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Jimmy Stewart is dead: Break up the banks

By Implode-Explode Heavy Industries

"I'd say Barry Ritholtz has it just about right (and he'll bet anyone he does). The SEC's case against Goldman has been called weak or worse from all sorts of corners, but director of SEC enforcement Robert Khuzami is not a two-bit fool. The case has been prepared over a long period of time, way more even than the 9 months since Goldman was told there was an investigation going on. Now, as I said before, it may be that Khuzami, who can only file civil cases, is just handing a handy set of tools to anyone wanting to go after Goldman in criminal court. Carl Levin and his committee may use Khuzami's research. There are at least two complaints filed vs Goldman in criminal court that are derivative cases, meaning the lawyers who filed them represent not themselves, but groups of clients. "

Full post as published by Mortgage Lender Implode-o-Meter on April 26, 2010 (boomark / email).