Defending Goldman Sachs

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According to the Wall Street Journal, the recent SEC vote to sue Goldman Sachs broke down along partisan lines:

The Securities and Exchange Commission decided to sue Goldman Sachs Group Inc. over the objections of two Republican commissioners, suggesting an unusual split at the agency that could politicize one of its most prominent cases in years….People familiar with the vote said [Mary] Schapiro — a registered independent — joined two Democrats on the commission, Elisse Walter and Luis Aguilar, in supporting the fraud case against Goldman. The two Republican commissioners, Kathleen Casey and Troy Paredes, were opposed, they said. 

….In a letter to be sent Tuesday to the SEC, Rep. Darrell Issa (R., Calif.) plans to ask the agency why the Goldman case was brought as the financial-regulation bill was pending, according to Mr. Issa’s spokesman. “Democrats are desperate to cast Wall Street as the villain so they won’t be held accountable for the country’s economic condition,” Mr. Issa said. “It must be nice for the Democrats that the SEC’s filing against Goldman Sachs so conveniently fits into their political agenda.”

Hmmm. Darrell Issa seems to think that describing Democrats as the party that wants to “cast Wall Street as the villain” will somehow be bad for Democratic fortunes. And that defending Goldman Sachs will be good for the Republican Party.

I suppose anything is possible. But I’m willing to take my chances on casting Wall Street as a villain — and the only sure way to find out who’s right is to run a test. So with that in mind, I encourage the rest of the GOP caucus to join Issa’s crusade to defend Goldman Sachs against the depredations of Democratic SEC commissioners. In a few months we’ll see how that plays out for them.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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