Obama’s Wall Street Bill Lets Crooks Escape

Obama’s Wall Street Bill Lets Crooks Escape

April 21st, 2010

BY CLIFF KINCAID, AIM

 Barack Obama is protecting his buddy George Soros

The indictment of Goldman Sachs is as deceptive as the “financial reform” bill that President Obama and the liberals are pushing on Capitol Hill, says Zubi Diamond, author of the blockbuster book, Wizards of Wall Street. Diamond is warning legislators not to fall for the Obama Administration’s claim that the legislation somehow punishes Wall Street for bad financial practices.

Diamond, who has emerged as a major critic of the unregulated hedge fund industry, says he was not surprised that the Securities and Exchange Commission (SEC) named hedge fund short-seller John Paulson as a key player in the Goldman Sachs scheme to defraud investors but failed to indict him.

Diamond says that Paulson is being let off the hook because he is a member of the most powerful special interest group working the corridors of power in Washington, D.C.–the Managed Funds Association (MFA). He says the major media are afraid of taking on the MFA, which calls itself “the voice of the global alternative investment industry,” because of its tremendous financial clout. 

“The SEC charges against Goldman Sachs are a ruse, a ploy, and a smokescreen to get the Dodd financial reform passed,” he said. The bill, he argues, fails to hold the multibillion dollar hedge fund short sellers accountable for their illegal market manipulations. One of these short sellers, not named in the Goldman suit, is billionaire George Soros, known as the man who “broke the Bank of England” by betting against the British pound and who was convicted of insider trading in France.

The firms of Soros and Paulson are key players in the MFA.

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