SEC Inspector General to Investigate Timing of Goldman Sachs Case

April 23, 2010 RSS Feed Print
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By Peter Roff, Thomas Jefferson Street blog

David Kotz, the inspector general of the U.S. Securities and Exchange Commission said late Friday that he would conduct an investigation into the timing of the SEC’s decision to move forward with a civil suit against Wall Street powerhouse Goldman Sachs.

Kotz acknowledged the investigation was the result of request made by California GOP Congressman Darrell Issa, the top Republican on the House Oversight and Government Reform Committee.

In his letter Issa charged that “The circumstances of the filing and subsequent events fueled suspicion that the Commission, or one or more of its officials or employees, may have engaged in unauthorized disclosure or discussion of Commission proceedings in order to affect the debate over financial regulatory legislation currently pending before the United States Senate.  Disclosure rules and procedures at the SEC are important to efforts to prevent insider trading and any violation would be deeply troubling.”

Indeed the suggestions that the timing of the suit was something other than coincidental have produced angry denunciations from many quarters, including from President Barack Obama himself who has categorically denied that any collusion between the SEC and the White House had taken place.

Kotz, who as inspector general is independent of and insulated from the political aspects of the agency’s functions, apparently is not convinced. “We need to understand what led to the decision to announce or bring the case on that day.  See if there was any undue influence involved and so we’ll look very carefully to investigate that and see what we determine,” he said during an appearance on the Fox News Channel.

Tags:
Wall Street,
SEC,
Goldman Sachs

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The timing is the same as health care and everything else the Republicans did not do while in office, The DC republicans are on the side of big business, Are you a DC republican or an American republican?, That is the question, Do you believe in America or the DC republicans?.

Big Brother=Big Business or do you still believe that the Government runs America?.

A big Government will see what big business is doing so the Government must remain small so they have not the control that would threaten big corporations.

We for two long have listened to the man with the money and the man with the money has no loyalties except to making more money. He cannot be bothered with expensive quality or safety because that would cut into his profit. The man with the money is not interested in the future unless he can make a profit on it.education and healthcare would threaten his ability to manipulate us. so only a few should be able to afford them so his chances of staying on top is greater.

Don D. Brock

Don D. Brock of AZ 11:57PM April 27, 2010

so what good if Obama want to put to those guy from Goldman Sach out which is most of time they fun for republican campain more but not the other company that pay him and democrat the money for his campain that also collapse this is just a divert attention to release the pressusre and attention toward another group of people in the same business which is your rival in the wall street seen Obama is their main investmen so Fredi May and Fani Mac. I bet Obama love to swing thing as same goes for Fredi May Fani Mac to eliminate their rival main source of income for campain that is for Obama and the democrat, and just to eliminate your rival in business for the Fredi May and Fany Mac people, nice chess peaces set up but will the damage control game will be fall appart as tax payer want more head to roll during the fail of the bail out on wall street, as u see Obama don't love to chopped some heads from Goldman Sach but he wouldn't touch the head of the people in Fredi May & Fany Mac, this is why american people could do the right thing or not, take down one giant evil coporate and leave another evil one standing there, is like u dug up a few wild grass in your back yard in one place but let the other wild grass in your back yard grow, it will still look ugly in the back yard anyway and they will grow and spread fast probaly kill up all your lawn if u don't take them out as well

Obama wacking off one of the company that didn't donate for his campain is not enought, why don't he go take a wack at Fredi May & Fany Mac that also fail but because he not go in to take swing at them because they contribute him money, Obama such a corrupter polican, You can't clean up the wall street if u don't clean out the whole wall street buch of evil comapny in there of CA 2:33PM April 27, 2010

For years many employee whistleblowers on Wall St and in the SEC sector had complained and brought forward evidence of collusion and inappropriateness between large financial organizations like Goldman Sachs, AIG, Morgan Stanley etc. And though there was insurmountable evidence and witnesses as to what was occuring between Wall St and Securities Exchange Commission during the Clinton administration, the problem was never corrected or written in the media or brought to the attention of the American people. While the citizens innocently assumed that Wall St and the SEC were watching over the interest of the consumer, beneath the smiles and contradictory financial rhetoric of those in power and responsible for our countries economy, a scheme to rob and rape the American citizens of their invested taxes and financial independance was being developed. The then Treasury Secretary Paulson who left his office with millions of dollars as compared to when he took office and who presented president George Bush with two or three sheets of paper outlining that if Wall St and the recommended financial corporations that he indicated in the sheets were not bailed out, that the United States would go into a depression. To this day Paulson because of conflicting information and politicians of both parties, feel that he had performed his duties according to the rules of his office, has not been brought up on charges of colluding with Goldman Sachs or any organizations that were bailed out with the stimulus program. And now we have Ben Bernanke to deal with! Another gloom and doom financial administrator that rather than making decisions as to what direction he feels that this incompetent Obama administration should take to get the country out of this financial problem, all he does is quote unpredictable and confusing statistics as to the direction of the american dollar. Where does he stand on the loans that are being paid off by some of these organizations? Why doues'nt he strongly object to what many politicians and Obama want to do with the payoffs? That the monies returned, are to be use for other PORK programs rather than being returned to the tax coffers to create jobs and to help families with refinancing of their homes. But then, what would anyone like Obama a Soc/Communist dreamer who truly has never experienced poverty, and has sworn to eliminate wealth and Capitalism to avenge the black race, for past discretions of other races be expected to do? And the way to be accepted by the black race and to achieve his agenda, is by disregarding the Human Rights and accomplishments of all races in the last 120 years, by equalizing the field to appease all minorities throughout America. Thus lowering American standards to European and third world countries with only two classes of citizens, THE POOR AND THE WEALTHY!!! Is this what you want in 2012?? VOTE OUT OBAMA AND THE DEM/COMMS.

BORN AMERICAN of CA 7:27PM April 25, 2010

Peter Roff

Peter Roff

Peter Roff is a contributing editor at U.S. News & World Report. Formerly a senior political writer for United Press International, he’s now affiliated with several public policy organizations including Let Freedom Ring, and Frontiers of Freedom. His writing has appeared in National Review, Fox News’ opinion section, The Daily Caller, Politico and elsewhere. Follow him on Twitter @PeterRoff.

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