‘Left, Right & Center’: Goldman Fraud?; Financial Reform; Tax Day Tea Party

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‘Left, Right & Center’: Goldman Fraud?; Financial Reform; Tax Day Tea Party

kcrw.com

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

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TAGS: arianna huffington financial reform goldman sachs left right & center robert scheer tax day tea party tony blankley

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By John Arthos, April 19, 2010 at 5:32 am Link to this comment
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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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