Goldman Sachs

Following the resignation of former Goldman Sachs executive Gary Cohn as the Trump administration's Chief Economic Advisor, US President Donald Trump tweeted: “Will be making a decision soon on the appointment of new Chief Economic Advisor. Many people wanting the job — will choose wisely!”

I am sure he's right on at least the first part of that tweet. There will undoubtedly be a conga line of other corporate bloodsuckers eager to take the job.

Karl Fitzgerald, 3CR’s Renegade Economist, spoke to independent investigative journalist Michael West (Michaelwest.com.au) about Transurban and its control of Australia’s toll roads.

* * *

Let’s start with some numbers: traffic was up just 1.4% on Transurban toll roads over the past six months, but toll revenues were up 9.6% and the earnings before tax trickery by 11.6%. But its net profit was up a staggering 280% in just six months. What does that mean?

Investment bank Goldman Sachs is set to reap $16.5 million in NSW taxpayers' funds for a mere 11 months work as financial advisor to the state government on privatisation of the controversial $16.8 billion WestConnex tollway. The money will be paid for work between August this year and next July, in flogging off 51% of the Sydney Motor Corporation (SMC) which is building WestConnex.

The corporate vampires are circling as the sell-off process advances, with Transurban the favorite to buy WestConnex. Transurban already owns most of the toll roads in Sydney.

President-elect Donald Trump announced on November 30 that former Goldman Sachs partner Steven Mnuchin — a man described as “the anti-populist from Hell” — is his pick for treasury secretary.

"WOW. This is something you don't often see. Goldman Sachs says it may have to question capitalism itself." So went the tweet from Bloomberg TV correspondent Joseph Weisenthal.

I wondered what could possibly cause one of the world’s largest investment banks, a company that is heavily invested in capitalism (both literally and figuratively) to “question capitalism itself”? Why isn't this bigger news?

Subscribe to Goldman Sachs