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Your Government at Work: Goldman Sachs Charged with Fraud

The fact that the SEC filed charges against Goldman Sachs, “the most profitable trading firm in history”, yesterday could be read in a few different ways.

Maybe the government has it all wrong – quite possibly as Goldman Sachs has already pointed out:

“The SEC’s charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation,”

Another reading of this might have something to do with Team Obama going for the jugular with another big win after Health Care – after all it seems to be nearly impossible to with any sincerity at this point say you are on the side of the banker – Republicans take note as I suspect Monday is going to be a tough one for you.

If the SEC is going after Goldman Sachs, then as others have reported, all bets are off and we will likely see more charges being leveled at other firms.  Further, assuming these charges are proven to be of merit, and as people begin to face prison time, it is fairly safe to say that this story will propel us through the upcoming election cycle.

Then again maybe it simply comes down to some of these bankers doing some really bad things with your money – like stealing it….

Posted on Saturday, April 17th, 2010 Both comments and pings are currently closed.

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