The SEC has taken its first action against Goldman Sachs for investor fraud. Will it help or hurt efforts at financial reform and regulation, or will they just be slapped with a fine and allowed to continue business as usual? Tony sees a bit of conspiracy in the timing of this announcement, just as the financial reform bill comes up in Congress, and he’s bemused that Goldman said they’d support the bill. Bob says Goldman has benefitted from its government relations across multiple administrations, Democratic and Republican. Has capitalism been besmirched by the banks. He presents his three-point plan for how to fix the financial mess. A short go-around about the Tea Party carries on into the rants.
Banner image: Chairman Carl Levin (D-MI) holds up documents while questioning former Washington Mutual Bank employees during a Senate Homeland Security and Governmental Affairs Committee hearing on Capitol Hill, on April 13, 2010 in Washington, DC. The committee is hearing testimony on the the financial crisis on Wall Street and the role of high risk loans. Photo: Mark Wilson/Getty Images