Congress Has 43,457,362 Reasons to Help Goldman Sachs

By AVNI PATEL and BRIAN ROSS

Employees of Goldman Sachs are listed as a top contributor to 55 separate members of Congress.

(ABC News Photo Illustration)

Not all their money has gone for mansions and Ferraris.

The embattled Goldman Sachs investment banking firm and its employees have spent more than $43 million dollars on lobbying and campaign contributions to cultivate friends and buy influence in Washington, D.C. since 1989, according to an ABC News analysis of campaign finance records compiled by the Center for Responsive Politics.

As a group, Goldman Sachs bankers have been the country's top political campaign contributors this year and have given $29.5 million in contributions since 1989, according to the Center.

"They are almost in a class by themselves," said Sheila Krumholz, the executive director for the Center for Responsive Politics.

"Their top executives are in a class that is way above the clout and name-dropping that most other American businesses can achieve," says Krumholz.

The firm has been badly shaken by the financial crisis, with management seeking emergency infusions of cash. The bailout legislation, proposed by Treasury Secretary Henry Paulson, reportedly led financier Warren Buffett to put $5 billion into Goldman Sachs because he felt the government would act to solve the financial crisis.

In a statement, Buffet expressed confidence in Goldman Sachs. "It has an unrivaled global franchise," he said, "a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance."

Though he did tell the Wall Street Journal that if the government fails to act that his investment in Goldman would "get killed, and so will all our other investments."

Before becoming Treasury Secretary, Paulson was chairman of Goldman Sachs, earning over $140 million in compensation during his seven years as the firm's top officer, according to company filings. Upon taking office, Paulson divested himself of his 3.23 million Goldman shares, reportedly worth $485 million at the time, to comply with government ethics rules.

A spokesperson for the Treasury Department told ABC News that the department has a long history of bringing the expertise of Wall Street to the office of Secretary.

"The issues Treasury is working on right now involve financial institutions and the economy broadly. It's entirely appropriate for Secretary Paulson to engage in matters that impact the financial markets broadly," said the spokesperson.

Goldman Sachs bankers are also the number one contributors to the Barack Obama presidential campaign, giving $691,930 to his campaign in this cycle, according to the records.

John McCain's campaign has received substantially less from Goldman Sachs employees, $208,395, although they are, as a group, his fourth largest contributor.

In the 2008 election cycle, Goldman Sachs bankers have come up with $4.8 million in contributions to federal candidates, according to the records. 72 per cent of Goldman's money this year has gone to Democratic candidates and the national party, the majority party in Congress.

Employees of Goldman Sachs are listed as a top contributor to 55 separate members of Congress.

In addition to campaign contributions, Goldman Sachs has spent $13.8 million on lobbying expenses since 1998, when Paulson became co-CEO.

"I think they've found it's a small price to pay relative to the profits they could reap if they controlled how Washington affects their industry, and their company specifically," said Krumholz.

In addition to its connection to Paulson, Goldman Sachs has plenty of other former partners who have significant positions of power.

President Clinton's Treasury Secretary, Bob Rubin worked there for 26 years, rising to co-chairman.

New Jersey Governor John Corzine was at Goldman for 24 years, serving as CEO and chairman for five years before running for the US Senate.

The current White House chief of staff, Josh Bolton, is the former executive director of Legal and Government Affairs for Goldman Sachs International in London.

A spokesperson for Goldman Sachs said the firm doesn't have ready access about their employees' donations going back 20 years, but stated that "all Americans have the First Amendment right to participate in the public process, which includes campaign contributions."

The spokesperson said that Goldman's survival was no way tied to the proposed bailout, "Secretary Paulson's plan is pivotal to the nation and its economy."

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Chemical irritant empties Islamic Society of Greater Dayton's mosque

By Kyle Nagel

Staff Writer

DAYTON — Baboucarr Njie was preparing for his prayer session Friday night, Sept. 26, when he heard children in the Islamic Society of Greater Dayton coughing. Soon, Njie himself was overcome with fits of coughing and, like the rest of those in the building, headed for the doors.

"I would stay outside for a minute, then go back in, there were a lot of kids," Njie said. "My throat is still itchy, I need to get some milk."

Njie was one of several affected when a suspected chemical irritant was sprayed into the mosque at 26 Josie St., bringing Dayton police, fire and hazardous material personnel to the building at 9:48 p.m.

Someone "sprayed an irritant into the mosque," Dayton fire District Chief Vince Wiley said, noting that fire investigators believe it was a hand-held spray can.

According to fire dispatch communications, a child reported seeing two men with a white can spraying something into a window. That child was brought to the supervising firefighter at the scene.

Wiley would not discuss that report, but said the investigation has been turned over to police. Police were not commenting.

The 300 or so inside were celebrating the last 10 days of Ramadan with dinner and a prayer session, but the prayer session was interrupted so those suffering from tearing, coughing and shortness of breath could receive treatment.

Wiley said an adult and juvenile were taken to area hospitals and others had their eyes or faces washed on the scene. He did not know how many people were treated at the scene.

Ismail Gula, ISGD secretary, said people were praying during the weekly service when some in the audience began to cough and experience breathing troubles, then left the building. Once outside, several of them called 911, Gula said.

Tarek Sabagh, a member of the ISGD board, wasn't present when the incident occurred.

He said his daughter called and told him to stay away because of the possibility of remaining fumes. Sabagh arrived shortly after and watched from the mosque's steps as members were allowed back inside about 11 p.m. to collect belongings.

"It's very disturbing," Sabagh said. "Something like this has never happened before."

Sabagh said members moved to a Beavercreek school to finish their prayer session as police continued to investigate.

"I don't know if people will have the feeling of trust to come back tomorrow or next week or next month," Sabagh said. "I don't know how people will feel."

Ramadan is the ninth month of the Muslim calendar. During the month, Muslims fast (do not eat) from sunrise to sunset. In the evening and in the morning before the sun comes up, they eat small meals. During this month, they take extra time for family, inner reflection, and spiritual growth.

Contact this reporter at (937) 225-7389 or knagel@DaytonDailyNews.com.

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Brunswick school board to consider creationism teaching

By Ana Ribeiro

Bolivia | The Brunswick County school board is looking for a way for creationism to be taught in the classroom side by side with evolution.

"It's really a disgrace for the state school board to impose evolution on our students without teaching creationism," county school board member Jimmy Hobbs said at Tuesday's meeting. "The law says we can't have Bibles in schools, but we can have evolution, of the atheists."

When asked by a reporter, his fellow board members all said they were in favor of creationism being taught in the classroom.

The topic came up after county resident Joel Fanti told the board he thought it was unfair for evolution to be taught as fact, saying it should be taught as a theory because there's no tangible proof it's true.

"I wasn't here 2 million years ago," Fanti said. "If evolution is so slow, why don't we see anything evolving now?"

The board allowed Fanti to speak longer than he was allowed, and at the end of his speech he volunteered to teach creationism and received applause from the audience. When he walked away, school board Chairwoman Shirley Babson took the podium and said another state had tried to teach evolution and creationism together and failed, and that the school system must teach by the law.

"Evolution is taught because that's what the General Assembly tells us to teach," Babson said, adding that she doesn't agree with it, but that students must learn it to graduate.

In 1997, proponents in the N.C. General Assembly tried to amend the law to say that evolution must be taught as a theory and not as a fact in public schools, but that did not pass. Then at the national level in 2005, a federal judge barred the school system in Dover, Pa., from teaching "intelligent design" - which claims organisms must have been created by a higher power and that it's compatible with evolution - as a violation of the constitutional separation of church and state.

Board attorney Joseph Causey said it might be possible for the board to add creationism to the curriculum if it doesn't replace the teaching of evolution.

Schools' Superintendent Katie McGee said her staff would do research.

Babson said the board must look at the law to see what it says about teaching creationism, but that "if we can do it, I think we ought to do it."

The issue will continue to be discussed at the board's committee meetings on Oct. 21.

Ana Ribeiro: 343-2327

ana.ribeiro@starnewsonline.com

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