Democrat Dirty Laundry: The Party of Banks, Bailouts, and Bulging Campaign War Chests
SEC Charges Major Dem Donor with Fraud, Just Happens to Be the Same Wall Street Entity Endorsing Financial Bailout Bill
Democrats are Concocting a Permanent Bailout for Big Wall Street Banks
“This evolving legislation still allows regulators to deploy unlimited sums to rescue financial giants, and with too much discretion.” (Editorial, “Too Big Not to Get Right,” The Wall Street Journal, 4/16/10)
Goldman Sachs Supports the Democrats’ Permanent Bailout of Wall Street
“In his self-styled war against Wall Street, President Obama appears to have a powerful ally: Goldman Sachs.
“The nation’s largest investment bank, famously cozy with top government officials in both parties, has tipped its hand to its shareholders, indicating that major financial ‘reform’ proposals will help Goldman’s bottom line.” (Timothy P. Carney, “Goldman Rallies for Obama in Wall Street ‘Reform,'” The Washington Examiner, 4/16/10)
The Securities and Exchange Commission Today Charged Goldman Sachs with Fraud
“The Securities and Exchange Commission filed charges Friday against Goldman Sachs, one of the most successful but vilified banks on Wall Street, for misleading and defrauding investors in selling a financial product based on subprime mortgages.
“In filing the civil suit against Goldman Sachs, the agency is targeting one of the banks that largely escaped the wreckage of the financial crisis and, with the help of various forms of government aid, emerged stronger.
“The SEC’s suit strikes at a practice that was one of the main causes of the financial crisis: the creation of poisonous investments derived from home loans made to borrowers who couldn’t afford the houses they were buying.
“The suit also drags into a legal maelstrom Paulson & Co., the firm of legendary hedge fund manager John Paulson, who made billions of dollars by betting against the housing market in the years before it went bust. He and his firm have not been accused of wrongdoing.” (Zachary A. Goldfarb, “SEC Accuses Goldman Sachs of Civil Fraud,” The Washington Post, 4/16/10)
The Democrats’ Majority Was Built on Goldman Sachs’ Wall Street Cash
According to the non-partisan Center for Responsive Politics, Democrats have taken $7,125,624 in campaign cash from Goldman Sachs since the 2006 election cycle. (“Goldman Sachs: Summary,” OpenSecrets.org, accessed 4/16/10)