Goldman Sachs Fraud Charges

What happens if you or I fail to underwrite our underwriters? What if we buy flood insurance from a company that's overcommitted when the flood comes? Too bad for us. Not so bad for Goldman.

Despite the civil fraud charges brought by the Securities and Exchange Commission and the apparent damage to his bank's reputation, Goldman Sachs CEO ...

Fraud is a serious charge. Fraud charges hurt shareholders, destroy reputations, and end careers. The assessment of whether fraud occurred should not be so subjective that 2 out of the 5 SEC decision-makers disagree with it.

While the SEC suit is certainly big news in itself, more important is what it says about what the financial elite has been doing to America for the last 30 years: shorting the middle class. The American people were sold on the promise of never-ending prosperity while Wall Street was overseeing a massive transfer of wealth from the middle class to the richest Americans. READ MORE Guns vs Butter 2010 We hear endless talk in Washington about belt-tightening and deficit reduction, but hardly a word about whether the $161 billion being spent this year to fight unnecessary wars of choice in Afghanistan and Iraq might be better spent helping embattled Americans here at home. READ MORE WATCH: The Economist Interviews Arianna: Is America Becoming a Third World Country?

Hopefully, the SEC's pursuit of long-overdue fraud charges against Goldman Sachs is only the beginning of a process that will take the country back from these financial monopolists.

The Goldman Sachs SEC fraud charges are creating quite a stir across the financial sector. Per the AP, the government has accused Goldman Sachs of ...