As has been widely reported, in 2013 Hillary Clinton was paid $675,000 for three speeches to Goldman Sachs. One was delivered on June 4, 2013 at the 2013 IBD CEO Annual Conference at The Inn at Palmetto Bluff in South Carolina, a second one took place on October 24, 2013 at the Goldman Sachs Asset Management AIMS Alternative Investment Symposium, and the last one was delivered on October 29, 2013 at the Goldman Sachs builders and innovators summit.
The speeches, in their entirety, were revealed for the first time in an email from Tony Carrk, research director at Hillary for America, in an email dated January 23, 2016, and disclosed to the public for the first time ever during today’s latest Wikileak of Podesta emails.
In the email, Carrk says:
The 3 (I misspoke about 5 earlier) speeches to Goldman are attached with
some parts highlighted. Below are some of the more noteworthy quotes.
The highlights Carrk refers to are the following:
In the first excerpt Hillary Clinton (rightfully) mocks Dodd Frank as nothing but a political contrivance which was created solely for political reasons as “there was also a need to do something because for political reasons.” To wit: “*Clinton Said, With Dodd-Frank, There Was “A Need To Do Something Because For Political Reasons” Because Members Of Congress “Can’t Sit Idly By And Do Nothing.”
“And with political people, again, I would say the same thing, you know, there was a lot of complaining about Dodd-Frank, but there was also a need to do something because for political reasons, if you were an elected member of Congress and people in your constituency were losing jobs and shutting businesses and everybody in the press is saying it’s all the fault of Wall Street, you can’t sit idly by and do nothing, but what you do is really important.” [GS2, 10/24/13]
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In the second highlighted excerpt, Tim O’Neill, Global Co-Head of the Investment Management Division, thanks Hillary for her “continued involvement in the issues (inaudible) to be courageous in some respects to associated with Wall Street and this environment” and then thanks her “very much.”
*Tim O’Neill Told Clinton “We Really Did Appreciate It” When She Had Been “Courageous In Some Respects To Associated With Wall Street And This Environment.”
“MR. O’NEILL: By the way, we really did appreciate when you were the senator from New York and your continued involvement in the issues (inaudible) to be courageous in some respects to associated with Wall Street and this environment. Thank you very much. SECRETARY CLINTON: Well, I don’t feel particularly courageous. I mean, if we’re going to be an effective, efficient economy, we need to have all part of that engine running well, and that includes Wall Street and Main Street. And there’s a big disconnect and a lot of confusion right now. So I’m not interested in, you know, turning the clock back or pointing fingers, but I am interested in trying to figure out how we come together to chart a better way forward and one that will restore confidence in, you know, small and medium-size businesses and consumers and begin to chip away at the unemployment rate. So it’s something that I, you know, if you’re a realist, you know that people have different roles to play in politics, economics, and this is an important role, but I do think that there has to be an understanding of how what happens here on Wall Street has such broad consequences not just for the domestic but the global economy, so more thought has to be given to the process and transactions and regulations so that we don’t kill or maim what works, but we concentrate on the most effective way of moving forward with the brainpower and the financial power that exists here.” [GS2, 10/24/13]
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In a third noted excerpt, Clinton pitches the idea that the best regulation of Wall Street is self-regulation because “the people that know the industry better than anybody are the people who work in the industry.”
*Speaking About Financial Regulations, Clinton Said “The People That Know The Industry Better Than Anybody Are The People Who Work In The Industry.”
“There’s nothing magic about regulations, too much is bad, too little is bad. How do you get to the golden key, how do we figure out what works? And the people that know the industry better than anybody are the people who work in the industry.” [GS2, 10/24/13]
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In a fourth excerpt, Hillary admits she had “great relations and worked so close together” with Wall Street and has “a lot of respect for the work you do and the people who do it.”
*Clinton Said “I Represented All Of You For Eight Years. I Had Great Relations And Worked So Close Together After 9/11 To Rebuild Downtown.”
*“I represented all of you for eight years. I had great relations and worked so close together after 9/11 to rebuild downtown, and a lot of respect for the work you do and the people who do it, but I do — I think that when we talk about the regulators and the politicians, the economic consequences of bad decisions back in ’08, you know, were devastating, and they had repercussions throughout the world.” [GS2, 10/24/13]
The fifth and final highlighted excerpt blames banks’ unwillingness to “do what they need to do” due to fear of regulations, the same regulations which in the same speech she said should be left to Wall Street.
*Clinton Said “Banks Are Not Doing What They Need To Do Because They’re Scared Of Regulations, They’re Scared Of The Other Shoe Dropping.”
*“I mean, right now, there are so many places in our country where the banks are not doing what they need to do because they’re scared of regulations, they’re scared of the other shoe dropping, they’re just plain scared, so credit is not flowing the way it needs to to restart economic growth. So people are, you know, a little — they’re still uncertain, and they’re uncertain both because they don’t know what might come next in terms of regulations, but they’re also uncertain because of changes in a global economy that we’re only beginning to take hold of.” [GS2, 10/24/13]
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Addtionally, as flagged by Reuters earlier, in the June 4 Goldman Sachs speech, Hillary warned Beijing it would “ring China with missile defense” unless it did more to rein in North Korea’s missile program.
Because they could not only do damage to our treaty allies, namely Japan and South Korea, but they could actually reach Hawaii and the west coast theoretically, and we’re going to ring China with missile defense. We’re going to put more of our fleet in the area.
Clinton told Goldman that the message to China had been, “You either control them, or we’re going to have to defend against them.” According to Reuters, the State Department on Friday declined to comment on “alleged leaked documents.” When asked whether such a message had been delivered to China, an official said it was not department policy to comment publicly on diplomatic discussions. Although Clinton’s reported comments raised a stir in Asia, Reuters adds.
Clinton said she also told her Chinese counterparts that the United States had as much a claim to the Pacific as China, given that U.S. forces had liberated it in World War Two.
China had “a right to assert themselves,” but the United States needed to “push back to create a balance” to prevent China taking a chokehold on sea lanes and countries bordering the South China Sea, she said.
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We are currently readying the transcripts for further informative details about what Hillary tells the world’s most improtant commercial bank in private.
Here are the full speeches with links:
Speech #1 (link)