chuck grassley

Goldman Sachs Made $55.7 million on Build America Bond Fees

Remember how the latest Jobs bill had yet another bail out for Goldman Sachs? How Senator Chuck Grassley was digging around on those Build American bond underwriting fees? Well Goldman Sach responded to Senator Chuck Grassley and made $54 million in fees from selling Build America Bonds, 1/3 to municipalities, and then an additional $1.7 million on adviser fees.

Bloomberg has more:

Stimulus Build America Bonds yet another gift for Goldman Sachs

Hey everybody, let's have Build America bonds to help everybody get a job! Right? Oops, guess who makes big bucks for underwriting fees? Wall Street, especially Goldman Sachs.

Sen. Chuck Grassley, ranking member of the Committee on Finance, today asked Goldman Sachs whether it would collect double-digit underwriting fees for participating in a newly expanded Build America Bonds program, as included in the “jobs” bill promoted by the Senate Democratic leaders and passed by the Senate today.

Here is Senator letter to Goldman Sachs, in which he notes Goldman Sachs put out a full page ad promoting these bonds.

February 24, 2010

Mr. Lloyd C. Blankfein
Chairman and Chief Executive Officer
The Goldman Sachs Group, Inc.
85 Broad Street
New York, NY 10004

Dear Mr. Blankfein: