Goldman’s reputation may be trashed, but the bank is still sending a steady stream of execs to Washington for tours of public service.
Despite Goldman’s big gifts to the Obama campaign, however, the latest would-be Goldman-banker-turned-statesman, Robert Hormats, is facing a hitch in his confirmation for Under Secretary of State for Economic, Energy and Agricultural Affairs.
The problem? His cheerleading for Goldman client PetroChina, which does business with the nasty Sudanese government of Darfur genocide fame.
Marc Gunther summarizes:
“Hormats played a leading role in defending PetroChina when Goldman took the Chinese oil company public in 2000. Worse, Hormats’ statements at the time, which included assurances that money from the public offering would not flow to the Sudanese government, were later investigated by the Securities and Exchange Commission, which brought a case against Goldman that the company settled for $2 million.”
The activist community is up in arms. Genocide Intervention Network, Investors Against Genocide and the Public Accountability Initiative — writing letters pressing for tough confirmation questioning in the Senate. Stay tuned…
Image: Charlie Rose LLC
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