Marc Faber gave CNBC his view on the Goldman Sachs Group, Inc. (Public, NYSE:GS) SEC`s accusation:
"I think Goldman Sachs is a very honest firm. They have a very strict compliance department compared to the others — they're like an angel. But they targeted Goldman as it stands as a symbol of Wall Street"
And Dr. Faber even added,
"Maybe the intention is not to hurt Goldman Sachs, but just to gain popularity with the middle class and the lower class of America, so they will perceive Mr. Obama to have done something against the evil of Wall Street."
With President Obama's ratings going down due to the health care reforms, the government is going after the investment bank to distract the attention of the people. That seems to be his view.
Related stock: Goldman Sachs Group, Inc. (Public, NYSE:GS)