Is Goldman fraud case political?
Last week's SEC fraud case against Goldman Sachs was a split decision, with agency Democrats voting to charge, while minority Republicans didn't want to
Of the Securities and Exchange Commission's 5 members, the 3 Democrats voted to file a fraud case against Goldman Sachs, while the 2 Republicans voted no, reports Bloomberg here.
(Reader Paul Tioxin notes that the majority includes Chairman Mary Schapiro, who's a registered independent, but a Democratic appointee.)
The government's Goldman campaign drove stocks down last week. But it seems news the case may have been a partisan campaign by an administration that wants to bust big banks, rather than a monolithic government campaign, has now calmed and encouraged investors.
(What fraud? says Goldman. We lost $90 million on that deal, anyway).