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Financial Reform Vote Fails As Senator Levin Channels Sarah Palin

Senator Carl Levin (D- Michigan) will hold his Goldman Sachs inquisition tomorrow after a weekend of prepping the political battlefield with the release of thousands of GS emails meant to embarrass the investment firm. It is an understatement to say that Congress is frothing at the opportunity to punish a big bank now that financial regulation reform is being considered on the floor of the Senate. Tomorrow's hearings will likely become even more heated now that the first test vote on reform failed today when Nebraska Senator Ben Nelson (D) voted with a united Republican opposition to the bill. Nelson says he voted against the rule tonight because he hasn't read the bill. Imagine that.

I find it ironic that Senator Levin has invested so much energy in attacking Goldman, a firm that has invested in the Democratic Party at a rate three times greater than contributions made to Republicans. So consumed is Senator Levin with the Goldman whale he desires to harpoon that he started channeling Sarah Palin when discussing tomorrow's hearing:

The prepared testimony, though, flies in the face of the conclusions reached by Levin's subcommittee. "Were they big time short in 2007? You betcha," (Levin) said. "Despite what they're trying to say."

I betcha Senator Levin can see "Ranking Minority Member" on his committee seat from his front porch. That this is little more than a political witch hunt is made apparent by the fact that Goldman Sachs has not yet cost the tax payer a dime, which cannot be said of the two companies domiciled in Senator Levin's state of Michigan that have soaked the tax payer for close to $80 billion dollars in a political fraud that makes anything Goldman has done look like small potatoes. Was Senator Levin yelling fraud last week when General Motors used Treasury funds to allegedly prepay an $8 billion dollar loan in a transaction that reeked of fraudulent disclosure but was championed by President Obama and GM Chairman Whitacre as a triumph? Tomorrow's Senate Permanent Subcommittee on Investigations hearing will be another episode of the Kabuki theatre Democrats are hoping will distract voters. That's not likely though because the skulls full of mush the Democrats really need in 2010 are not paying attention.


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Comments (7)

Boy, slap "Reform" on a cra... (Below threshold)

Boy, slap "Reform" on a crap sandwich and it tastes, well, mmm..mmm...mmm good!

And if you can slap "Comprehensive" on there as well...Yikes!...you've got a GOURMET Crap Sandwich!!

Not read the bill??? That's... (Below threshold)

Not read the bill??? That's just a cover for Senator Nelson. I guarantee you once Harry Reid tells Ben that there is an item in the financial reform bill that says no taxpayer money will be used to fund abortions for Goldman Sachs employees he'll cave.

I find it ironic t... (Below threshold)
Lee Ward:
I find it ironic that Senator Levin has invested so much energy in attacking Goldman, a firm that has invested in the Democratic Party at a rate three times greater than contributions made to Republicans.

And too bad you're not smart enough to recognize that this means the Democrats weren't "bought" by Goldman...

... and not smart enough to recognize that the Republicans were bought by Goldman -- for one third the amount.

Proving once again that Republicans are not only easy - they're cheap!

And come to think of it. When I think of cheap I think of Palin - the trailer trash who quit her job as Governor so she could cash in on her 15 minutes of fame.

She took an oath to serve the people of Alaska - she just found a better offer so screw Alaska!

But I digress. What this proves is that the GOP can be bought for lots less, and the Democrats can't be bought - despite the large donations to the Dems Goldman is still getting the screws put to them by the Democrats, while the Republicans rush to their defense.

It wasn't reported on this blog that several GOP members of the SEC board tried desperately to stop the SEC from filing charges against Goldman.

The GOP was bought and paid for by Goldman, and for pennies on the dollar.

Thanks for pointing this out, Hugh.

"And too bad you're not sma... (Below threshold)

"And too bad you're not smart enough to recognize that this means the Democrats weren't "bought" by Goldman..."

Yes, Lee, those Democrats are such a noble bunch. I guess you have a hard time understanding that their hand in your pocket is placed there to steal your money and is not an attempt at an affectionate squeeze.

Plus why don't you give up once and for all on this macabre obsession you have with Palin. I remember on Wizbang Blue you going off about big oil and the manner in which they tended to hold on to leases and not drill. Then lo and behold an Alaskan governor who did work to place limitations on such dormant oil leases in that State was nominated for Vice President. You could not even bring yourself to acknowledge Palin for even that much. You become bizarre with anything remotely dealing with Palin and if you recognized that you would refrain from commenting on any topic related to her. You are a freaking doctoral thesis in psychiatry when it comes to this aggressive obsession you have with her.

An honest politician is one... (Below threshold)

An honest politician is one that, once bought, stays bought.

Lee, all you've shown is that the Democrats aren't honest politicians.

Goldman won't get a slap on... (Below threshold)
Jim Addison:

Goldman won't get a slap on the wrist when it is over - it was questionable ethically to allow one of the major players in the derivative deal to design the instrument, but not against any specific rule, either, and neither was their other conduct in this regard. They might end up paying a fine to make it all go away (even that's doubtful given the SEC's own scandals), but not more than a rounding error to their bottom line.

So, as usual, all of Lee's screed is based upon false premises.

The timing of the complaint is designed to maximize the PR benefit to the Democrats as they attempt another big power grab over the financial industry (and through it, over the private economy at large). That is all.

Obama knows most of his potential voters are too stupid to understand what is going on, and those few who aren't - like Mr. Ward - are dedicated leftist cadre who lie with a practiced ease.

I still think this investig... (Below threshold)

I still think this investigation is a dog and pony show.

The dems want to come across as the party of the average working person. GS is on record as supporting increased regulation as it would likely stifle their smaller competitors.

Jim Addison is exactly right about the PR gain for the dems.

And Lee, while contorting himself into impossible positions trying to defend the dems, will be searching far and wide for the opportunity to use the race card.






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