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GOP Rep. Darrell Issa Initiates Investigation Into SEC's Goldman Suit
CBS News ^ | April 20, 2010 5:20 PM | Nancy Cordes

Posted on 04/20/2010 3:52:31 PM PDT by BP2

Congressman Darrell Issa, the ranking Republican on the House Oversight Committee, is initiating an investigation into the timing of the Security and Exchange Commission's fraud suit against Wall Street giant Goldman Sachs.

"The events of the past five days have fueled legitimate suspicion on the part of the American people that the Commission has attempted to assist the White House, the Democratic Party, and Congressional Democrats by timing this suit to coincide with the Senate's consideration of financial regulatory legislation," Issa says.

Issa's staff tells CBS News that they currently have no hard evidence that the SEC violated federal law by colluding with the White House. But they argue the timeline and the circumstances are fishy, and they point to two things in particular: the announcement of the fraud suit the week before Democrats planned to bring their financial reform bill to the Senate floor, and the amazing speed with which Organizing for America managed to purchase a Google ad directing people who typed "Goldman Sachs SEC" on Google to donate money at my.barackobama.com once the news broke on the New York Times website.

Issa's office is not going so far as to make an accusation of impropriety at this point. But they are requesting a raft of documents from the SEC - including "all known communications" between SEC employees and the Executive Office of the President, the Democratic National Committee, the DNC group Organizing for America, or the New York Times. They say if they don't get the documents they want from the SEC, there are "many avenues to pursue," including subpoenas.

This morning, CBS News caught up with SEC Chairman Mary Shapiro as she was departing a House Financial Services Committee hearing on Lehman Brothers' bankruptcy. We asked her if there was any political pressure put on the SEC to bring this suit against Goldman Sachs.

Her response, as she walked away: "Absolutely not."


TOPICS: Breaking News; Crime/Corruption; Government; Politics/Elections
KEYWORDS: bailout; contemptofcongress; corruption; goldman; maryshapiro; obama; phonylawsuit; subpoena
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The GOP is fighting back ... finally.

They must have the goods on Obama to be this forceful at this point.

If so, it'll be interesting to see if the Dems running for re-election will stand by their man ... or run for the hills.

1 posted on 04/20/2010 3:52:32 PM PDT by BP2
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To: BP2

I can’t wait until we take over congress, the congressional hearings will be great TV.


2 posted on 04/20/2010 3:54:50 PM PDT by Indy Pendance (Gone Galt)
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To: BP2

Goldman Sachs has hired former White House counsel, Greg Craig, to advise it on litigation regarding the SEC suit.


3 posted on 04/20/2010 3:55:47 PM PDT by Brugmansian
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To: BP2

They need to pound Obama on this just like the Dems did with Enron. This is bigger than Enron and the Democrats are counting on the Republicans going soft and taking a beating as they try to take the money and eat their wallstreet cake too. I’ve heard that by some estimates this bill will cost as much as 1/2 a trillion dollars to implement. Even Dem congressmen have said it would allow for unlimited bailouts. The RNC needs to run radio and TV ads. Hit Obama on his posturing. Play his blaming the Republicans and then play how much money he received from Wallstreet then post the white house phone number so people can tell the President to stop posturing and just get give the money back.

I just heard some cowardly Fox News commentators suggesting Republicans should just let this one go. Where do they not get the simple message that We the People have been sending them? We want them to stop this mad infantile third world style President. We don’t want them jumping on the bandwagon and pulling his arrogant flesh out of the fire.


4 posted on 04/20/2010 4:04:02 PM PDT by Maelstorm (Some want to enslave your body others your soul.)
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To: BP2
We asked her if there was any political pressure put on the SEC to bring this suit against Goldman Sachs.

Her response, as she walked away: "Absolutely not."

That is because they did not need any political pressure.

5 posted on 04/20/2010 4:10:47 PM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: BP2
A noble gesture, but nothing will come of it...


6 posted on 04/20/2010 4:12:44 PM PDT by COBOL2Java (Big government more or less guarantees rule by creeps and misfits.)
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To: BP2

There is definitely a lot of smoke so maybe a hot fire is burning. Obama getting a million dollars from Sachs is enough in its own right to say we have a problem here.


7 posted on 04/20/2010 4:30:47 PM PDT by Parley Baer
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To: Indy Pendance

I agree the hearings will be great. But -what can He do now?


8 posted on 04/20/2010 4:32:17 PM PDT by reefdiver ("Let His day's be few And another takes His office")
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To: BP2
[. . .the amazing speed with which Organizing for America managed to purchase a Google ad directing people who typed “Goldman Sachs SEC” on Google to donate money at my.barackobama.com once the news broke on the New York Times website.]

The communications director of the DNC indicated yesterday that these ads had been in place at least two weeks.

[Brad Woodhouse, the DNC communications director, told POLITICO: “We have all kinds of online advertising up to allow folks who are searching and reading online to get involved with Organizing for American and the president and make a difference on his agenda. We've been running online ads since early last year. We watch closely what terms folks are searching and set up our ads accordingly.” . . .Woodhouse said the ad is part of an online campaign that began about two weeks ago , and has included such Google search terms as “Goldman,” “Wall Street” and “Bank of America.”]

http://www.politico.com/news/stories/0410/35947.htm

9 posted on 04/20/2010 4:32:56 PM PDT by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: BP2

Now THAT is good news! (Has Obama returned all those campaign donations from Goldman Sachs yet?)


10 posted on 04/20/2010 4:33:49 PM PDT by cake_crumb (President Reagan on ObieCare: http://www.youtube.com/watch?v=fRdLpem-AAs&feature=player_embedded#)
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To: Maelstorm

“They need to pound Obama on this just like the Dems did with Enron.”
***

1000% correct.

This needs to be shouted from the mountaintops, as Mark Levin did on his show tonite!

Make this stick and then lower the boom.


11 posted on 04/20/2010 4:34:50 PM PDT by Canedawg (I'm not digging this tyranny thing.)
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To: BP2
Very seldom does an SEC lawsuit not get referred to Justice for criminal prosecution. Where, oh, where... is Holden? Seems the SEC is doing the dancing but nobody at Justice is too concerned. In Enron, the Justice Department took the lead. Smells fishy to me...
12 posted on 04/20/2010 4:39:50 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: BP2
Good.
Obama’s thuggery and attempted intimidation will continue until people fight back.
13 posted on 04/20/2010 4:43:20 PM PDT by HereInTheHeartland (Chairman Mao was a community organizer)
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To: BP2

American Revolution 2.0 has started.

14 posted on 04/20/2010 4:48:51 PM PDT by VRWC For Truth (Throw the bums out who vote yes on the bail out)
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To: Maelstorm; All

> They need to pound Obama on this just like the Dems did with Enron.

The American public occasionally gets “confused” about complex issues involving Wall Street.

This one is easy, especially with the current polling on Obama and the Dems.

C-O-R-R-U-P-T-I-O-N


15 posted on 04/20/2010 4:49:16 PM PDT by BP2 (I think, therefore I'm a conservative)
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To: BP2

This is GOOD! Glad to see the spine...............finally!


16 posted on 04/20/2010 4:57:38 PM PDT by ohioWfan (Proud Mom of a Bronze Star recipient!)
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To: April Lexington

That’s not true. The SEC brings civil actions all the time, without Justice involvement.


17 posted on 04/20/2010 5:00:49 PM PDT by Conscience of a Conservative
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To: reefdiver

Anything he damn well pleases.


18 posted on 04/20/2010 5:03:24 PM PDT by Indy Pendance (Gone Galt)
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To: BP2
I would suggest everyone take a step back from the edge here. GS are not in any way shape or form the heros of this story. It is like they became such a corrupt organization that even the other godfathers in the city could not live with them anymore.

Getting to the bottom of why the Obama administration is taking on Goldman and taking them on now is not a winning issue for Republicans.

19 posted on 04/20/2010 5:10:27 PM PDT by AndyJackson
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To: Canedawg

I was listening to Mark. He did as usual a great job.


20 posted on 04/20/2010 5:17:53 PM PDT by Maelstorm (Some want to enslave your body others your soul.)
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