US Action News

Put another way, “White Males Need Not Apply.”

The “too big to fail” concept is not the reason for the economic crisis. The problem is not Wall Street as a whole, but the hedge fund short sellers on Wall Street. They call themselves the “alternative investment community” and have organized themselves into a special interest group called the Managed Funds Association (MFA).

New criminal inquiry follows civil fraud charges filed by the government against Goldman two weeks ago and as Congress pushes toward enacting sweeping legislation.

Well, now we have an administration that considers the revolving door between itself and corporate America a rite of passage. This is absolute hypocrisy and arrogance that can best be described as the highest degree of public disgrace America has yet to witness by a president.

The list of people who have made the transition from the corporate boardroom – particularly from Goldman Sachs – to the federal administration on Mr. Obama’s watch is astoundingly long. (The revolving door recently swung the other way when Obama adviser Gregory Craig moved to Goldman Sachs, probably to make sure the pathway continued to move in both directions.)

The Obama administration and Congressional leaders are pushing a trojan-horse financial “reform” bill that would enrich the wealthy and powerful investment bank Goldman Sachs, which was recently cited for massive fraud by the Securities and Exchange Commission (SEC).

While the GOP is concerned about White House collusion with the SEC to promote a political agenda, no one is asking for details of all of the congressman’s investments in Goldman Sachs.

The New York Times is quoting a spokesman for George Soros as saying that the well-known hedge fund operator is guilty of no wrong-doing in connection with the financial upheaval currently affecting Greece and Europe as a whole.