Henry Blodget has written an excellent early analysis of the case against Goldman and how weak it looks:
Note that Blodget is hardly a conservative.
One has to understand that the action against Goldman this is not about Goldman, but about Chris Dodd's bill to ramp up financial industry legislation. It is being used as "exhibit A." And what one has to understand about Dodd's bill is that it is not about reform at all but rather expanded government authority, much like the health care bill.
3 P.M. Update: It has now come out that the SEC vote on whether to go after Goldman was along party lines. Wonder what all the Goldies who lined up to donate money to the Obama campaign are thinking right about now?