This 2006 puff-piece by Fox News is a real gem. It praises Goldman Sachs executives for their public service:

Wall Street powerhouse Goldman Sachs has a long list of alumni who have gone onto government service, and it looks like it’s about to give up one more of its protégés with the nomination of Chairman and CEO Henry M. Paulson Jr. to head the Treasury Department.

The move won’t be uncommon for Goldman Sachs employees. At least among its financial competitors, Goldman Sachs appears to be head and shoulders above the rest when it comes to putting former employees into the halls of government. For years, résumés around Washington have sported the company name, and those with the job experience have gone on to positions as Cabinet officials, agency analysts, advisory board members and even U.S. lawmakers.

That’s some impressive spin. No mention of the fact that Hank Paulson got to sell $500 million worth of GS stock with ZERO capital gains/taxes because of his position (it was a conflict of interest, so he has to sell it, right?).

Then Paulson decides to rescue AIG, arguably because they owed Goldman Sachs $20 billion. There’s no solid proof of this that I’ve seen, but it’s rumored that Goldman was short Lehman and contributed to their demise by spreading rumors of their insolvency.

We need to fire most investment bankers from the treasury department, especially the boys from Goldman Sachs, and replace them with REAL ECONOMISTS. Roubini for treasury secretary, anyone? It wouldn’t hurt. These Goldman elitists are incredibly biased. They quite obviously don’t have a handle on the situation.

Investment Bankers are not economists. The most important criteria for being a stockbroker at a place like Goldman Sachs is having rich friends. If you can steer business to the firm, you’re probably getting hired. These are NOT the best and brightest, they’re the richest and salesiest. There are a few exceptions, of course. But we shouldn’t hold these guys up on a pedestal, as we still do today.

Disclosure: short JPM, long GS puts
None of the information posted here should be considered investment advice. Always consult a financial professional before making any investment decisions.