UPDATED: When a Culprit or a Crisis isn’t available the WH merely creates one.
Posted April 20, 2010on:
This is a fairly easy to understand explanation of what is happening with the Goldman-Sachs vs SEC (Securities and Exchanger Commission). It is of course a big blustering fraud perpetrated by the White House to get their Financial Reform legislation passed.
The stakes are huge. The S.E.C., battered by its failure to identify or prevent several major frauds in recent years, is eager to re-establish its credibility as an enforcer. But in choosing such a difficult battlefield, the commission also risks losing a case at a time when it is trying to re-establish its reputation as a tough watchdog.
Goldman’s sterling reputation, a foundation of its financial success, is also on the line. Rather than settling with the government, it has so far chosen to fight back. The company says it provided its investors with all the information required by law. It has also stressed that it sold the securities to financial firms that were sophisticated investors.
This bill as written will effectively turn the financial institutions over to the federal government. Let’s see now: these guys have the US Post Office bleeding our tax dollars, Medicare and Medicaid with billions in fraud every year, Amtrak our rail system which can’t run on time and is also eating tax payers dollars, Interstate Highways with all these bridges ready to take a nose dive into the nearest river or ravine, they have just recently jammed down our throat a universal Health Care Bill that effectively took over 16% of our economy and will bankrupt the country in less than ten years and to help their cause they used a small California company who raised their rates as an example of “out of control insurance companies, and now they have latched onto the scheme of charging one of the largest financial firms in the world with fraud just when the Obamanites want to take over the financial system in the United States. I will bet anyone that the case will be dropped as soon as Congress manages to jam this bill down the American tax payers throat too.
I agree there should be better control over Wall street and the financial institutions because the SEC (Securities and Exchange Commission) is doing the job. They allowed the latest Financial Crisis 2008-09 to develop and are continuing to allow problem areas to develop because Rep. Barney Frank and Senator Chris Dodd the two who single handedly cause the Financial Crisis are still putting pressure on financial institutions to make risky loans. They have known of a man who has been running a Ponzi Scheme since the 1990’s and they have done nothing about it. (You will find this report on their web site but you will have to dig for it!) And last but certainly not least the Financial Reform Bill was written by none other than Senator Chris Dodd who is retiring this year because he knows he will not be re-elected. No doubt at all that he has been promised a really, really lucrative job if he can pull this bill thru the Congress for Obama and the Communist/Socialist White House!
Yes there needs to be some reform but to my mind it is a reform of Congressmen that needs to take place more than anything. Banks are in the business to make money in any legal way they can. Legal is the operant word here. There are too many loop holes that need closing and the SEC shaped up, but certainly nothing like what is being proposed. This is just another Obama RIP OFF of the nation and his smoke screen while doing the dirty deed. BB
UPDATE: Obama’s Wall Street Bill Lets Crooks Escape a must read!
All the president’s Goldman Sachs men Michele Malkin