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California GOP Gubernatorial Candidate Meg Whitman Tied to Goldman Sachs

Comment: Now that the SEC has seen fit to take Goldman Sachs to the legal woodshed for its actions in the subprime mess, it is worth noting that big-spending GOP candidate for Governor of California Meg Whitman is deeply tied to these SOB’s.

“Whitman’s Ties to Financial Giant Goldman Sachs” by Lance Williams and Carla Marinucci; San Francisco Chronicle; 4/11/2010.

. . . . From 1998 to 2002, while she was CEO of eBay, Whitman helped steer millions of dollars of her company’s investment banking business to Goldman, court records show.

In 2001, Goldman put Whitman on its corporate board, paying her an estimated $475,000 for little more than a year of part-time service. The company also gave her insider access to the initial public offerings of hot stocks worth millions, according to the records.

Whitman left the board in 2002 after she was singled out in a congressional probe of bond underwriters and “spinning” – a financial maneuver, now banned, in which Goldman and other firms allegedly traded access to hot IPOs for bond business. Whitman later settled a shareholder lawsuit related to profits she and other execs made from buying the IPOs.

In recent years, Whitman has kept part of her fortune, estimated by Forbes magazine to be $1.2 billion, in investment funds managed by Goldman, her financial disclosure report indicates. For her campaign, she’s received $105,500 in donations from Goldman executives, state records show.
Major player in finance

Meanwhile, Goldman is a major player in California state finance. It has been the underwriter of $78.9 billion in bonds issued by the state since 2006, records show, second only to Merrill Lynch, now a division of Bank of America, which was underwriter of $79.3 billion in the same period. . . .

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