Time Magazine Puppets S.E.C. Themes, Lacking Due Journalistic Diligence

Here is Time Magazine giving its thoughts on Goldman, Sachs, and like others, getting the story wrong. Again, the Abacus deal by all factual accounts had two parties that were well aware that the transaction was two sided, with one party long, one party short. Synthetic CDOs are like that, and that's the way it is (per RunDMC).

Time states:

The question is, now that we know what we know about what has become of Wall Street, what do we do about it? The SEC case against Goldman shows that the agency plans to do more to combat fraud. That's a big change. Under former commissioner Christopher Cox, Wall Street was basically self-regulating and the SEC hands-off, which helped enable the greatest Ponzi schemer of all time, Bernie Madoff.

(Time)

Given the actual details of the case it's nearly impossible to prove Goldman engaged in fraud because, it didn't. So right off at a time when people are having very delicate emotions about the reliability of the government (much of this due to relentless negative theming by Republicans), the S.E.C. chooses to put forward a case that it cannot reliably win. When they lose the case, what then will people have to say? Wall Street and the government will stand equally corrupt in the eyes of the masses of people who really have no ability to see nuance or truth.

Other News:

CNBC reports on the Abacus deal, and not in an S.E.C. friendly way. ACA Management may have been as stupid and inept as Goldman and Paulson knew (but don't now imply) they were.