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‘Left, Right & Center’: Goldman Fraud?; Financial Reform; Tax Day Tea PartyPosted on Apr 16, 2010
The SEC has taken its first action against Goldman Sachs for alleged investor fraud—will it help efforts for financial reform and regulation? Or will the financial giant just be slapped with a fine and then allowed to continue business as usual? Truthdig’s own Robert Scheer points out Goldman’s ties to several successive administrations, while Tony Blankley spies a bit of conspiracy in the timing of this announcement. Meanwhile, Arianna Huffington phones it in, but only in terms of the technology she uses to take part in this week’s show. —KA KCRW: Advertisement Previous item: Tea Party Express Rolls Into D.C. Next item: Kelsey Grammer Disses 'Big Government,' 'Grown-Man Tickle Fights' New and Improved CommentsWe are launching a major overhaul of our comments section. In addition to more robust spam filtering and moderation, new features include the ability to rate other comments, sort how they are displayed and respond directly via e-mail or in a thread. Unfortunately, commenters will lose their existing Truthdig identities. It's a pain, we know, but on the plus side you will now be able to log in with a plethora of options, including Google, Twitter, Facebook and Disqus accounts. Before launching this system we spent months in discussion with our top commenters. We listened to the feedback and we hope you like what we've come up with. Please direct any problems or concerns to us via our contact page. |
By John Arthos, April 19, 2010 at 4:32 am Link to this comment
(Unregistered commenter)
Robert, you floated the possibility that the Goldman fraud might actually be legal, since they ‘wrote’ the law. That would be of course ironic. However, Krugman suggests the legal case is actually something different:
“We’ve known for some time that Goldman Sachs and other firms marketed mortgage-backed securities even as they sought to make profits by betting that such securities would plunge in value. This practice, however, while arguably reprehensible, wasn’t illegal. But now the S.E.C. is charging that Goldman created and marketed securities that were deliberately designed to fail, so that an important client could make money off that failure. That’s what I would call looting.”
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