Wall Street "Cheaters" Deserve Jail Says Souder

By Scott Sarvay

June 18, 2010 Updated Apr 19, 2010 at 5:34 PM EDT

WASHINGTON (Indiana's NewsCenter) - Democrats are beginning the week with a renewed push for financial reform.

The Senate is debating a bill to tighten regulations on the financial industry.

The call for reform grew even louder after Goldman Sachs was slapped with civil fraud charges.

Senate Banking Committee Chairman, Chris Dodd, held a news conference Monday morning about the reform bill.

He says it will make certain that taxpayers are not left "on the hook" again, bailing out Wall Street.

Dodd says, “Our bill ends too big to fail. Bailouts end forever. Management is fired, shareholders lose, creditors lose, there is a liquidation of assets that occur.”

Senate republicans are saying that the proposed rules are too tough and would place a strain on the banking industry.

Congressman Mark Souder says despite new reports of investment fraud by Goldman Sachs and Company, the vote to bailout Wall Street firms was "not" a mistake.

Friday, government investigators accused Goldman Sachs of fraud. Saying the company sold mortgage investments without telling buyers that the securities were set-up with input from a client. Who was "betting on them to fail."

Investors lost close to a-billion dollars.

Souder concedes that more oversight "was" needed.

Souder says, “It's clear that too many Goldman Sachs people were in too many key positions and it appears they were cutting deals for themselves while claiming to help others. We had to stabilize the financial system, what we didn't have to do is have people cheat inside that process."

Souder says anyone found to have manipulated financial deals in the mortgage meltdown needs to be sent to jail.

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