Dodd: Goldman suit makes case for bank reform

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Dodd: Goldman suit makes case for bank reform
from MarketWatch.com - MarketPulse WASHINGTON (MarketWatch) - A key lawmaker said Monday that Democratic bank reform legislation under consideration on Capitol Hill would have prevented the kind of activities involved in the Securities and Exchange Commission's charges of fraud against Goldman Sachs Group Inc. "Our bill would have prevented those kinds of events from happening," said Senate Banking Committee Chairman Christopher Dodd, D-Conn. "By not enacting our legislation, by filibustering it, stopping it, we leave the American public vulnerable once again to the kind of shenanigans that have occurred in our large financial institutions across this country." The SEC on Friday charged Goldman and one of its vice presidents with defrauding investors by misstating and omitting key facts about a financial product related to subprime mortgages. Goldman announced that it plans to fight the civil charges.

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