Friday, October 16

Why the SEC will never rein in Goldman Sachs

Seriously, do you still believe this is a government "of the people, by the people, blah blah blah"?

From Bloomberg: The U.S. Securities and Exchange Commission hired Adam Storch, a 29-year-old former employee in Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division’s first chief operating officer, according to people familiar with the decision. The COO, who started Oct. 13, has “a great deal of background” in technology and managing processes and the pace of work, Robert Khuzami, head of enforcement, said yesterday in Washington. Storch, who worked since 2004 in a unit at Goldman Sachs that reviewed contracts and transactions for signs of fraud, will be charged with making the unit more efficient. Storch, reached by telephone at the SEC, declined to comment.

That's right - the chief enforcer for the SEC is a wet-behind-the-ears Goldman Sachs puppy. He worked at G-S since 1984 which means "since they hired him out of college." Yeah, that is some serious experience there.

I continue to assert that Goldman Sachs owns the government and runs things for their own benefit. How else to explain the fact that this time last year, the big banks - led by G-S - were begging for a government bailout and this year G-S is set to pay their biggest bonuses ever?

Remember: government derives its just powers from the consent of the governed. As long as "We the People" continue to assent to this government, then the crime syndicate that runs the biggest banks and by proxy the government will continue stealing from us and say it is for our own good.

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