Faber lashes out at Obama, gives clean chit to Goldman

April 22, 2010 - PRLog -- Goldman Sachs, a full-service global investment banking and securities firm, was charged with fraud in the structuring and marketing of a debt product tied to subprime mortgages by the US Securities and Exchange Commission (SEC).

In light of the same, US President Barack Obama had said SEC was an entirely independent agency and he had no control over it. “We released financial reforms as a package over a year ago and have been pushing this hard throughout. The SEC is an entirely independent agency that we have no day-to-day control over and they never discussed anything with respect to the charges that would be bought. So this notion that somehow there would be any attempt to interfere in the independent agency is completely false.”

However, defending Goldman, Investment Guru Marc Faber said that the investment banking and securities firm had a strict compliance department and the move against the company was to distract attention. “Goldman Sachs is a rather honest firm—they have a very strict compliance department compared to the others—they are like an angel. But they targeted Goldman because its stands as a symbol of Wall Street plus it’s also Israel. The approval rating of Obama has plunged because of the healthcare reforms and now they go after Goldman Sachs to distract the attention of the people and target the minority, Wall Street and Goldman,” he said.

http://vetea.com/politics/goldman-sachs.html

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