Wednesday, April 21, 2010

GOP seeks SEC records on Goldman

The question is not whether Goldman is guilty of the SEC charges, but whether The SEC was influenced for political reasons to release their suit to coincide with the Democrat's financial regulatory bill now before Congress. Rumors and questions have circulated throughout the internet and other publications since the suit was filed. One of Michelle Malkin's readers pointed out that someone got rich with the timing of this release. Who got rich?

The timing of the Securities and Exchange Commission’s (the “Commission”) filing of a civil securities fraud action against Goldman Sachs & Co. (“Goldman”) has created serious questions about the Commission’s independence and impartiality. The Goldman litigation – filed by the Commission on Friday, April 16, 2010 – has been widely cited by Democrats in support of the financial regulatory legislation currently before the United States Senate. We are writing to request that you provide documents and information to this Committee regarding any sort of prearrangement, coordination, direction from, or advance notice provided by the Commission to the Administration or Congressional Democrats regarding last Friday’s filing against Goldman. The American people have a right to know whether the Commission, or any of its officers or employees, may have violated federal law by using the resources of an independent regulatory agency to promote a partisan political agenda.

The Commission’s canons of ethics require its members to “reject any effort by representatives of the executive or legislative branches of the government to affect their independent determination of any matter being considered by the Commission.” Moreover, the Commission is prohibited from using its resources to influence the passage of legislation.

Nevertheless, 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 the suit to coincide with the Senate’s consideration of financial regulatory legislation, or by providing Democrats with advance notice. In fact, the aggressive campaign by Democrats in support of the legislation neatly coincided with the Commission’s announcement of the suit.
Read Politico article with Issa's letter to SEC here.

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