ALG praises Congressman Issa for Investigation into Politically Motivated SEC Prosecution

April 22nd, 2010, Fairfax, VA—Americans for Limited Government President Bill Wilson praised Congressman Darrell Issa the ranking member of the House Committee on Oversight and Government Reform today for his rapid response to the apparent political motivations behind Security and Exchange Commission actions against Goldman Sachs.

Wilson noted that the people's trust in the federal government is at historic lows and called it, "good news for the American people that Congressman Issa is taking on this blatantly political prosecution." 

The Goldman Sachs prosecution was announced by the SEC as Senate Democrats kicked off a nationwide public relations effort to garner support for disgraced Senator Christopher Dodd's legislation which is known in some circles as the Financial Services takeover bill.

"Ironically, Senate Majority Leader Harry Reid was in New York City raising campaign cash from Goldman executives just days before the SEC announcement.  Goldman has been a regular stopping point for Democrats, on the campaign trail contributing four out of five dollars to Democrats including a substantial $994 thousand to Obama himself," said Wilson.

Wilson said the irony in the situation is that while Goldman has become the designated corporate whipping boy in the attempt to sell the Dodd bill to the American people, Goldman itself reports that they have already financially benefited from government interventions to date.

In a letter to shareholders in September 2009, the firm praised the government for benefiting the company: "Goldman Sachs is grateful for the indispensable role governments played and we recognize that our firm and our shareholders benefited from it."

Still, Bill Wilson of Americans for Limited Government worries that the precedent of allowing the Administration to abuse their extraordinary prosecutorial power to push a political agenda is a danger to the nation,  stating, "It is a classic maneuver of the left to demonize a group to gain public support for an action that would otherwise be unacceptable, but the Obama Administration takes this tactic to extremes that not even Richard Nixon dreamed of, and the American people are fortunate to have Darrell Issa working to keep them in check."