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“Hook ’em Horns” Complaint: State of Texas v. Goldman Sachs et al

Posted by Larry Doyle on July 2, 2010 12:42 PM |

Is America supposed to believe that the economic crisis emanating on Wall Street and costing our economy trillions of dollars was all on the up and up and was merely a ‘perfect storm’? Although many on Wall Street and in Washington would have us believe just that, a true measure of ‘sense on cents’ dictates that we not be so naive.

Regrettably, our financial regulators and most state attorneys general have shown themselves to be incapable, unwilling, or incompetent in pursuing the massive financial transgressions and fraud that lie at the foundation of our crisis. Well, it is time for “hook ’em horns!!”

The Democratic candidate for Attorney General in the great state of Texas, Barbara Ann Radnofsky, has written a Legal Complaint and Legal Brief which form the basis for a lawsuit against Wall Street and the underlying fraud which has brought our nation to its knees.

Regular readers of Sense on Cents know that I maintain the vast majority of individuals on Wall Street are decent, hard working Americans. That said, I have no doubt that selected business practices within Wall Street promoted and constituted a fraud. These practices need to be exposed and adjudicated in appropriate fashion. I commend Barbara Ann Radnofsky for lighting this torch and taking on this fight.

Is there precedent or a model for Radnofsky’s complaint? Can you spell tobacco?

Why is it that state attorneys general will not take on Wall Street? Well, here is their chance, or should I say their obligation, to stand up for the citizens of their states in rooting out the fraud that was borne on Wall Street prior to spreading like a cancer across our land.

For those who care to support this complaint, which is now endorsed by the Democratic Party platform in Texas, you can access and sign a petition here.

As a point of reference, I am a registered Independent. My interest in this case is not in promoting one party and platform versus another, but merely in further promoting truth, transparency, and integrity as we collectively navigate the economic landscape.

Thoughts and comments, especially from those in the Longhorn state, always encouraged and appreciated!! Special thanks to a regular Sense on Cents reader for bringing this story to my attention.

LD

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  • Bull

    How many points is Ms. Radnofsky getting??

    Has to be at least two touchdowns given the standard ‘fix’ typically in place between the team from Wall Street and the refs.

  • Red

    Ms. Radnofsky has more balls than all the male attorneys general around the country…and she seems to have no problem using them!! You go girl..!!

  • Shark

    Sounds like she’s just trying to find a rallying cry for her campaign, which will be nothing more than lip service if she wins.

  • LD

    I can understand your skepticism and that of anybody else but that is not necessarily so.

    Why haven’t more attorneys general chosen to go after frauds, especially in the mortgage underwriting space? I do think there is real merit to this suit. That does not mean that it will gain traction and support.

    She is taking on this case on a pro bono basis so nobody can accuse her of trying to profit from it.

    Time will tell…






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