Three Cheers for the SEC

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The Buzz: SEC deserves praise for taking on Goldman Sachs - Apr. 16, 2010

By Paul R. La Monica, editor at large April 16, 2010: 2:13 PM ET

The Buzz is now on Twitter! Follow me @LaMonicaBuzz

NEW YORK (CNNMoney.com) -- The SEC showed some major teeth Friday. It's about time. And hopefully this won't be the last time the agency bares its fangs.

The Securities and Exchange Commission is going after the biggest of the big on Wall Street. Goldman Sachs.

paul_lamonica_morning_buzz2.jpg

The SEC alleged that Goldman Sachs (GS, Fortune 500) failed to disclose to investors in a pool of subprime mortgages that Paulson & Co., one of the most influential hedge funds in the world, was making bets against the security.

If the SEC's claim is true, this is a major transgression. Even if it turns out that the wrongdoing was the work of one rogue employee -- the SEC specifically named Goldman Vice President Fabrice Tourre -- it is clear that Goldman has some explaining to do and must pay. <more>
 

Vast LWC

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Three Cheers indeed. Finally someone is taking action.

Way to go SEC.
 

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Yep, because corporations are run by saints who obviously never do anything wrong.

Did you actually bother to look into the allegations?
 

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Do you actually bother to understand how the world works?

The gov goes from one scapegoat to the next, this is the big plan to 'win' over the public, go after the 'fatcats' on wall street.

Watch the law of unintended consequnces go wild now, its already started:

Stocks tumble as Goldman charged with civil fraud
Did Goldman not in fact rip off it's investors by advising them to buy stocks that THEY KNEW WERE GOING TO FAIL???

Is that not Fraud?

Should the SEC look the other way and let them get away with it?

Seriously man, try to think about what you're saying before posting it.
 
OP
Political Junky

Political Junky

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Do you actually bother to understand how the world works?

The gov goes from one scapegoat to the next, this is the big plan to 'win' over the public, go after the 'fatcats' on wall street.

Watch the law of unintended consequnces go wild now, its already started:

Stocks tumble as Goldman charged with civil fraud
Did Goldman not in fact rip off it's investors by advising them to buy stocks that THEY KNEW WERE GOING TO FAIL???

Is that not Fraud?

Should the SEC look the other way and let them get away with it?

Seriously man, try to think about what you're saying before posting it.
Cons support corporations over citizens. That worked, for a while, for Mussolini.
 

Gatekeeper

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Do you actually bother to understand how the world works?

The gov goes from one scapegoat to the next, this is the big plan to 'win' over the public, go after the 'fatcats' on wall street.

Watch the law of unintended consequnces go wild now, its already started:

Stocks tumble as Goldman charged with civil fraud
Did Goldman not in fact rip off it's investors by advising them to buy stocks that THEY KNEW WERE GOING TO FAIL???

Is that not Fraud?

Should the SEC look the other way and let them get away with it?

Seriously man, try to think about what you're saying before posting it.
Cons support corporations over citizens. That worked, for a while, for Mussolini.
Congrats to the SEC, for now, wonder if they will continue to weed out these corporate slime?

Also the quote:
"Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."
- Benito Mussolini
The people got fed up enough with Corporatism that they made Wind Chimes out of Benito and his wife.
 
OP
Political Junky

Political Junky

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Did Goldman not in fact rip off it's investors by advising them to buy stocks that THEY KNEW WERE GOING TO FAIL???

Is that not Fraud?

Should the SEC look the other way and let them get away with it?

Seriously man, try to think about what you're saying before posting it.
Cons support corporations over citizens. That worked, for a while, for Mussolini.
Congrats to the SEC, for now, wonder if they will continue to weed out these corporate slime?

Also the quote:
"Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."
- Benito Mussolini
The people got fed up enough with Corporatism that they made Wind Chimes out of Benito and his wife.
Wind Chimes, that's good. They sure did hang their bodies upside down in Milan.
 

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I was expecting to hear a conservative on here bitch about how the stock market went down in part due to this news
 

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I was expecting to hear a conservative on here bitch about how the stock market went down in part due to this news
Then you missed Xeno's post:

Do you actually bother to understand how the world works?

The gov goes from one scapegoat to the next, this is the big plan to 'win' over the public, go after the 'fatcats' on wall street.

Watch the law of unintended consequnces go wild now, its already started:

Stocks tumble as Goldman charged with civil fraud
Good call though.
 

Paulie

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I'm a conservative who finds this to be pleasing news, although I understand what Xenophon is trying to say.

I'll reserve most of my judgment until this plays itself out, but I won't be the least bit surprised to see only one or a select few individuals at Goldman take the fall for something that I'm sure anyone in the upper echelon of the company knew about.

There's much more corruption at Goldman than just misleading investors about CDO's.

This looks on the surface to be nothing more than pacifying the sheep by taking a little action that is otherwise a microcosm of what is actually needed.
 

Dr Gregg

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I was expecting to hear a conservative on here bitch about how the stock market went down in part due to this news
Then you missed Xeno's post:

Do you actually bother to understand how the world works?

The gov goes from one scapegoat to the next, this is the big plan to 'win' over the public, go after the 'fatcats' on wall street.

Watch the law of unintended consequnces go wild now, its already started:

Stocks tumble as Goldman charged with civil fraud
Good call though.
They are just so predictable, first thing I thought when reading the article :lol:Tend not to read to much of Xenophobe's tripe
 
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Paulie

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I was expecting to hear a conservative on here bitch about how the stock market went down in part due to this news
Then you missed Xeno's post:

Do you actually bother to understand how the world works?

The gov goes from one scapegoat to the next, this is the big plan to 'win' over the public, go after the 'fatcats' on wall street.

Watch the law of unintended consequnces go wild now, its already started:

Stocks tumble as Goldman charged with civil fraud
Good call though.
They are just so predictable, first thing I thought when reading the argument :lol:Tend not to read to much of Xenophobe's tripe
So if only one or a few people go to jail, you will be satisfied?
 

Dr Gregg

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Vast LWC

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I'm a conservative who finds this to be pleasing news, although I understand what Xenophon is trying to say.

I'll reserve most of my judgment until this plays itself out, but I won't be the least bit surprised to see only one or a select few individuals at Goldman take the fall for something that I'm sure anyone in the upper echelon of the company knew about.

There's much more corruption at Goldman than just misleading investors about CDO's.

This looks on the surface to be nothing more than pacifying the sheep by taking a little action that is otherwise a microcosm of what is actually needed.
I would agree that there is much more that needs to be investigated in many parts of the financial industry, starting with all of Goldman's various actions.

In fact I think this is a rather excellent post, though obviously not the "sheep" portion of the comment, lol.
 

Paulie

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I'm a conservative who finds this to be pleasing news, although I understand what Xenophon is trying to say.

I'll reserve most of my judgment until this plays itself out, but I won't be the least bit surprised to see only one or a select few individuals at Goldman take the fall for something that I'm sure anyone in the upper echelon of the company knew about.

There's much more corruption at Goldman than just misleading investors about CDO's.

This looks on the surface to be nothing more than pacifying the sheep by taking a little action that is otherwise a microcosm of what is actually needed.
I would agree that there is much more that needs to be investigated in many parts of the financial industry, starting with all of Goldman's various actions.

In fact I think this is a rather excellent post, though obviously not the "sheep" portion of the comment, lol.
Well come on, you have to admit that there are a lot of sheep voters who will be satisfied with only a couple people going down, and will credit the democrats and the administration with some kind of "victory".

That's not partisan, that's just reality. I'd be saying the same shit if it involved republicans, because the same sheep voter mentality applies to those voters too.
 

Paulie

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