financial reform

That Didn’t Take Long…

I mentioned earlier that the Goldman fraud allegations would likely be wielded by Democrats as an exemplar in the financial reform fight. Yup. (Emphasis mine):

Washington, DC—Nevada Senator Harry Reid released the following statement today in response to SEC charges against Goldman Sachs regarding mortgage investments:

“Millions

Re: More Bad News For Big Banks

Stephen Gandel over at the Curious Capitalist has some more context and analysis on the SEC action against Goldman.

Of political import:

The first question was who was damaged here. The answer is all of us. First of all, the investors who bought the securities lost about $50 billion on them. Those investors were mostly pension funds.

More Bad News For Big Banks: Goldman Sachs Charged With Fraud

Last night, at a fundraiser in Florida, President Obama demonstrated just how hard he plans to take it to the banks in the coming months. He compared bank lobbyists to flesh-eating fish. No joke.

Now, it’s no surprise that the financial institutions that profit from the status quo have sent hordes of lobbyists to kill reform. It’s

A GOP Financial Reform Bellwether

Bit by bit, bipartisan negotiations in the Senate over financial regulatory reform have broken down. Richard Shelby, the ranking Republican on the Banking Committee split with the Democratic Chairman, Chris Dodd in February. Bob Corker filled the gap, stepping in to try to hammer out a compromise on an issue in which both parties see the …

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