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Sunday, September 25, 2016

It was Mitt Romney who once said, “Corporations are people, my friend.”

Harrington Investments Inc. president John Harrington wants megabank Goldman Sachs to cut out the middleman — since Mitt lost anyway — and run for office itself.

“It would be less damaging to the integrity of our political system and our company, for our corporation to directly run for office as a person under federal or state law, than to continue in the current form of political participation,” Harrington wrote in the proposal to the Securities and Exchange Commission (SEC).

The SEC has approved Goldman Sach’s rejection of the proposal but Harrington hasn’t given up hope.

“Why don’t we have Goldman run for president and JPMorgan Chase run for vice president? And that way, they can run the system for real,” Harrington, a Goldman Sachs shareholder, told Bloomberg News.

The firm gave $6.39 million in political contributions during the 2012 election, according to Bloomberg. Though corporations were given the right to support candidates directly via the Supreme Court’s Citizens United decision, Goldman’s donations are fed voluntarily from employees, not company holdings.

Goldman’s generosity to elected officials has been rewarded. During the financial crisis of 2008, Warren Buffett and the American taxpayers swept in to bail the bank out. Taxpayers ended up making $1.4 billion on the deal, about as much as Buffett made. The year before the financial crisis, Goldman made a record $11.6 billion in profit by “offsetting loses on mortgage holdings.”

The Treasury Secretary during the financial crisis was a former Goldman CEO — Henry Paulson. As was Robert Rubin, Bill Clinton’s Treasury Secretary during the time when the deregulation that helped create the financial crisis took place. They helped the bank earn its nickname of “Government Sachs.”

But they’d left Goldman and hence separated themselves from the magic to make money no matter what, no matter who has to lose. Harrington thinks America needs Goldman Sachs in office — but Goldman isn’t ready to take a pay cut.

Photo: Spoon Monkey via Flickr.com

  • Sand_Cat

    This is a joke, right?

  • The reasons the CEOs of Goldman Sachs and JP Morgan-Chase will not run for President and Vice President is because (1) they already own our government and (2) because they are too busy making money to bother with small stuff such as the Office of the Presidency.
    In any case, I doubt they would want to compromise their multi-million dollar golden parachutes and endure the headaches associated with national politics when they can, literally, get away with white collar crime with absolute impunity.

    • wesley rasmussen

      Actually, the premise is that the offices would be held by the CORPORATE PERSONS, not the Bank Presidents. That would mean that a special Governmental Board, answerable to the Board of Directors of each company, would be running the offices. A presidential visit overseas would entail maybe seven board members, lots of Secret Service, and don’t even go to the press corps that would be there too.
      Bad enough when one president speaks to the press; imagine having seven partial presidents giving their say?

    • Independent1

      You may be aware that Mitt tried to accomplish something similar to a corporate takeover of America’s politics by having corporate CEOs initimidate their employees into helping get himself elected to the presidency; with him becoming nothing more than a figurehead for corporate America. At a corporate fund raiser close to the election, Mitt persuaded a number of CEOS from the Koch Bros, to the CEO’s of GE, BofA, and a number of others to start the trend of Corporate dictation of our politics by having them send out letters indimidating their employees to vote for Mitt by saying words to the effect: If Obama is reelected a number of employees may well have to be laid off. The vast majority of Americans have no idea that the last election came somewhat close to turning America into the planet’s first ‘Corporate Run’ nation.

  • JDavidS

    “Corporations are people, my friend.” One of my favourite lines from Mitt the Twit.

  • Not only is this a sick joke, it is SICKENING to think a Mitt Romney clone would be running the United States.

  • howa4x

    Why run for office when you can call the shots from behind the curtain