Are the charges against Goldman Sachs Political?
By bobmnu
@bobmnu (8157)
United States
April 22, 2010 2:09am CST
IF you google "Goldman Sachs SEC" early in the day you will find that one of the first links (a paid sponsored link at the top of the list) is:
Help Change Wall Street
It's Time for Financial Reform that Protects Main Street. Act Now!
www.BarackObama.com
If you follow the link you will be directed to a page with President Obama's picture and you will be asked for your email and zip code. The next page is asking for a donation.
Who is paying for this sponsor ad and how did it get up so quickly? This does not pass the smell test. It sounds like what President Clinton described as Chicago Style Politics. You don't beat your opponent you destroy them. By the SEC announcing the charges during the trading day they caused Goldman Sach to lose around $15 billion in value in one day.
1 person likes this
4 responses
@lilwonders456 (8214)
• United States
22 Apr 10
Come on...you are kidding right? Of course it is political. And I am sure right now Goldman Sachs is ticked off that they were a major contributer to Obama and not they are the "scarifical lamb". Corruption, fraud and greed caused the housing market and our economy to crash...among other things. How many do you see going to jail? YOu don't. YOu see those same companies that made tons off those dirty deals...get bailed out and major bonuses. No one has really been held accountable nor will they.
This is all politically driven because htey are working on wall street reform right now and need support for it. Which surprises me more people are not talking about the bill here on mylot.
@TheMetallion (1834)
• United States
22 Apr 10
If you complain that no one's really been held accountable, and then you complain that the SEC is holding Goldman Sachs accountable as "political"... what do you actually want to happen?
@lilwonders456 (8214)
• United States
22 Apr 10
How many CEOs do you see in jail over this whole economic mess? How many people do you see charged over what happened? Not many at all. What I want is not a political "play act" to try and drum up support. They need and should have already been holding people criminally responsible for what happened.
But those rich and powerful wall street guys not only are allowed to make a mint off of ruining this country...but they rewarded with bail outs and bonuses at our exspense.
I don't want a "token" or "tokens" taken down just to "appease" the masses and get support for a bill. I want the people really responsible to get the book thrown at them. I won't hold my breath.
@Destiny007 (5805)
• United States
22 Apr 10
Yep... and it is also timed to coincide with Dodd's Financial Reform Bill.
I notice that Paulson has not been charged, yet he was the driving force behind the things that Goldman Sachs is being charged with.
Then there is this little item concerning Dodd's Bill....
http://www.aim.org/aim-column/the-dodd-financial-reform-bill-lets-soros-off-the-hook/
@bobmnu (8157)
• United States
22 Apr 10
That was an excellent article. I like his suggestions for reform and can see where they would help.
•Reinstate and restore the short sale price test regulation known as the uptick rule (to its original condition and not modified).
•End mark to market accounting and replace it with book value, historic cost accounting.
•Reinstate the "circuit breakers" and the trading curbs to kick in whenever the Dow Jones industrial average drops 150 points to reduce market volatility and massive panic sell-off in order to allow investors time to think before they act.
I also think we need a tax structure that encourages long term investment and building a company. I never liked groups that came in and broke up a company and laid off the workers just to show a profit for the quarter. Such as GM did after the bail out to show a profit they cut 60,000+ jobs just to show a quick next quarter profit.
@irisheyes (4370)
• United States
23 Apr 10
The timing certainly couldn't be better and I admit that usually smacks of politics but in this case, WHO CARES? We need to have some protection from the actions of these cowboys (eg investment bankers). I recently listened (on line) to FDR's first inaugural address. He said something to the effect of :"We must put an end to the actions of those who speculate with other people's money" (I'm paraphrasing but I'm close). He did put an end to it. He ended it in the famous first 100 days of his administration. He ended it with the Federal Banking act of 1933 (Glass Steagall). That kept us from the edge for 60 years until it was totally dismantled through the years and through the presidencies. Now it's time to put the safety valves back in the system and if the timing on these Goldman Sachs charges helps, that's a good thing.
@hofferp (4734)
• United States
22 Apr 10
I don't think the charges are political; I think GS was doing some shady/illegal stuff and got caught. And as other Wall Street firms are investigated, I think you'll find that many more will have charges brought against them. Having lost a $100K in an investment scam (it's in receivership and still not resolved), I say go SEC find every last crook...!





