Goldman case may impact regulatory reform bill

The Hill:

...

House Minority Leader John Boehner (R-Ohio) released a statement after the Securities and Exchange Commission filed charges against the Wall Street titan, calling the firm a "key supporter" of the president's bid to reform the nation's financial regulatory system.

"These are very serious charges against a key supporter of President Obama’s bill to create a permanent Wall Street bailout fund," Boehner said Friday in the statement. "Despite President Obama’s rhetoric, his permanent bailout bill gives Goldman Sachs and other big Wall Street banks a permanent, taxpayer-funded safety net by designating them ‘too big to fail.’ Just whose side is President Obama on?"

The Republican leader's words are the clearest sign that the charges against Goldman will play a part in the increasingly tense debate in Washington over regulatory reform, where each side has sought to link the other to large, corporate interests.

...
The hedge fund manager involved in the Goldman case is a major Democrat donor. Paulson has donated to among others both Harry Reid and Chris Dodd as well as Carl Levin and Max Baucus. He has also donated to Republicans including John McCain.

I am sure that Goldman has a defense to the SEC case, but whether they cam persaude a court may be a real challenge.

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