Nothing New Here

It's a shame that the SEC has chosen this action against Goldman Sachs as proof that they have reawakened from their multi year slumber. The current SEC Chair is trying to reinvigorate an agency badly damaged by neglect under previous administrations. Her efforts should be applauded.

However, Wall Street has always been rife with conflicts of interest, and the bigger clients come first in every instance. The clients demand this treatment, and if they don't get it, they take their business elsewhere. Remember when Claude Raines says to Humphrey Bogart, as the Nazis are walking into the Cafe Americain? "Monsieur Rick, I am shocked...shocked to find out that there is gambling going on in this establishment!" Nothing new here.

Trying to prove that this case rises to the level of fraud is tilting at windmills. Not to mention, that a retired fighter coming out for her first fight shouldn't take on the world champion! The champ has a lot of strong corner men too, like Robert Rubin, Gerry Corrigan, Bill Dudley.

It's also disappointing that the issue is splitting along party lines. There are myriad significant problems that need to be addressed, and although this case is not the poster child, it is laughable that the parties can't agree on some level of reform of Wall Street.