The SEC's fraud case against Goldman Sachs could have expensive repercussions for the president. Employees of the investment bank donated nearly $1 million to Obama during the 2008 campaign, making the organization his second largest individual contributor. But now that the bank's in trouble with regulators, some Republicans are suggesting he ought to give the money back. One GOP senate nominee has even given his Goldman donations back, saying he wanted to "set an example on ethics for others to follow." As the president pushes a financial reform bill that would crack down on Wall Street abuses, should he and his party return their donations from Goldman employees?
What hypocrisy: Even as the DNC "bellows" about holding the banks accountable, says Michelle Malkin in the New York Post, several of Obama's closest confidantes — including White House chief of staff Rahm Emanuel — have either worked for or received money from Goldman. And still they remain silent on the "campaign cash Obama bagged" in 2008. These "class-warfare Dems" are something else.
"All the president's Goldman men"
He doesn't need to return anything: Obama is not in the pocket of the banks, says Justin Berrier at Media Matters. In fact, he is actively "pushing for increased regulation on the financial market." Wouldn't the "real scandal" be if he was trying to prevent the SEC investigation? FOX News host Steve Doocy got it right when he said that the SEC charges, combined with Obama's fight for financial reform, show he is "beholden to no one" — in spite of his financial donors.
"Dear Fox, wouldn't the real scandal be if Obama interfered with the SEC's case against Goldman Sachs?"
The Democrats must pay back that money: All these Goldman contributions were made with "one goal" in mind, says Jonathan Tasini at the Huffington Post. "To defeat any chance of reform." It's an effective method, too — after all, the "deregulation of Wall Street was bought and paid for by political contributions." For the sake of democracy, all Democrats must "return any money pocketed from Goldman Sachs during this cycle."
"Democrats must reject Goldman Sachs-Wall Street money"
It's not just Obama in the pay of the banks: Obama received a total of $15 million from the securities and investment industry when he was running for president, says Brody Mullins in the Wall Street Journal. But lawmakers on both sides continue to receive money from banks such as JP Morgan Chase, Morgan Stanley and, yes, Goldman Sachs. It puts Congress in a difficult position as it "weighs financial services legislation."
"Key senators raise funds on Wall Street as they rewrite financial rules"
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How Ronald Reagan turned America into a nation of children
- Why Mitt Romney is perfectly poised for a comeback in 2016
- The Nazi smart bomb that inspired China's most dangerous weapon
- 8 things the world's most extraordinary survivors can teach you about resilience
- Why is the West so afraid of Islam?
- Girls on Film: Why audiences are responsible for the future of cinema
- Here's the schedule very successful people follow every day
- This week I learned the moon might be littered with dinosaur fossils, and more
- The conservative battle against ObamaCare won't end with Halbig
- How to make classic pulled pork
Subscribe to the Week