The Securities and Exchange Commission filed fraud charges Friday against Goldman Sachs, one of the most successful but vilified banks on Wall Street, for allegedly selling investors a financial product based on subprime mortgages that was secretly designed to lose value.
In filing the civil suit against Goldman Sachs, the agency is targeting one of the banks that largely escaped the wreckage of the financial crisis, and with the help of taxpayer bailouts, emerged stronger.
The SEC's suit strikes at a practice that was one of the main causes of the financial crisis: the creation of poisonous investments derived from home loans made to borrowers who couldn't afford the houses they were buying.
It's amazing that in this country today we, average citizens, see this and are not surprised.
It shows that there is a need to bring reform to the financial sector, but that will require Republican support in not allowing a filibuster on the issue.
So the question is "will the Republicans actually go along with these first steps to reform a crooked industry, or will they work to block it simply because there is a Black Democrat in the White House?"