent — actions and intentionally running companies, countries and several governments into the ground. Former Goldman Sachs employees have been in charge — with no oversight or accountability — of the “Federal” Reserve for decades.
A report from the Associate Press offers some insight into what kind of business relationship Californians can expect if Meg Whitman becomes Governor. The report, titled “Corporate Cash Boosts Whitman” says that nearly $2.2 million she has received from donors outside of California came from an elite roster of executives, hedge fund managers, venture capitalists and wealthy associates — many of which have been stealing from every taxpayer in California. More than 20 percent of the $10.2 million collected by Whitman last year came from outside the state. As noted by Mr. Eskow, if there’s one thing these guys know, it’s how to prime the pump.