MEGAN MCARDLE: Goldman In The Eye Of The Beholder: “So the vote on the SEC to bring charges against Goldman broke down by party lines. Liberals, understandably, view this as evidence of malfeasance. But of course, there’s an alternative interpretation also consistent with these facts: that Democrats brought a weak charge that won’t stand up in court because they thought it would help them push through their bank reform.”

UPDATE: Harvey Pitt: The SEC’s Dangerous Gamble. “The agency, already badly scarred by the financial crisis, runs the risk of blowing its credibility with the Goldman case.”