Invest Intelligence When It Realy Matters
Propaganda from the Associated Press on the SEC-Goldman Case
I want you to read an article by the Associated Press. As you will see, it was very deficient, hardly critical of the SEC and the banking fraud, and left out key issues.
This is just another example how the media brainwashes the public. I run across this type of deceit all day every day. The article is in italics. My comments follow in bold.
The Securities and Exchange Commission's fraud case against Goldman Sachs signals a new era of toughness for an agency beset by a series of public blunders.
This statement is complete bullshit. Show me the executives of the major banks in prison serving 30-year terms with no parole, and then I'll be convinced of "a new era of toughness" for the SEC.
Yet as it aims to become a tougher cop, the SEC faces a new obstacle: Banks have grown faster than the penalties the agency typically imposes. The sheer size of Goldman — whose quarterly profit just hit $3.3 billion — means court-approved penalties are likely to be too small to hurt it financially.
This is practically the only accurate statement made in the entire article.