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Apr-20-2010 13:17TweetFollow @OregonNews
Goldman Sachs: Scapegoat for SEC and U.S. Government ShortcomingsStephen Atma Salem-News.com
Why now? What is the motive to charge Goldman Sachs with fraud?
(PORTLAND, Ore.) - Goldman Sachs is one of the oldest and most successful banks on Wall Street, so why two years after the collapse of the financial industry are they now being sought for fraud? This seems a bit curious that the SEC and U.S. government oversight would wait so long to divulge such a strong impact on investors, not to mention the gearing of another round of financial industry breakdown.
The bottom line, many banks made risky decisions during the peak of greed throughout the financial industry, some were winners and some were losers. Goldman Sachs was one of those banks, and have already endured their minute of defamation when they asked for TARP funds, but all has cleared and money has been paid back to the U.S. Government, so why keep probing? It is almost as if the SEC and the U.S. Government do not have anything else better to do, maybe like recovering the $60 billion fraud by Bernard Madoff, which had a greater span of impact on investors.
The position at Goldman Sachs is that investors have always enjoyed great returns and in 140 years of business, for the most part have conducted themselves with the utmost integrity; otherwise they would not be one of the largest and most successful financial firms in the world. Not to mention, Warren Buffett supports Goldman Sachs to the tune of five Billion dollars.
It seems logical to point the finger when the U.S. government and SEC are being called out for their shortcomings. The U.S. Government is so displaced and creating such an enormous hole for American Taxpayers that our children’s generations will still be paying for the last five years. The SEC on the other hand is drilling into areas to cover up their inability to adequately protect investors. This is not about adequate regulations; it is about the ball-dropping of regulators to enforce the directives.
Why now? What is the motive to charge Goldman Sachs with fraud? Many questions, but only plausible-deniability by the U.S. Government; “Press Secretary Robert Gibbs said the White House "absolutely" did not have advance notice that the Securities and Exchange Commission would announce its case on Friday”. (see: White House Denies Meddling in Goldman Sachs Fraud Case - FOX News)
Consider this statement from Press Secretary Robert Gibbs and make your own conclusions as to the viability of the position of the White House, as the President of the United States appoints five commissioners to the SEC. (see: SEC Commissioners sec.gov)
Bringing this situation into context, the SEC and U.S. government need to stop needling the big banks and work on solutions to prevent this from occurring again. The damage is done, move on, be accountable for lack of oversight, and focus on building a more effective administration toward regulating the financial industry. This is not about strong-arming the banking sector; it is not about SEC and U.S. government dictatorship in regulations. Considering that several of these banks have been in existence since long before the SEC, as a matter of fact, Goldman Sachs was around for 65 years prior to the creation of the SEC. The fix lies in collaboration between the financial sector, regulators and the U.S. Government.
Stephen Atma is one of those writers who mixes good business sense and technical savvy with his creative side. The result is a level approach to world problems, and Stephen takes a hands on approach. Along with his wife, our African Affairs Correspondent Alysha Atma, Stephen is the kind of person who raises thousands of dollars worth of donations for disaster survivors, and then takes the material there himself to ensure that it goes where it is supposed to go.
Stephen holds an MBA from Marylhurst University where the emphasis brings business concepts in line with cultural awareness. He says through this combination, there is a greater understanding of the importance of cross cultural involvement in business. There are many areas of the global business world that are intriguing, and Stephen sees an expansive world of business opportunities continuing to emerge. You can write to Stephen Atma at: firstname.lastname@example.org
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