SOME QUESTIONS ARE IN ORDER – AT 8:42 A.M. ET:  As anyone reading Urgent Agenda knows, I'm not great fan of some elements on Wall Street.  There are some great people down there, and I know some.  There are also Wall Street types I wouldn't have in my home. 

But there's something awfully suspicious about a new criminal investigation into Goldman Sachs. From The New York Times:

Federal prosecutors have opened an investigation into trading at Goldman Sachs, raising the possibility of criminal charges against the Wall Street giant, according to people familiar with the matter.

While the investigation is still in a preliminary stage, the move could escalate the legal troubles swirling around Goldman.

The Securities and Exchange Commission, which two weeks ago filed a civil fraud suit against Goldman, referred its investigation to prosecutors for the Southern District of New York, which has now opened its own inquiry.

COMMENT:  It's quite possible, of course, that the inquiry is entirely justified.  But the timing makes us uneasy – right before a major election.  Let's not forget that Barack Obama was propelled into power in some measure by the Wall Street collapse that occurred in mid-September, 2008.  Anger at Wall Street helps Democrats...even though the Dems get most of the Street's political contributions these days.

So what could be more beneficial for the party in power than a crackdown on those deservedly unpopular zillionaires in lower Manhattan?  I make no charges.  But, as we always hear, timing is everything, and the timing of this probe is a bit too convenient for comfort.

We'll watch this carefully.  Don't be surprised if the Democrats do a modern version of the old leftist "warmongers of Wall Street" cry as the election approaches.  What else do they have?

April 30