Obama denies SEC talked Goldman Sachs expenses with White House prior to public announcement
President Obama said on Wednesday that the Securities and Exchange Commission by no means reviewed civil fraud costs towards Goldman Sachs using the White House prior to they have been publicly announced.
In an interview with CNBC, Obama was adamant that no conversations had taken place, trying to lay to rest attempts to raise another concern in his administration’s drive to toughen Wall Street principles.
“They’ve never discussed with us anything with respect to the charges that will be brought,” Obama stated in the televised interview.
The SEC has accused Goldman Sachs of fraud in connection with an investment car that integrated undisclosed mortgages expected to fail. A hedge fund, which the SEC says was involved in picking the mortgages, made a $1-billion bet towards the expense vehicle which Goldman sold to customers who lost the same amount.
Democrats have seized about the Goldman situation, pointing to it as an example from the type of Wall Street excess that their financial overhaul bill is developed to avoid. That bill is getting negotiated by Democrats seeking Republican help to bring it to the Senate floor.
Republicans have tried to link Obama to Goldman, citing campaign contributions and also the recent appointment of the former White House counsel Gregory Craig being an advisor to the firm about the SEC costs.
Inside the CNBC interview, Obama was asked directly in regards to the $1 million in campaign contributions from Goldman and the naming of Craig. The president insisted that neither would have any impact on his efforts to push for an overhaul of financial regulations.
“First of all, I got a lot of money from a lot of people,” Obama said, “the vast majority of the money was from small donors all across the country“.
“Anybody who gave me money during the course of my campaign knew that I was on record — again in 2007 and 2008 — pushing very strongly that we needed to reform how Wall Street did business. Nobody should be surprised in the position that I am taking now,” he said.
Obama defended his previous counsel and denied that Craig would have any influence with the White House around the probe.
“He is one of the top lawyers in country,” Obama stated. The president cited what he known as the toughest ethics principles on how former employees can act.
“He cannot lobby the White House,” Obama said. ”Once he left, he cannot in any way use his former position to have any influence on us.”
adapted from:
I am presently in litigation with Fremont Reorganizing, Goldman Sachs dba Litton Loan Servicing, et al., (2 different cases) for about 2 years now. The main issue with the complaint is a fraudulent loan originated by Fremont in June 2006. This in turn produced an array of other
issues: unsigned deed of trust, over billing issues, lost payments, excessive balloon payment, back dated assignments, illegal non-judicial foreclosure documentation, missing documentation, illegally reporting to my credit, falsifying declarations, 6 week TRO’s, court procedures not followed, judges wait until the courtroom is cleared to rule against a TRO (both times); retired (78 year old) judge ruled against a seated judges TRO where the retired judge took 30 minutes to read a 300 page brief. The whole time they have been ignoring my request and failing to give me the required documentation so that I can rescind the loan. Goldman Sachs dba Litton Loan Servicing has been aggressively trying to foreclose on my property. I believe to cash out for insurance reasons. (It’s over a million dollar loan) I have invested over $400,000 into this property for the past 5 years and if I had known about this mortgage meltdown game played by Wall Street I would have never proceeded with this Real Estate transaction. The Media and the Government has not once addressed or helped the borrower, namely me, who also has been damaged by these defaulted CDO’s.
A Time line of what’s going on with Goldman Sachs to show how they are scheming to pursue foreclosures for the insurance by acquiring distressed, shelled fraudulent companies which will eventually or haven’t already gone BK…
Oct 26, 2005 Litton Loan Servicing Class Action – mishandling loans, servicing over 400,000 borrowers – case settled Feb 17, 2009 for $537 (limited due to class status)
Feb 27, 2007 FDIC Cease and Desist – Fremont Reorganizing for illegal loan practices, et al., (largest predatory lenders who heavily solicited brokers for their schemes)
Oct 16, 2007 Massachusetts Lawsuit vs Fremont and Goldman Sachs – Predatory Lending Practices – settled May 11, 2009 for $60 mil
Dec 11, 2007 – Goldman Sachs Acquires Litton Loan Servicing
June 2, 2008 Litton (Goldman Sachs) Acquires Fremont Reorganizing Servicing Rights
June 19, 2008 Fremont Reorganizing files BK
Apr 16, 2010 – SEC vs Goldman Sachs – Securities Fraud
Here is the link to my blog http://bushnellcomplaint.blogspot.com/ if you want to download court documents pertaining to my case.
Note: My wife is pursuing individuals who are interested in joining her in a class action lawsuit with regards to violation of her community property rights in a wrongful foreclosure. If you are in a community property state and a spouse is not on title you may have grounds for legal action.