Beginning with the auto "bailouts" where in contrast to established bankruptcy rules, secured creditors were forced to accept 33 cents on the dollar in liquidation of the company's debt with the UAW, an unsecured creditor received 50 cents on the dollar, this administration has engaged in what Michael Barone first called "gangster government. Looking at the SEC suit against Goldman Sachs and the Dodd "financial regulation" rules, he sees gangster government a continuing Obama era feature On its face the complaint seems flimsy. Paulson has since become famous because his firm made billions by betting against mortgage-backed securities. But he wasn't a big name then, and the sophisticated firm buying the CDO must have assumed the seller believed its value would go down.That's not the only fishy thing about the complaint. Tuesday came the news, undisclosed by the SEC on Friday, that the commissioners approved the complaint by a 3-2 party-line vote. Ordinarily...(Read Full Post)