Network News

X My Profile
View More Activity

Wall Street reform and Goldman Sachs


Partisanship in the Senate is holding up Wall Street reform legislation the same week the Securities and Exchange Commission sued Goldman Sachs for alleged fraud. The mutterings of our Readers Who Comment suggest that the discussions on Capitol Hill reflect the significant differences of opinion that exist out there in the land.

Some readers blame Republican dislike for governmental rules and regulations as one reason a massive government bailout was needed to rescue the economy. Other readers claim that all Democrats want to do is have government run everything, a solution that flies in the face of our freedoms and what once made our country great. A few seek more specifics about exactly what is being proposed.

As Shailagh Murray and Brady Dennis write, while Democrats seek a few Republican votes in the Senate to move proposed legislation, "Republicans... think voters have even less faith in Washington than in the banks and investment houses that played central roles in the nation's economic collapse, and they are portraying Democrats' overhaul attempt as a "bailout" that could cost taxpayers billions."

We'll start with KROVE1, who wrote, "Nothing was more to blame for the financial crisis than the unregulated derivatives market. Could one Republican on this board please explain to me why we should not regulate derivatives? (Which is what the GOP opposes.) Anyone?..."

But mike9270 said, "Democrats need to stop acting like jackasses even if though that is their party's logo."

tinyjab40 predicted that "The government will either control derivatives and make other reforms or we will be having regular depressions like the depression we are going through now with massive unemployment while rich bailed out CEOs and stockholders make millions. We all know the big corporations own much of the congress, almost all the GOP and many Democrats. It will take courage to do what is best for the ordinary people. I'll believe it when I see it."

blackmask wrote, "Again, for all their screaming, there is no counter proposal to regulate Wall Street from the GOP. You know, there is no one keeping them from putting together their own bill to show exactly what they want to do to fix that den of thieves, but AGAIN, nothing but "no". Where is the bill? You have plenty of legislators in both the House and Senate. Write a bill, you dolts. Time to show your hand. Or is it another case of just not wanting to regulate them at all?"

wonderingstevie said, "I don't trust this government AT ALL. As far as legislation, nothing can be best option when you know they are going to make the situation worse. Too bad we cannot just close congress."

sammsammus wrote, "Lets see, who was in control when the entire economy almost exploded? Republicans! Now who is doing all the stalling and bad-mouth trash-talking? Republicans! And who is coming to the rescue of the American people? It sure as heck isn't the republicans. Their just trying to protect the rich and make the Democrats look bad ..."

twm1 asked for more information in writing, "I believe that supporters of this legislation have made a strong case that the charge that the legislation promotes bailouts is completely wrong. The article could at least explain this specifically along with the reasons why the critics make their claim. This is not a matter of endorsing the claim, but at least providing enough info so that people can evaluate it effectively."

abigsam said, "I hope they do pass a bill. Too big to fail has got to stop, even if it means breaking them up the way they did Ma Bell. There's no reason both sides can't come up with something better than what we got, and contingency plans paid for by the institutions themselves."

mavajuan wrote, "The only reason the Financial Reform bill can be called partisan is because Republicans seek to protect Wall Street, act like they are for Main Street, and like good little goose-steppers refuse to vote for the bill. Now that is partisan."

bfjackjernigan suggested, "Forget the SEC lawsuit. DOJ should be working on criminal indictments against the Goldman Sachs executives under the RICO statutes and prosecute, not plea bargain. Then these thieving scum in $10,000 suits should, upon conviction, be stripped of all of their personal wealth as fruits of a criminal enterprise under asset forfeiture and then tossed in federal prison among the general population to fend for themselves...."

rbe1 wrote, "I think I finally understand the GOP philosophy: dissolve the government, everybody buy guns, and we can all shoot each other whenever we disagree on anything. This would be true freedom, and then we wouldn't need the second amendment or any other part of the constitution for that matter."

2318asclepiuslivecom said, "I cannot believe that there are not thousands of Republican constituents who are as angry over the Wall Street fraud issues as any Democrat. Why is the Republican Partly fighting to allow fat cat fraud to continue at the expense of their very own constituents? Speak up Republican folk."

Mindboggle wrote, "Oh yeah, it is the banks. No blame to Dodd and Franks and their campaign contributions received from Freddie Mae and Fanny Mac. And, they did not encourage receckless lending did they. Do they remember their Community Reinvestment Act which forced banks to make loans to people that did not have the money to pay the loan? But, Obama will forget all of this and go out and condemn one more segment of our economy that he intends to take over."

thebink said, "Banks put chains on their doors, the market crashes (through lack of confidence in investing) people start jumping from high rises. Where have we heard that before? And just how fishy is it that this Goldman Sachs debacle hit just as Obama's pushing his finance reform policies?"

We'll close with asmith1, who wrote, "...Americans do not trust government because government has shown that it can not be trusted. Any Congress Critter who has served more than two terms had a say in the economic downturn of our country, and an active role in debt building. No matter how much money their campaign committees collect, not one deserves to serve another day after their term ends...Voting for an incumbent is simply more of the same. That's one things we DON'T need."

All comments on this article are here.

By Doug Feaver  |  April 20, 2010; 9:18 AM ET
 | Tags: Bailout, Democrats, Republicans, Senate, Wall Street Reform  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Banks, financial rules, Obama, Lincoln, derivatives
Next: Is the GOP Wall Street shift for real?

Comments

Though Goldman Sachs can be vilified for lots of other things, it did nothing wrong related to the SEC charges:

http://reshapingmisconceptions.blogspot.com/2010/04/is-full-disclosure-solution.html

Posted by: ais000 | April 22, 2010 10:41 AM | Report abuse

Hot summer day is about to,Open the wardrobe is not yet found love after
another the right clothes? So, also waiting for? Immediate action bar!
Welcome to { http://www.smalltrade.net } sure you will find what you need.
Moreover, the company has a good reputation, product quality standards,
at reasonable prices. Over the years, has been well received by overseas
friends for their support. Therefore, please rest assured purchase.

!!!!!!!!!!!!!! http://www.smalltrade.net !!!!!!!!!!!!
` ╰—┘ 。 ┅★`_、
│\__╭╭╭╭╭__/│   
│           │  
│           │ 
│ ●       ● │ 
│≡    o    ≡│
│           │ 
╰——┬O◤▽◥O┬——╯
   |  o  |
   |╭---╮| ┌┬┬┬┐ 
╞╧╧╧╧══╧╧╧╧╧╧╧╧╡

Posted by: itkonlyyou23 | April 22, 2010 10:37 AM | Report abuse

Hot summer day is about to,Open the wardrobe is not yet found love after
another the right clothes? So, also waiting for? Immediate action bar!
Welcome to { http://www.smalltrade.net } sure you will find what you need.
Moreover, the company has a good reputation, product quality standards,
at reasonable prices. Over the years, has been well received by overseas
friends for their support. Therefore, please rest assured purchase.

!!!!!!!!!!!!!! http://www.smalltrade.net !!!!!!!!!!!!
` ╰—┘ 。 ┅★`_、
│\__╭╭╭╭╭__/│   
│           │  
│           │ 
│ ●       ● │ 
│≡    o    ≡│
│           │ 
╰——┬O◤▽◥O┬——╯
   |  o  |
   |╭---╮| ┌┬┬┬┐ 
╞╧╧╧╧══╧╧╧╧╧╧╧╧╡

Posted by: itkonlyyou23 | April 22, 2010 10:34 AM | Report abuse

To appreciate the depths of Goldman’s duplicity, just take a look at its 2009 annual report.

In the opening salvo of the report, Goldman is downright indignant and asserts that its only role in the financial markets has been positive.

To deflect attention away from Wall Street matters, Goldman went to great lengths to say that it spent the year acting in the interests of its clients and that these actions were the driving force behind its business.

That fails to address the huge sums of money that Goldman made in proprietary trading that did nothing to benefit clients, but enriched Goldman's shareholders and employees. The investment bank pressed the case that it paid workers only for their performances and nothing more.

On page 39 of the 2009 report, you find Goldman’s broad-brush disclosure in all its vague and generalized glory. Specific references to open investigations, lawsuits, administrative actions? Move along. Nothing to see here.

This was also the subject of an article “Goldman Sachs' Annual Report: It's All Smoke and Mirrors” on the International Business Law Advisor www.IntlBusinessLaw.com

Posted by: Scueto | April 20, 2010 11:06 PM | Report abuse

I just saw a movie on Sunset Blvd. called "Stock Shock" about greedy hedge funds and all this Wall Street corruption and the audience was pretty shocked by what really goes on. I got it on DVd to show friends. "Stock Shock" will change minds. The movie website has the best price on the DVD.

Posted by: JVMfan | April 20, 2010 8:38 PM | Report abuse

If one drops all the canned "talking points" from both sides it should be obvious that clever crooks can scam almost any situation. A central function of Government is to control contracts and assure that they are honest and properly executed. The fund to be funded by the "banks" differs very little from the financing of the FDIC. Both ides of this issue need to fire all the "soap salesmen" and concentrate on grownup governing.

Posted by: macira | April 20, 2010 4:03 PM | Report abuse

i can still hear Reagan, saying (call your senator tell him you want cheaper prices through DEREGULATION)
Well then did, and at that time you could afford drugs, hospital care, and a host of other necessary things, it was all down hill for the worker, in fact i know a man who make the call, he is now old sick, and saids he did not know what regulation was.

Posted by: dv1236 | April 20, 2010 11:22 AM | Report abuse

Obama, since you don't listen to the majority of the American people, the majority will vote for Pepublicans in November. You are an arrogant elitist.

Posted by: farmsnorton | April 20, 2010 11:20 AM | Report abuse

Republicans want STRICTER regulations in the financial bill, to prevent risky investing in the future.
Democrats are putting a bailout in the bill, which only makes it easier for banks to do risky investments.
Are Democrats being easy on the banks because Obama accepted $1 MILLION from Goldman Sachs for his campaign??????

Posted by: ohioan | April 20, 2010 11:20 AM | Report abuse

I was a Democrat. However, after all the corruption, lies and bribes I saw during the health care bill, I'm now and independent and will vote for some Republicans.

Posted by: farmsnorton | April 20, 2010 11:11 AM | Report abuse

FDR famously (or infamously) “saved capitalism from itself”.

Obviously, finance capitalism did not allow its mind to be "focused by the prospect of hanging in the morning" back in the last Great Depression --- and will hopefully get it just rewards this time.

Alan MacDonald
Sanford, Maine

Posted by: alanmd | April 20, 2010 10:36 AM | Report abuse

Oh lets put DEREGULATION by the lying ball of dung Clinton in there !!!!!!!!!


OBAMA WE WILL VOTE YOU AND ALL THE SENATORS OUT THAT DON'T REPRESENT THE PEOPLE .

AND BAMBI YOUR DISRESPECT FOR THE AMERICAN PEOPLE IN ASTOUNDING !!!!!

Posted by: yourmomscalling | April 20, 2010 10:16 AM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company