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Senator Ted Kaufman Comments On Goldman SEC Charge
Kaufman Comments on Announcement that SEC has Charged Goldman Sachs with Fraud
“However long it takes, whatever resourcesthe SEC needs, Congress needs to continue to back the SEC and the Justice Department in their efforts to uncover wrongdoing”
WASHINGTON, DC – In reaction to the filing of charges by the Securities and Exchange Commission against Goldman Sachs today, Senator Ted Kaufman (D-DE) issued the following statement:
“We can have only one justice system in this country for both the rich and powerful and those who are not. I’m not prejudging the merits of this action, but if we don’t treat Wall Street firms that have allegedly defrauded investors of millions of dollars with the same gravity as we treat all others, why would our citizens have faith in the rule of law?
“I applaud Robert Khuzami and his team at the Enforcement Division of the Securities and Exchange Commission. As he said to me at a December 9 hearing I chaired on the Fraud Enforcement and Recovery Act, these are complicated cases that take time to develop. However long it takes, whatever resources the SEC needs, Congress needs to continue to back the SEC and the Justice Department in their efforts to uncover wrongdoing.
“To restore the public's faith in our financial markets and the rule of law, we must identify, prosecute, and punish with stiff fines or prison those who broke the law. Their fraudulent conduct has severely damaged our economy, caused devastating and sustained harm to countless hard-working Americans, and contributed to the widespread view that Wall Street does not play by the same rules as Main Street.”
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Surprised the ball started rolling on this thing. I thought the SEC was basically full of GS rejects who couldn't handle i-banking and thus settled for a regulating agency instead.
The Main Street vs. Wall Street theme will be big in this next election (since running against Bush's record isn't as potent as it used to be.). Watch the hype and grandstanding ramp up to boost poll numbers. This also helps with the financial reform bill. The charges today seem a bit too coincidental.
All of the fraud has been legalized... go check out Title 12.
Interesting.
What is the over under that this things can keep some legs under it?
Only if they could fking leave the gold market alone...so who'4 next jpmc for rigging the gold market???
Looks like they are going to yank Goldman like Drexel Burnham ... or is this just lollypop for main street?
" the rule of law', that's the whole point. we have all the laws in the book, and nobody enforces them. is that why the whole country is so angry about? big players fucked up big time, and their asses got saved, and life goes on like nothing happened. This at least is a tiny bit fresh air.
I'm with you on this. There are so many pissed off people here just waiting for November to voice their anger. I just hope more of these crooks get taken down and not just fined but jailed!!!
The comments are running as if there is something to celebrate here.
The securities and commodititty markets just lost a trillion dollars of value over a single charge of fraud against a piddly ass CDO by one company.
I was curious about a scenario like this playing out. If Joe Retail is not really invested atm, does it really hurt the obama admin if markets sell off. And if they sell off because the evil bankers are finally getting what they deserve, i think most voters would feel justice is being served. In a nutshell, what if obama and co. decided to sacrifice the banks in the name of self-preservation. You can't expect those huge political campaign donations from the banks to buy favor in perpetuity.
I worry about the PR problem we in the financial industry will have to face due to the Madoff's and Goldman's of the world. My fear is that politicians, in an effort to be seen a doing something to "fix" the problem will try ANYTHING and EVERYTHING to save their seats in November. If it means using dead cats to plug holes in a cracked dam they will do this first and THEN consult with a structural engineer. After said consulatation they will realize (but never admit) that they neither understand the problem or the correct solution, and will continue to cram dead cats into the ever widening cracks in the dam. I hear more and more discussion of banning CDS altogether, banning of short sales, introduction ofn "insider trading" rules in futures markets. Scandals like these give polititians "carte blanche" to introduce ANY reform and regulation no matter how ill-conceived, poorly examined, or outright wrong they are.
I've been thinking along these same lines
Politicians..!! Fuck me, do you have any idea how many people are thoroughly pissed with the free-market system? You're seriously worried about PR..!? That's actually quite funny, remember the derivitives notional, when the press turns, against the banks, you can kiss your sweet ass goodbye sunshine.
Comments like yours certainly demonstrate to me how many people do not understand a "free market" system. Also, when the press turns against ANYBODY/ANYTHING it can kiss its sweet ass goodbye. When you control the pulpit you can control the facts.
This is precious, a senator calling out someone else about not following the "rule of law"...
This is precious, a senator calling out someone else about not following the "rule of law"...
While I love to see all the new blood around here, it seems like the level of discourse has dropped considerably. Then again, the old-timers probably said the same thing around the time I started posting ;)
Yes, I do believe that you might be right.
But at least we may have gotten rid of that dickweed HarryWanger. He found a convient new place to diss on ZH, the asshole.
http://www.ritholtz.com/blog/2010/04/zero-edge/?utm_source=feedburner&ut...
I would have thought Ritholz to be above stooping like that.
Tourré's Educational background says a lot as to where this vermin comes from.
F@#*&€! sick brainwashed people...
He's a scapegoat that is soon to be curried!
GS makes bags of $ shorting this ramp.
That's even more money than the potential loss due to this affair.
See you at S&P 666.
some will never learn...
This is just happening because a bunch of cunts in "public service" just realized that they were going to lose their jobs.
What the fools making the rules fail to admit and correct, is that their actions and lack there of have etched into the minds of the willing contributors to "real" financial activity, just how corrupt the system is. This Moral hazard has and continues to cause a pull back from productive participation in the economy.
Untill the rule of law is enforced and confidence restored, conditions will worsen.
-unwilling hostage- 12/2009
Is the government changing tack here? Sensing an imminent catastrophe, they throw GS and perhaps others under the bus so as to position themselves as the "good guys"?
Or, is this just a head fake?
Suddenly everyone's a patriot
Looks like they finally drew the line between the guys they throw under the bus and the guys they let get away