President Barack Obama on Wednesday said "categorically" that the Securities and Exchange Commission never discussed fraud charges against Goldman Sachs with the White House in advance.
"They've never discussed with us anything with respect to the charges that will be brought," Obama said in an interview with CNBC.
The U.S. Securities and Exchange Commission has accused Goldman Sachs of fraud in the structuring and marketing of a debt product tied to subprime mortgages.
Some observers and pundits have questioned the timing of the government’s action against Goldman and whether the administration was involved, CNBC reported.
Obama said the SEC is a completely independent agency and there was no communication between the agency and the White House about the charges against Goldman.
"We are not Johnny-come-latelies to this issue," said Obama. He said he has been pushing for financial reform for the past three years.
"We found out about it (the SEC action) on CNBC," said Obama.
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