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Argument: Goldman Sachs fraud case highlighted need for financial reform

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Mil Arcega. "Charges Against Goldman Sachs Boost Case for Financial Reform." VOA News. April 19th, 2010: "The Obama administration's efforts to reform the financial industry is getting an unexpected boost after the Securities and Exchange Commission (S.E.C.) accused one of the largest U.S. investment bankers of fraud."

"Editorial: Goldman makes case for financial reform." Dallas News Editorial. April 21, 2010: "Goldman Sachs is the latest example of an out-of-control financial system in need of stronger regulations. According to the Securities and Exchange Commission, the investment firm defrauded investors of billions of dollars in a scheme whose biggest winner appears to be the hedge fund operator who created the securities and profited handsomely from their demise. The SEC has its sights on several other firms for financial chicanery, a sign that Goldman isn't the only firm suspected of tilting the playing field.

One would think Senate Republicans would focus on reining in abuses, but, led by Minority Leader Mitch McConnell of Kentucky, they immediately charged that the bill would cause future taxpayer-funded bailouts.

The complaint taps neatly into the public's rightful outrage but isn't constructive or even accurate. The Senate bill would create a procedure to unravel rogue firms, and it would require financial firms, not taxpayers, to pay into a fund for that purpose. If that is not a significant move in the right direction, then what is?"

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