Republicans are accusing the Obama administration and the SEC of having a political agenda behind going after the financial companies that wrecked the economy, and are trying to warn them off from going after any more Wall Street firms.
Of course they have a political agenda. Fairly enforcing laws and regulations is good politics. Bringing Wall Street to justice is good politics. In a democracy it is the JOB of politicians to do the bidding of the public, which is to enforce the laws and protect consumers from fraud. Wall Street and Republicans don’t like that one bit, and are doing what they can to stop the Obama administration from bringing Wall Street to justice.
See GOP seeks SEC records on Goldman, GOP probes whether Goldman charges were politically timed, Is the White House, SEC, and DNC Colluding to Destroy Goldman Sachs to Pass Financial Reform?, Hatch: Timing Of Goldman Lawsuit Is ‘Very Suspect’,
“This whole Goldman Sachs thing, isn’t that a little odd that all of a sudden, right at the height of this legislative period, we suddenly have the SEC filing suit against Goldman Sachs?” Hatch asked.
“I think the timing is very suspect,” he said
Bush ordered the SEC not to enforce regulations, not even against Bernie Madoff. It has taken time but the SEC has been rebuilt sufficiently to begin regulating again. Soon the Justice Department – ordered by Bush not to enforce any white collar laws at all — will be back up to snuff and will be prosecuting as well.
The public wants these laws enforced, Wall Street doesn’t and is paying the Republicans to front for them.