Jon Corzine (D-Goldman Sachs) Loses Re-election

goofy_tim_geithner

Of their three most successful agents, two are now out of office

Henry Paulson

Jon Corzine

Tim Geithner

This is only a partial, limited victory. The whole point of “money-power transfers” is to give up some power in exchange for a lot of cash. Goldman Sachs is very effective at doing that. Worse, Tim Geithner is still Treasury Secretary, and there’s no gossip of Obama dismissing him. Still, I’m glad that the people of New Jersey ousted corrupt Wall Street banker (and TARP billionaire) Jon Corzine.

4 thoughts on “Jon Corzine (D-Goldman Sachs) Loses Re-election”

  1. I read an article once attributing the problems of Goldman Sachs alumni not to malevolent intent or incompetence, but to a corporate culture radically different than most other organizations. If that’s true, then Paulson’s and Corzine’s travails might be good news for the company itself–an incentive to keep the company’s best people in-house!

    Now that I think about it, I wonder if any GS alumni have ever tried starting their own non-financial organizations? It’s probably easier to plant at the beginning than to transplant it into an established setup, be it a bank or a Government high office.

  2. I hate it when I can’t find an article I’ve already read! My apologies in advance if my memory turns out to be faulty . . .

    The description of GS’s corporate culture didn’t paint a picture of corruption so much as of an extreme lack of hierarchy and constant communication between people of all levels. A person who’s used to that is going to have trouble getting anything done in another organization, no matter how high his new rank is or how pure his intentions are.

  3. Interesting…

    In private talks with another blogger, I had assumed that Goldman Sachs and other financial executives were relatively clueless, because it would be hard for anyone with an understanding of the statistics they were using to put that much faith in them.

    Apparently not…

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