Simon Johnson: Ted Kaufman Is Our Ferdinand Pecora

BusinessWeek:

April 23 (Bloomberg) -- Much of the discussion around the Securities and Exchange Commission case against Goldman Sachs Group Inc. has focused on the legal issues. To the extent there has been analysis of the political dimensions, the focus has been mostly on how this may affect the fate of Senator Christopher Dodd's financial overhaul bill.

These issues are interesting, but we shouldn't lose track of the broader economic and political context for this case.

Read the whole story: BusinessWeek

Comments

[Bloggerrogr]

06:40 PM on 04/24/2010

Torches: 2 for $5
Pitchforks: 3 for $10
Guillotines: $25 each

F.O.B. Palm Springs, CA

Order now while supplies last...

FWIW

[Carolab]

11:26 PM on 04/23/2010

No he's not. Robert Khuzami is.

He's the prosecutor on the SEC's case against Goldman.

Pecora was a prosecutor. His investigations brought reform.

Kaufman is a senator trying to capitalize on populist sentiment against the banks.

[lastwords]

07:57 PM on 04/23/2010

not yet.

[Trapster]

03:46 PM on 04/23/2010

Kaufman--------this is our man in AMERICA!!!!! Here is our good American!!! Keep going; I'm writing my Reps tonight!!

[bswell]

02:41 PM on 04/23/2010

Bless you Ted Kaufman. Please run for the seat next time. Amazing how such a small state, Delaware, produces so many decent politicians (frequently an oxymoron).

[WoolStreet]

02:30 PM on 04/23/2010

Did these Credit Raters BET AGAINST the CDO's they rated AAA after they helped Goldman structure those very same bonds?

An internet college diploma mill has more credibility than Moody's.

[rinpochet]

01:55 PM on 04/23/2010

Kaufman is a true hero of the American people. Now if those other reps who are shilling for the finance industry would support him, maybe we can get something done. Not holding my breath on that happening.

[HowdyDoody]

01:03 PM on 04/23/2010

Can't Delaware re-elect him? I know he pledged not to run, but he's the best person in the Senate!!

[ErnestineBass]

12:54 PM on 04/23/2010

The United States Senate - World's Greatest Deliberative Body or World's Best Investment Club?

http://www.washingtonspectator.org/articles/20060101senate_1.cfm

[Carolab]

11:26 PM on 04/23/2010

There you go.

[spinns17]

12:45 PM on 04/23/2010

ITS TIME TO SWEEP THE STREET CLEAN.WALL STREET CROOKS MUST PAY NOW .

[ThomastonPaine]

10:00 AM on 04/23/2010

Senators Kaufman and Brown,

Thank you for focusing on the logical point that seems to be lost on so many. The “Mega Banks” (were and continue to be) “Too Big to Fail” and have actually grown even larger during this ongoing crisis. Logically they now present an even greater systemic risk. Government intervention and aid was necessary in September of 2008…and continues because the sheer size and level of interconnectivity of these few “Wall Street” institutions grants them extortive power.

Congressional failure to break up the “Wall Street Mega Banks” simply cannot be logically or politically justified…Allowing them to exist in their present size and function continues to represent a terrible and unnecessary risk to our economic and political system.

Members of Congress from both parties please restore the firewall of Glass Steagall and follow Senators Kaufman and Brown’s responsible plan to effectively end “Too Big to Fail.”

*Senator Shelby "especially" please work to restore Glass Steagall as you were one of the few from either party who responsibly warned of the dangers of this course of action and did not vote to repeal it:

Gramm-Leach-Bliley Act Senate Vote:
http://www.govtrack.us/congress/vote.xpd?vote=s1999-354

Gramm-Leach-Bliley Act House Vote:
http://www.govtrack.us/congress/vote.xpd?vote=h1999-570

[davecarlson]

07:57 AM on 04/23/2010

The BAD HR LAW was not as advertised, represented, or promised. It was touted as reform but is RETAX, the biggest tax on the middle class in US History. The proposed Wall Street Reform will not do as advertised, represented, or promised. The speech was all "sizzle" and no "steak". What a joke.....

It is more big government creating more agencies to do what? Watch Porn? It is more CorruptoRats and DemoRats promising reform but it will be more RETAX. What about the economy you DemoRats? O what an agenda, the econmony you're "gonna upenda"! The arrogance to forget the people that put U there, it's obvious U have no care.

[twitsted1]

10:53 AM on 04/23/2010

As opposed to the Bush administration that didn't pay for the war and lots more but put it on their and your grandchildren's credit cards. Or have we forgotten Cheney's "Deficit? Who cares about a deficit? Reagan proved deficits don't matter." speech.

[PhilipTaylor]

04:45 AM on 04/23/2010

MORE BAD NEWS FOR G0LDMAN: ANOTHER CASE!

US government is investigating G0LDMAN director Rajat Gupta for informing Galleon hedge fund about $5 billion investment by Warren Buffett in 2008.

A government filing about the deal includes Rajaratnam’ insider trading with Gupta telling authorities about the tip-off to Rajaratnam. Gupta has not been charged but is resigning from G0LDMAN.

http://www.marketwatch.com/story/us-suspects-goldman-tip-off-on-buffett-deal-wsj-2010-04-23-032240

[Chubbster]

10:17 AM on 04/23/2010

>Gupta has not been charged...

NO ONE has been charged with anything. Not one crook, not one fraudster. That says it all. We have to be honest about our leaders and not withdraw our critical intelligence, simply rejoicing as so many do, cheerleading that the man at the top is not George Bush. He's someone else doing his own thing.

Why has no one been charged with a crime? Not one single greedy person. I suppose the whole melt down was an Act of God.

I hope everyone is enjoying the current cheery propaganda of our new financial well-being.

[Carolab]

03:00 AM on 04/24/2010

Price Waterhouse Coopers was charged in India over Satyam Software.

SC declines bail to PwC auditor in Satyam scam
19 Apr 2010

http://economictimes.indiatimes.com/news/news-by-industry/services/consultancy-/-audit/SC-declines-bail-to-PwC-auditor-in-Satyam-scam/articleshow/5832426.cms

[Carolab]

11:27 PM on 04/23/2010

I mentioned Rajaratnam and Gupta last month, remember?

[timenavagator]

03:48 AM on 04/23/2010

The input of both Simon Johnson and Ted Kaufman, on financial markets reform has been insightful and appreciated.