Well, this proves one of two things:
Either the Democrats at the SEC are playing crass politics by filing a civil suit against Goldman Sachs, or the Republicans are demonstrating why the SEC under their control was such a toothless enforcer.
April 19 (Bloomberg) — The U.S. Securities and Exchange Commission split 3-2 along party lines to approve an enforcement case against Goldman Sachs Group Inc., according to two people with knowledge of the vote.
SEC Chairman Mary Schapiro sided with Democrats Luis Aguilar and Elisse Walter to approve the case, said the people, who declined to be identified because the vote wasn’t public. Republican commissioners Kathleen Casey and Troy Paredes voted against suing, the person said….
The decision shows Schapiro, a political independent, moved forward in accusing New York-based Goldman Sachs of fraud in the face of resistance from not only the company but her fellow commissioners. It’s the second time this year Schapiro has cast the deciding vote on a high-profile case without Republican support as she sided with Democrats to approve a $150 million settlement with Bank of America Corp. tied to its takeover of Merrill Lynch & Co.