I have a roundup of commentary on the SEC fraud allegations against Goldman Sachs at MoneyWatch:
As I noted here, I am swamped today, so I don't have time to say much. But in addition to the summary of the charges and the roundup of commentary (which I will add to later today if more surfaces), I added this:
One of the most significant effects this suit will have from my perspective is how it will change the political atmosphere surrounding financial reform. This will further incite the public against the financial industry -- as it should -- and make it much more difficult for legislators to serve the interests of the financial industry. This will make it harder for legislators to vote against reform in order to protect campaign contributions, or for any other reason. Thus, in addition to what this says about the government's willingness to take on large financial companies, a positive step in and of itself, this should also help to pave the way for needed financial reform.