Will the timing of the SEC charges against Goldman Sachs help the financial reform legislation?
Posted by admin
Lance asked:
Financial reform legislation is being debated this week, and the SEC charged Goldman Sachs with fraud on Friday.
Financial reform legislation is being debated this week, and the SEC charged Goldman Sachs with fraud on Friday.
Maybe Goldman Sachs will be found guilty eventually, but the timing just seems very interesting. It is like the uproar about one insurer’s request for a 39% rate hike in California just before the final vote on health insurance reform.
Best Rated Heat Pumps
October 18th, 2009 at 12:11 am
Yes and it is a good strategy.
October 18th, 2009 at 1:39 pm
No.
This Administration brings out some dirty laundry every time they want to enforce some new
restriction on the populace. Blow something up like a balloon, way out of proportion to the problem, to accomplish their end goal; the end justifies the means. If the laws already in place were enforced, we would need no more but that would not give the Administration more power and that is what those supported by the Unions want, more power. Those who are political are beginning to understand that and the Administration is viewed with less and less respect. Union heavy handed smears and tactics, imo.
October 20th, 2009 at 8:52 am
Yes, that is why they did it, and that is why the markets dropped so much on Friday. They knew the chances for financial reform passing increased. I’m glad the SEC did it, but I wish they had done it a year ago.
I’ll just come out and say, that I do not believe the market crash was a natural occurrence. Maybe the market was like an overinflated balloon, and it didn’t take much to pop the balloon. It is impossible to guess what would have happened, without the sabotage. There are two possible scenarios.
1. For whatever crazy reason the federal reserve and Wall Street guys were under extreme pressure, and felt they had no choice but to do it. Maybe the result of a crazy behind the scenes system. If this is the case, they need to regulate the behind the scenes system which led to this, and leave Wall Street alone.
2. Organized players on Wall Street, committed a financial terrorist attack. The government and the vast majority of people didn’t want this to happen, but they took it upon themselves to do it, and many came out like bandits. They have also been taking down companies. If this is the case, they need to make them trade their derivatives on exchanges, and keep putting them in jail. The FBI and the SEC’s enforcement division, are the only people with the sophistication to catch these guys. They would have to make increases in those areas.
It is really that simple. The power brokers in Washington D.C. know what happened, but all they care about is winning political battles, and many of them are a disgrace. Either way, it was without question the fault of Democrats, and it was politically motivated. Not George Bush, but Democrats. If #2 is correct, we could have a serious issue with subversion. It would mean a certain group on Wall Street has colluded with each other, and they control the markets. It would also mean they are doing a lot of other bad stuff, outside of Wall Street. If #1 is correct, it shouldn’t be a difficult problem to fix. If it is #2, it could be really bad, because I would guess a lot of people on Wall Street are Republicans. That means a small group, has gained a lot of control over the markets through subversion. Since it was clearly politically motivated, it is fair to assume no Republican would have had any reason to be involved. I hope and pray it is #1, and they fix the problem. I honestly don’t know, I could see it either way.