From the NY Times:

President Obama denied “categorically” on Wednesday any political involvement or advance knowledge of the federal case against Goldman Sachs, saying he learned about the civil fraud suit from television.

The accusations lodged against the Wall Street giant came right as the White House was pressing forward in its drive to pass new regulations on financial firms. The timing, and the party-line 3 to 2 vote by the Securities and Exchange Commission approving the lawsuit, have stoked suspicions of political manipulation.

Yet Obama’s political machine, Organizing for America (OFA), just before the S.E.C. announcement bought the Google keywords of SEC and Goldman Sachs.  In making this purchase whenever someone searches Google for either of these words a paid ad link for OFA appears on the top of the page.  It appears beyond coincidence that of all the words, companies and government agencies available for purchase they would make the purchase of these two words.  Okay, it’s a long shot that Obama didn’t know about the SEC investigation, but apparently someone in his political organization was aware of pending charges.

Financial expert, Terry Savage, from the Chicago Sun-Times on Monday wrote an interesting article on the SEC and Goldman Sachs, breaking down the charges, the entire article can be read here.

Near the end of the article Ms. Savage states:

In the meantime, they have given fuel to the fire that demands increasing regulation over Wall Street activities. Never mind that government regulators had the laws, and the power, yet still completely failed to uncover scams ranging from Madoff to the current Goldman conflict of interest.

So the laws are already in place to prevent the alleged misdeeds of Goldman Sachs, but like in the Madoff case, they failed in performing their due diligence and uncovering potential wrong doings.  Instead of investigating where the current law and system failed, Congress wants to jump on the bandwagon of convoluted populace thought that “those big, bad, mean companies need to be shot down.”

But the real loss is to the future of America, which needs the free enterprise system to provide growth and opportunity, as well as pay down our existing debts. Every over-regulated economy in history has failed — from the U.S.S.R. to Cuba — to provide for its citizens, despite the good intentions of government planners.

And for what it is worth..  NO Obama is NOT going to give back the almost one million dollars Goldman Sachs gave his campaign. 

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