Tuesday, May 25, 2010

Public-Private Partners

Bloomberg reports:

Goldman Sachs Seeking to Invest in Company to Buy Failed Banks

A Goldman Sachs Group Inc. private equity fund is seeking to join Oaktree Capital Management LP and the Illinois teachers’ pension fund as an investor in a company planning to buy failed U.S. banks, according to public records.

This is probably a good deal for GS, what with all the insiders they have in the very agencies whose task it is to oversee banks and shut down the ones they think should be shut down. And given the Obama administration's record of crafting draconian business deals in favor of union pensions (GM, for example), and the likelihood that the Illinois teacher's union pension might be an apple of Obama's eye, we'd say this is a mighty auspicious undertaking.

For the rich, powerful, and connected. You know, those "Wall Street" villains the president's always promising to punish.


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