Thursday, April 22, 2010

The SEC Looks Foolish

More and more evidence is emerging that the SEC case against Goldman is completely full of holes, from start to finish. As much as the Obama Administration wishes to deny the link, it seems apparent that the SEC action is politically motivated. On a split decision, 3-2, with Democrats outvoting the two Republicans, the SEC took the unusual action to: 1) proceed with an action on a split vote; 2) not give the target, Goldman Sachs, the opportunity to respond. This is government by scare tactic, not government by legal principle.