William Black and Eliot Spitzer reveal some essential questions that the SEC and Goldman have yet to answer:

Did John Paulson and ACA know that Goldman was making these false disclosures to the CDO purchasers? Did they “aid and abet” what the SEC alleges was Goldman’s fraud? Why have there been no criminal charges? Why did the SEC only name a relatively low-level Goldman officer in its complaint? Where are the prosecutors?

Under President Obama, the SEC is starting to wake up from an eight year slumber under George W. Bush - but, they still have much work to be done. Under George W. Bush and his SEC head Christopher Cox, the SEC was asleep at the wheel. Not only did the SEC under Bush and Cox make few major moves against fraudulent banksters, they were so incompetent that a senior attorney and accountant nearly got away with downloading tens of thousands of pornographic images on the job. It's time for groups like the Financial Crisis Inquiry Commission (FCIC) to investigate the SEC under Bush and Cox.