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Obama: SEC did not discuss Goldman charges with White House beforehand

Goldman Sachs Group, Inc.

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The SEC "categorically" did not discuss its pending fraud charges against Wall Street megabank Goldman Sachs and one of its executives with the White House before they were announced, President Obama said in a CNBC interview moments ago.


Many Republicans and those on Wall Street found the timing of the charges -- announced during the middle of the trading day last Friday, just as tough financial regulatory reform backed by Democrats sits on Capitol Hill -- suspicious at best.

But Obama denied there was any collusion or cooperation between the administration and the SEC, which is meant to operate as an independent agency.

"They've never discussed with us anything with respect to the charges that will be brought," Obama said in an interview with CNBC's John Harwood.

The SEC has charged Goldman and trader Fabrice Tourre -- who is expected to appear before a congressional hearing as early as next week -- with fraud in constructing an investment portfolio that bet on the collapse of the housing market. The SEC charges that Goldman allowed one investor to pick the portfolio's investments without telling other investors. But Goldman has denied these charges, arguing that all sides knew the risks involved.

Critics of the financial regulatory reform legislation being considered on the Hill and backed by Democrats call it punitive, designed to punish rather than regulate Wall Street banks and investment firms such as Goldman. Demonizing Goldman at a time when the reform bill could use a shove over the goal line could be good strategy, some have argued.

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By Frank Ahrens  |  April 21, 2010; 3:09 PM ET
Categories:  Congress , The Ticker , Wall Street , White House  | Tags: Barack Obama, Business, CNBC, Democratic, Goldman Sachs, John Harwood, SEC, Wall Street, financial regulatory reform  
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Comments

"Obama denied there was any collusion or cooperation between the administration and the SEC"

Sure, we all believe that--don't we!!!!!!!!

Gheesh, what do you expect him to say: "Gosh folks, yo got me--no harm no foul."

It's possible that there was no collusion or cooperation--direct orders perhaps--but not collusion or cooperation.

Posted by: NormReisig | April 21, 2010 4:22 PM | Report abuse

Wow, the man has been talking about this matter for more than a year. Why is it a surprise they filed charges..against someone? Obama's critics sound more like children everyday.

Posted by: october30 | April 21, 2010 4:29 PM | Report abuse

I dont care if SEC discussed this with Obama, his mother, his dog BO or anyone else. Fact of the matter doesnt change. Dont lose sight of the crooks who are Wallstreet bankers.

Posted by: hemisphere | April 21, 2010 5:03 PM | Report abuse

Why did Pres. Obama even bother to respond to that question, the entire Fox News blabbers and the GOP will only lie about what he said anyways. They wouldn't know the truth if it slapped them in the face.

Posted by: AverageJane | April 21, 2010 5:23 PM | Report abuse

I did not have sexual intercourse with THAT WOMAN.

Posted by: um1967 | April 21, 2010 5:30 PM | Report abuse

Why do Democratic Presidents all lie?

"I did not have sex with that woman" - Bill Clinton

"Give me the Stimulus Bill and I will hold unemployment under 8%" - Barack Obama

"I will not raise taxes on anyone making less than $250,000 per year" - Barack Obama

"The SEC did not discuss Goldman Sachs with use before filing charges" - Barack Obama

"My Administaration will be the most honest and transparent ever" - Barack Obama

"I will allow at least 5 days for all Bills to be read and commented on before voting on them" - Barack Obama

...and there is much, much more.............

Posted by: Realist20 | April 21, 2010 5:55 PM | Report abuse


Of course it's "politically motivated" ...

when the Republicans (Wall Street) are running Congress, the Wall Street gets an unlimited license to steal.

..

Posted by: DEFJAX | April 21, 2010 5:59 PM | Report abuse

Obama is full of cr@p - just a coincidence that he is pushing Wall St. "reform" the same week the SEC charges Goldman

By the way - Campaign contributions from Goldman Sachs employees to President Obama are seven times as much as President Bush received from Enron workers, according to numbers on OpenSecrets.org.

Posted by: pgr88 | April 21, 2010 6:05 PM | Report abuse

Obama is full of cr@p - just a coincidence that he is pushing Wall St. "reform" the same week the SEC charges Goldman

By the way - Campaign contributions from Goldman Sachs employees to President Obama are seven times as much as President Bush received from Enron workers, according to numbers on OpenSecrets.org.

--------------------------

Don't you see the contradictions in your statements?

Posted by: sr31 | April 21, 2010 6:17 PM | Report abuse

Obama is lying. Wake up America. Today he announced that VAT is still on the table. What better way to cause a little diversion away from the Value Added Tax discussion, than to pretend he is going to reform Wall Street. Obama should be nominated for the best actor in a 15 month comedy series.

Posted by: jemvbcarmagh06 | April 21, 2010 6:20 PM | Report abuse

admitting that VAT is still on the table sounds like refreshing candor, given how radioactive the topic is. no one wants to admit that in order to balance the budget someone has to find new revenue or make cuts no one wants to propose. eliminating the entire government other than defense, Social Security, Medicare, Medicaid and payment on the debt won't balance the budget, so either we propose to cut one of them, or we raise revenue in either income taxes or a VAT. take your pick. Obama is telling the truth, believe it or not

Posted by: JoeT1 | April 21, 2010 6:29 PM | Report abuse

Who knows first? The Post you know or at least know better. Better than not knowing or after the fact. You've been served and it isn't self service. That's the business.

Posted by: tossnokia | April 21, 2010 7:01 PM | Report abuse

Who knows first? The Post you know or at least know better. Better than not knowing or after the fact. You've been served and it isn't self service. That's the business.

Posted by: tossnokia | April 21, 2010 7:19 PM | Report abuse

Wall Street Bankers destroyed the economy of the country and should all be hung on May Day.

I still like them, but can't stand them.

Posted by: COWENS99 | April 21, 2010 7:22 PM | Report abuse

Why do Democratic Presidents all lie?

Posted by: Realist20 | April 21, 2010 5:55 PM | Report abuse

??????????????????????????????????????????????????????????????????????????????????????Why do Republicans lie?

The fundamentals of our economy are strong

They will welcome us with flowers

Iraqi oil will pay for the war

Mission Accomplished

George Bush's' entire eight year term

Republicans in Congress

John McCain.............

Posted by: catmomtx | April 21, 2010 7:41 PM | Report abuse

Listen to the FULL interview when re-cast on CNBC.

During Harter's questioning, you will hear Obummer's HACKING KOOL COUGH, unedited, at least, as long as the editing isn't done.

Once you've got lung cancer, your cutter can cut but there's a limit to what he can do.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Posted by: dumpbama | April 21, 2010 7:52 PM | Report abuse

All you can say is that Obama is caught yet again lying. This time his antics are going to hurt one of the Great American companies, Goldman Sachs. While he and his socialist friends revel in the demise of GS, America is weakened even more.

Posted by: Realist20 | April 21, 2010 7:56 PM | Report abuse

Obama's answer " they never discussed anything about the charges that would be brought".......in other words they never told him the exact charges, just told him they were going to screw Goldman Sachs. Obama is the new Richard Nixon.

Posted by: Realist20 | April 21, 2010 8:03 PM | Report abuse

We do not torture...
Deficits don't matter...
Saddam has WMDs...

Posted by: soundar1 | April 21, 2010 8:04 PM | Report abuse

When Obanker is talking about not lying, he's referring to having two feet on the ground.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Posted by: dumpbama | April 21, 2010 8:05 PM | Report abuse

Obama is a mess - taking $1M from Goldman Sachs and then sicking his dogs after them. More bailout money paid to these Wall Street folks and then paid back to the Dems, but obviously just not enough.

Posted by: jguy19571 | April 21, 2010 8:09 PM | Report abuse

Goldman gave Obambi a $Million $Dollars for his election.

THIS is how he repays THEM.

YOU didn't give Obummer a THING.

YET, you think he's going to do something FOR you?

Posted by: dumpbama | April 21, 2010 8:13 PM | Report abuse

Speaking of Presidential liars I think one would have to throw old George W. Bush in there too. His daddy also said read my lips no new taxes. I doubt if Obama lied about this but hey lets face it politician is just another way to spell lie. Doesn't matter if you are a Republican, Democrat or any of those others like Independent. This might be a shocker to you but they all lie. How often has the Senate lied to us during the Bush years? Time to grow up and face the facts.

Posted by: rymp | April 21, 2010 8:40 PM | Report abuse

If Goldman is demonized like Tiger it won't stop people from swinging their clubs and if lots of people are making money with you they will put up with a great deal of evil. Wheel of Fortune is sometimes unbearable. You always catch hell for doing what's worthwhile. Catching hell for cheating isn't profitable. If it's profitable you can stand it. Serve champagne after dinner. Such luxury, such elegance is a real treat so treat her right. I could go for some Damn Yankee Pot Roast. If you want to roast Goldman, well that's your deal not mine. Ah, that's another story. It always is so keep us Posted to prevent us from being roasted!

Posted by: tossnokia | April 22, 2010 9:05 AM | Report abuse

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Posted by: itkonlyyou23 | April 22, 2010 10:24 AM | Report abuse

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