Goldman Sachs' Best New Boy

Last year Lawrence H. Summers, President Obama's economic point man, collected over $5 million from hedge fund D.E. Shaw and more than $2.7 million in speaking fees by a basket of troubled Wall Street firms.

JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch and others paid Summers fees ranging from $45,000 for a Nov. 12 Merrill Lynch appearance to $135,000 for an April 16 visit to Goldman Sachs.

Now Goldman Sachs announces it highest profits in history months after being gifted with hundreds of billions in taxpayer money. The stink of our government's corruption is upsetting French digestions.

"Goldman Sachs Group Inc.’s decision to boost compensation after posting record second-quarter sales yesterday should prompt politicians to revise pay rules, French President Nicolas Sarkozy’s top adviser, Henri Guaino, said.

“The question now is whether we decide to do something to fix that,” Guaino said today in an interview on France2 television. “No one in the U.S. or elsewhere can tolerate such a situation. Goldman Sachs wouldn’t exist had American taxpayers not come to its aid. To be drowning in dollars and bonus money today is utterly scandalous."

Meanwhile the Chinese are biding their time before they finally sink the dollar and go about their business:

LONDON (MarketWatch) -- A U.S.-China détente over the role of the dollar in international monetary system was called into question Friday as China's central bank repeated its assertion that a new global reserve currency is needed.

"To prevent the deficiencies in the main reserve currency, there's a need to create a new currency that's de-linked from the economies of the issuers," the People's Bank of China

Is Obama really this craven or is 'el negrito' really that powerless? We already know about Congress...

Goldman Sachs: the Bank that Swallowed America