Henry Blodget (yes, that Henry of the you’re-so-fired-for-a-tech-bubble-scam) is now a cited blogger on business matters. He speculates that the SEC surprise, unannounced suit against Goldman was timed and framed to obscure a scathing internal SEC review of its failure to act or investigate documented ponzi schemes going back to 1997. Speculative. But such craven, self-serving actions are a commonplace in D.C.
Reuters doesn’t go that far but also declares the SEC is using Goldman. They note clumsy efforts to scramble after the meltdown and pursue firms have been swatted down by courts and judges. Some judicial dismissals of SEC’s after-the-act ham fisted enforcement are scathing.
Pundits intone that SEC’s Goldman suit will bolster significantly Dodd’s
the toothless and greatly watered down ‘financial reform’ bill. Republicans didn’t get the memo and have better focus group research. There’s always a tension in cynical D.C. between doing something or doing just enough to keep an issue alive for the next campaign. In our current meme environment, it’s even more stark. Actual achievement in any legislation is irrelevant to the perception in hyper-real twit-like consumptions. Thus, the astoundingly weak Dodd bill is already being amped up like a HiWatt stack as radical, massive ‘reform.’
Of all the people forced to chow down on that thin gruel, how bitter it must taste to the Left [sic], Progressives and Others Who Know Better. Again.