While Fighting To Block SEC Investigation Of Goldman Sachs, Rep. Darrell Issa Bought Goldman Sachs B

[kpete]

Source: Think Progress

While Fighting To Block SEC Investigation Of Goldman Sachs, Rep. Darrell Issa Bought Goldman Sachs Bonds
By Lee Fang on Jun 29, 2011 at 9:30 am

Oversight Committee Chairman Rep. Darrell Issa (R-CA) raised hell last year to stop the federal government from investigating Goldman Sachs regarding allegations that the company defrauded investors. In April 2010, shortly after the Securities and Exchange Commission (SEC) announced a civil suit against Goldman Sachs, Issa sent a letter to SEC Chairwoman Mary Schapiro demanding to know if there was “any sort of prearrangement, coordination, direction from, or advance notice” between the SEC and the Obama administration or congressional Democrats over the timing of the lawsuit.

Issa’s investigation of the SEC’s investigation into Goldman Sachs stole the headlines and reinforced Goldman Sach’s claim that they had done nothing wrong. Explaining his defense of Goldman Sachs, Issa said he was representing the views of ordinary Americans who are worried about the “growth of government and the growth of government wanting to become more complex, with more agencies and more control over our lives.”

However, recent personal finance disclosures reviewed by ThinkProgress paint a different picture of Issa’s motivations. According to documents filed recently with the House Clerk, Issa went on a buying spree of high yield Goldman Sachs bonds at the same time he was running defense for the investment bank in Congress. From February to December of 2010, Issa bought 12 Goldman Sachs High Yield Fund Class A bonds, each worth up to $50,000 (view page 10 the disclosure here http://pfds.opensecrets.org/N00007017_2010.pdf ). Many of the bonds were purchased in the months after he filed his letter to the SEC. The $600,000 in new Goldman Sachs investments added to Issa’s already multimillion dollar stake in the company, valued from $5.1 to $15.5 million.

Read more: http://thinkprogress.org/economy/2011/06/29/256563/darell-issa-goldman-sachs/

[Demeter]

1. Hope this scandal takes both of them down

[No Elephants]

4. +1, though I have little hope that either of them will be replaced by anyone appreciably different.

[yurbud]

2. cross post it to social bookmarking sites rightie will see

[CrossChris]

3. This is the post-Citizens United, media consolidated world. WTF can we do about it?

They will do this in our faces, and the 5% of us who are informed will talk about it to each other on the internet. Our outrage in these discussions will affect TBTB as much as the wallpaper on our desktops currently does, and only really be relevant when it pops up in an employer's background searches on us. That's the future.

[Frances]

5. Even if Issa is replaced by another scumbag

it will give me pleasure to see Issa defeated. The same pleasure I got when DeLay had to leave Congress.

[No Elephants]

7. Me, too. Maybe we can look forward to Issa making an ass of himself on Dancing With the Stars, as

Delay did?

[Cleita]

6. Issa is a criminal and should be in prison.

I hope someday his luck runs out and he gets convicted for at least one of his crimes of political corruption, not to mention others in his past.

[SoapBox]

8. This dirt bag should be in prison.

[Uncle Joe]

9. Kicked and recommended.

Thanks for the thread, kpete.

[ck4829]

10. K&R

[FreeBillClinton]

11. This looks like a crime. He should be arrested.

[sarcasmo]

12. All crooks that should be in jail. Insider trading at it's finest form.

[WhiteTara]

13. When does he get indicted for treason?

What he's doing is immoral, illegal and treasonous. Where's the DOJ? Where are the Ethics Committees?