Randy Shannon – 6/7/07

This page was last updated on June 9, 2007.

Firm has too much power; Randy Shannon; Beaver County Times; June 6, 2007.

In 2006 Mr. Shannon penned a letter to the editor entitled “The Times is a tool of the GOP,” and he was serious.

For background info about Mr. Shannon, see my notes on his speech of October 16, 2004, in front of the Beaver County Courthouse.

I wish Mr. Shannon would cite the sources of his “information.” I suspect that info would be at least as entertaining as his letters.

Below is a detailed critique of the subject letter.

“President Bush appointed Robert Zoellick, vice president of the Goldman Sachs investment bank, to head the World Bank.

“Joshua Bolten, White House chief of staff, was Goldman Sachs executive director. Henry Paulson, U.S. Treasury Secretary and World Bank board member, was CEO of Goldman Sachs. William Dudley, Goldman Sachs chief economist, controls the New York Federal Reserve trading desk, executing all U.S. Treasury sales. John Thain, former president of Goldman Sachs, heads the New York Stock Exchange. Reuben Jeffrey, Goldman Sachs managing partner, is the chief regulator of commodity trading.

“Goldman executives oversee bank lending, government borrowing, bank interest rates and trading in currencies, equities and commodities. Goldman executives control the president, decide how much our government should borrow and what interest rate our government pays. They regulate their own transactions in the currency markets, the energy markets and debt markets.

“The fleecing of American workers, taxpayers, homeowners, pensioners and retirees has entered a new stage through insider manipulation of the financial markets.

“Meanwhile, America’s productive economy and infrastructure are starved of capital.

“To cover Bush’s deficit, Paulson is stealing from Social Security by having it buy short-term instead of long term-bonds earning higher interest.

“Goldman’s dilution and devaluation of our currency will result in spiraling prices of the basic commodities gasoline and food.

“An indefinite stay of U.S. troops in Iraq will guarantee Goldman’s investment in international oil companies that will profit from the theft of Iraq’s fortune in oil reserves.

“Goldman executives were rewarded $16 billion in bonuses for a 70 percent increase in 2006 earnings. In 2007, Goldman’s assets are increasing at an annual rate of 175 percent.

“Thomas Jefferson said, ‘Banking institutions are more dangerous to our liberties than standing armies.’ Congress must challenge this control of public financial institutions by the principals of a single bank.”

[RWC] Given my experience with Mr. Shannon’s “facts,” I strongly suggest you check Mr. Shannon’s assertions if you care.

Frankly, I just see this as another anti-capitalist rant. In his letter of 11/22/04, among other things Mr. Shannon asserted “The merchant banks of Wall Street have sucked all the profit out of the airline industry and left it to the vulture capitalists to pick over the bones.” and “The merchant banks of Wall Street plan to rip off America for every last penny.”

Whose name is conspicuous by its absence from Mr. Shannon’s list of Goldman Sachs alumni in government service? That would be Jon Corzine, chairman and CEO of Goldman Sachs from 1994 – 1999. He was a New Jersey U.S. senator from 2001 – 2006 and was elected governor of NJ in 2005 (taking office in 2006). I could be completely off base, but I suspect Gov. Corzine didn’t make Mr. Shannon’s list because Mr. Corzine is a very liberal Democrat. During his five years as senator, Mr. Corzine voted as wanted by Americans for Democratic Action (a “liberal lobbying organization” in its own words) 91 out of 93 times (98%).