Tags: sec | suits | paralyze | goldman

Analyst: SEC Suits Could Paralyze Banking Industry

Monday, 03 May 2010 01:59 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Ralph Silva, director of the Silva Research Network and former Goldman Sachs employee, says the SEC lawsuits could paralyze the financial services industry.

“I have a moral issue with Goldman right now,” Silva says.

“I think they’re trying to give enough material to President Obama that he actually imposes some tax on the banking system because for Goldman, it’s not going to be that serious an issue, but it’s going to hurt every one of their competitors," Silva says.

“This bonus pool they’re paying out is the worst possible timing, and I think they’re doing it on purpose,” Silva told Bloomberg.

Silva says that if the Obama administration starts taxing the banking industry, no politician can stand up and say, ‘We shouldn’t do that’ because the industry just handed out $5 billion in bonus payments. So basically, there’s no way they can defend against Obama bringing in a tax.

“I think it’s a fait accompli,” Silva says. “We’re going to see it.”

Silva says he doesn’t hold any shares in Goldman currently “but wouldn’t have a problem buying some” if the bank did more outside of the U.S.

“They’re very U.S.-centric,” Silva observed.

The British Financial Services Authority has opened an investigation into Goldman Sachs following accusations in the United States that the firm had defrauded investors, The New York Times reports.

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Arrest Made in Attempted Bombing of Rep. Cleaver's Office

Thursday, 18 Sep 2014 19:44 PM

Authorities in Kansas City, Mo. have charged a man after he allegedly threw molotov cocktails at Rep. Emanuel Cleaver's  . . .

Doctor: Global Response to Ebola Underway, but US Must Lead

Thursday, 18 Sep 2014 18:34 PM

Doctors and medical missionaries from around the world are already at work in west African countries besieged by Ebola,  . . .

Chuck Todd's 'Meet The Press' Sags in Ratings After Initial Spike

Thursday, 18 Sep 2014 17:51 PM

Chuck Todd's highly successful premier on NBC "Meet the Press" with President Barack Obama as the featured guest garnere . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved