This is THE issue that everyone wants to know.
When I wrote the The politics of the Goldman fraud case and referred to "leeway in how to proceed later against Goldman and other firms using the same practice," I meant that it was not at all clear whether this was a politically-motivated one–off or the makings of a newly invigorated SEC.
At this point, we are clearly speculating either way. As the weeks and months unfold, it should become clearer. However, in the meantime, take a look at what Josh Rosner of Graham Fisher and Jesse Eisinger of ProPublica have to say. They give some of the most informed takes on this.
My suggestion to Goldman is that they take the humble route. You don’t want to get into a tete-a-tete with your regulator in this political environment. It may be too late because the private civil suits are going to come from all sides now, not just at Goldman but elsewhere on the Street.