Economy & Budget

Corporate Ally Does Well by Hillary

A leading corporation whose employees have generously donated to Hillary Clinton’s re-election campaign and benefited from millions of dollars secured by the New York senator in 9/11 aid reported earning a record-breaking $9.34 billion in the past year.

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Year-end reports made available today show this is the third year of record-shattering profits for Goldman Sachs, a global investment and securities firm. In 2005, the company was worth $43.3 billion and turned a $5.6 billion profit.

To date, Clinton has received $263,260 in donations from Goldman Sachs employees and its political action committee. Prior to the terrorist attacks, Hillary received $73,250 from Goldman Sachs supporters for her first race for the U.S. Senate. The only major business organization to give more to Hillary is Citigroup. Its employees and political action committee have given her $315, 460, according to the most recent federal election reports.

After the terrorist attacks, Goldman Sachs received a $25 million grant in 2005 from the Job Creation and Retention program. According to the Daily News, Goldman Sachs “agreed to stay downtown only after forcing Governor Pataki to abandon a West St. tunnel near the entrance to Goldman’s planned $2.4 billion headquarters across from Ground Zero.”

The jobs program, funded by the Department of Housing and Urban Development and administered by the Empire State Development Corporation (ESDC), dispensed $320 million to 75 recipients that “employed 200 or more people that were displaced from their workplace and are committed to keeping jobs in New York City for seven years.” An ESDC spokeswoman admitted to the Daily News that grants were “awarded to firms to stay downtown even when they were not at risk” of leaving. And Goldman Sachs, to be sure, was highly unlikely to leave its prestigious Manhattan address.

On Nov. 29, 2005, Clinton spoke at the groundbreaking ceremony in Lower Manhattan of Goldman Sachs’s new 43-story corporate headquarters, a resplendent building partially financed with government recovery grants.

According to a Goldman Sachs press release, Clinton declared, “Following the tragic events of September 11, I was proud to have worked with my colleagues in Congress to secure $20 billion in federal aid for New York. Major employers like Goldman Sachs needed to know they had a partner in government to ensure that Lower Manhattan could sustain their business in the area.”

And this was not the end of the government’s benevolence toward Goldman Sachs. According to New York City’s Independent Budget Office, the company also saved a whopping $9 million in interest payments when it received a $1.65 billion “Liberty Bond,” a federally funded, tax-exempt, private activity bond program made available to New York after September 11.


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