Vice Chairman of Goldman Sachs International Appointed to Key State Dept. Position

That is right. Robert Hormats, Vice Chairman of Goldman Sachs, has be appointed to a very important position in the State Department.

Hormats was named by the Obama administration Friday to be the department's undersecretary for economic, energy and agricultural affairs, an official announcement indicated.

Should he be confirmed by the Senate, Hormats would head up efforts by Secretary of State Hillary Clinton to help refine Washington's relationships with China, India and Russia, moving to base them on economic, trade and environmental issues, The New York Times reported.

Bottom line: more of the same. This is not "Change".

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what would make a nice post

Submitted by on

earlier New York Times did a graphic with all of the private banking connections to the Obama administration. Doing one just for GS across administrations would be interesting.

So what did Mr. Hormat do at GS

He had a role in PetroChina/Sudan IPO.

Hormats played a crucial role in a 2000 Goldman Sachs deal that was fervently opposed by religious groups and human rights advocates and later cited by the SEC as an example of illegal market manipulation: the $3 billion initial public offering of PetroChina, a company with ties to Sudan’s genocidal regime.

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