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Wednesday, April 21

CNBC’s Steve Liesman and Jeff Cox explore the SEC’s case against Goldman

CNBC: Testimony Could Undercut SEC Charge Against Goldman

The testimony of a former Paulson & Co official could undercut the Securities and Exchange Commission’s fraud case against Goldman Sachs, CNBC has learned.

Former SEC Chairman Harvey Pitt says the SEC can’t afford to lose this one.

The Daily Beast: The SEC’s Dangerous Gamble

The SEC’s recent action against Goldman Sachs gives new meaning to the expression “betting the farm.” That phrase signifies actions accompanied by huge risk, especially financial. In litigation, the expression references risks for one party to civil litigation, most frequently the defendant. It suggests a party risks losing everything if it gambles and follows a path to its logical conclusion. The expression rarely references plaintiffs, and certainly not government-plaintiffs litigating against regulated entities.

Zachary Goldfarb is all over this like a cheap suit

WaPo: SEC’s Schapiro rejects claims that Democrats’ agenda spurred Goldman case

Saying she was “disappointed by the rhetoric,” the chairman of the Securities and Exchange Commission on Wednesday forcefully rejected Republican lawmakers’ claims that the agency filed its fraud suit against Goldman Sachs in an effort to support the work of the White House and congressional Democrats seeking to pass an overhaul of financial regulation.

The $994, 795 bank shot

CNBC’s John Harwood: Obama ‘Categorically’ Denies Influence in SEC’s Goldman Case

“We are not Johnny-come-latelies to this issue,” said Obama. He said he has been pushing for financial reform for the past three years.


Google says its hands are clean

CNN: Google backs up DNC after GOP claims of Goldman conspiracy

Rep. Darrell Issa, R-California, the ranking member of House Oversight and Government Reform Committee, sent a letter to the chairman of the SEC on Tuesday pointing out the timing of the ad buy, which he said “neatly coincided” with the Goldman charges.

Google is now saying that’s not the case.

The SEC charges hit Goldman before 11 a.m. ET on Friday morning.

The DNC said the Adwords were bid on at 2 p.m. on Friday. Google confirmed the DNC’s timing of the purchase to CNN on Wednesday.

Not surprisingly, the DNC trumpeted the news.

Tom Bevan has seen enough.

Real Clear Politics: Pundits Agree: Timing of SEC Suit is Political

It’s especially rare these days to see pundits from across the political spectrum agree on much of anything. One thing they do agree on, however, is that timing of the SEC’s lawsuit against Goldman Sachs is utterly and transparently political -and most also agree that the suit appears to be very weak on the merits. Here’s a small sampling from across the pundit spectrum:

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