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Archive for March 18th, 2012

The Hill

By Peter Schroeder 03/18/12 05:30 AM ET

Democrats have co-opted a fiery resignation letter from a Goldman Sachs employee to argue for rigid rules on the financial sector.

Lawmakers say the letter from Greg Smith, published in The New York Times, is evidence that the reforms Congress passed in the wake of the financial crisis should be strictly implemented.

“This is ammunition for our argument,” said Rep. Barney Frank (D-Mass.), who co-authored the Dodd-Frank financial reform law.

Senate Majority Whip Dick Durbin (D-Ill.) entered the piece into the congressional record, calling it “an indication of why we need to continue our vigilance over this industry to make certain that the right market forces prevail.”

Goldman executives have pushed back against the widely read letter and defended the firm’s behavior and corporate culture.

Dems see ‘ammunition’ against Wall Street in Goldman resignation – The Hill’s On The Money.

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