|The Goldman Probe Is a Smokescreen|
Singapore. A top Asian fund manager said on Wednesday the civil fraud allegations against massive Wall Street bank Goldman Sachs was a smokescreen to divert attention from the financial crisis in the United States.
Goldman is being investigated for fraud by the Securities and Exchange Commission and Britain’s market watchdog.
“The target now is Goldman Sachs. You distract the masses with a villain,” he said at the Asian Public Real Estate Association Forum in Singapore. Goldman’s leading role on Wall Street, coupled with massive paychecks to staff and bumper profits, make it an obvious target, Faber said.
As the country's attention is directed to the Goldman-Sachs scandal, a much greater story lurks beneath the surface involving massive government corruption that makes Wall Street firms pale in comparison.
Blanche Lincoln, by the way, the Democrat from Arkansas, accepted Goldman-Sachs campaign contributions and stated that she had no intention of giving it back.
However, with the current controversy surrounding the charges against Goldman-Sachs, which by the way was Barack Obama and the Democrats' largest contributor during the campaign of '08, a much larger scandal involving government has taken a back seat, at least in the mainstream media.
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