Sunday, April 18, 2010

The Political Backlash Begins

As if on cue, there are numerous reports about politicians honing in on the Goldman case. Bloomberg's story "Goldman Suit Harnessed by Obama Political Aides for Internet Ad Campaign" indicates that Obama's official political arm, Organizing for America has paid for top advertising in Google searches for "Goldman Sachs SEC".

From the Bloomberg story:

The ad link takes browsers to a page on that features a picture of the president and the following quote: “We’ve seen and lived the consequences of what happens when there’s too little accountability on Wall Street and too little protection for Main Street. It is time for real change."

Furthermore, both London and Berlin are following suit. Given the unpopularity of a Greece bailout, Germany has appeared to attempt to stall action until state elections on May 9. Similarly, the UK is facing the prospect of a hung parliament on May 6. London was quick to attack (story here), as was Berlin (story here).

Let me be clear that I think reasonable and appropriate actions should be taken (including the restructuring of current regulations). I just want to highlight the timing and nature of the political responses.

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