BP and Goldman Sachs – The Appropriate Whipping Boys

 

Not suprisingly there are some interesting connections between America’s favorite Whipping Boys Goldman Sachs and BP. 

Peter Sutherland:

According to his September 2009 bio:

Peter Sutherland is chairman of BP plc (1997 – current). He is also chairman of Goldman Sachs International (1995 – current). He was appointed chairman of the London School of Economics in 2008…. Before these appointments, he was the founding director-general of the World Trade Organisation. He had previously served as director general of GATT since July 1993 [and was] chairman of the Board of Governors of the European Institute of Public Administration (Maastricht) 1991-1996.

Sutherland resigned as BP’s chairman in 2009, but apparently still serves in various key capacities.

Sutherland is managing director- as well as chairman – of Goldman Sachs International (Goldman Sachs International is the very powerful subsidiary of the Goldman Sachs Group, of which Lloyd Blankfein is CEO). Sutherland is also an Advisory Director of the Goldman Sachs Group itself.

And he was is European Chairman for the Trilateral Commission.

He has, at various times, attended meetings of the Bilderberg group.

http://www.washingtonsblog.com/2010/06/chairman-of-goldman-sachs-international.html 

But the fun does not end there.

The brokerage firm that’s faced the most scrutiny from regulators in the past year over the shorting of mortgage related securities seems to have had good timing when it came to something else: the stock of British oil giant BP.

According to regulatory filings, RawStory.com has found that Goldman Sachs sold 4,680,822 sharesof BP in the first quarter of 2010. Goldman’s sales were the largest of any firm during that time. Goldman would have pocketed slightly more than $266 million if their holdings were sold at the average price of BP’s stock during the quarter.

If Goldman had sold these shares today, their investment would have lost 36 percent its value, or $96 million. The share sales represented 44 percent of Goldman’s holdings — meaning that Goldman’s remaining holdings have still lost tens of millions in value.

 

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

Not so strange bedfellows.  If Goldman Sachs has not had a prior history of manipulation from the housing market to the Greek debt crisis one may not suspect malfeasance like insider trading, collusion or conspiracy.  Some mainstream media commentators have even had whispers of industrial sabotage.  With such a dubious past and a horrific current record, BP and Goldman Sachs should expect such questions to continue.

I wear many hats but history, economics and political observance have always been a passion. I am a graduate of the University of Cincinnati College of Business with a degree in Information Systems and Digital Business with a minor in European History. I work for a small mom-and-pop IT consulting and software design company. We deal in servicing mostly government funded non-profit mental and behavioral health care agencies in the state of Ohio. In this I deal with Medicaid and Medicare funds and have a little insight on the boondoggles of government there. Thankfully the undemanding nature of my daily profession gives me ample time to read and stay aware of our current state of affairs which I find stranger than fiction in many instances. In addition to being in the IT field, I have also been self employed with a small contracting company so I might know a thing or two about the plight of small business that employs 71% of the American workforce. I however don't draw my knowledge from my day jobs, which I have had a few; I draw it from an intense obsession with facts and observation about the world in which I live. I do have formal education in things such as history, economics and finance particularly as it pertains to global issues, but I have come to find much of what I thought I knew from the formalities of a state university I had to unlearn through much time and independent research. I hope you enjoy what I bring you which is not often heard in the mainstream news outlets. I would like to think my own personal editorializing is not only edifying but thought provoking while not at all obnoxious. That last one may be a hard to achieve.

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