With this vote along party lines Dems will look very bad if they don’t win it.
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> (email exchange)
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> On Mon, Apr 19, 2010 at 2:37 PM, wrote:
>
> the vote was close but I’m not sure it changes much. However the political angle
> in light of the Administration’s efforts at financial reform cannot be avoided.
> Government leverage vs. bank leverage…
>
SEC Said to Vote 3-2 to Sue Goldman Sachs Over CDO Disclosures
By Jesse Westbrook
April 19 (Bloomberg) — The U.S. Securities and Exchange
Commission split 3-2 along party lines to approve an enforcement
case against Goldman Sachs Group Inc., according to two people
with knowledge of the vote.
SEC Chairman Mary Schapiro sided with Democrats Luis
Aguilar and Elisse Walter to approve the case, said the people,
who declined to be identified because the vote wasn’t public.
Republican commissioners Kathleen Casey and Troy Paredes voted
against suing, the person said.
The SEC on April 16 accused Goldman Sachs, the most
profitable company in Wall Street history, of creating and
selling collateralized debt obligations in 2007 tied to subprime
mortgages without disclosing that hedge fund Paulson & Co.
helped pick the underlying securities. Goldman Sachs also didn’t
disclose to investors that Paulson was betting against the
securities, the SEC said.
SEC spokesmen John Nester and Myron Marlin didn’t
immediately return a phone call and e-mail seeking comment.
Dems will look very bad if they don’t win it.
Not sure of that, Warren. Public opinion will likely be with the Dems on this, no matter the outcome in the courts. Moreover, a lot of dirty linene is going to get washed, and I suspect it will occupy a number of news cycles.
The Dems are in trouble with the public if they don’t do more to hold Wall Street accountable. I think that goes for left, right. I don’t see the Tea Party folks, other than the astroturf, getting behind Wall Street.
Taxes are for the stoopid 😉
DEAL MADE IN JERSEY TO ESCAPE STOCK TAX; Counsel for Goldman, Sachs & Co. Traces Exchange of Shares at SEC Hearing
June 15, 1937, Tuesday
Page 33, 276 words
The Securities and Exchange Commission received testimony today that New Jersey was chosen as the site for a stock trade between an investment trust and a holding company so that payment of the New York transfer tax on securities might be avoided.
http://www.businessinsider.com/george-soros-cdos-are-dangerous-and-must-be-regulated-2010-4
Soros just came out and said there is no social benefit to these CDO’s and CDS’s – so why don’t we squash them? Why are there so many things around – financial products included – that are allowed to exist and prosper and they offer no real social benfits for the masses?