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:


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.