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May 23, 2013
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 More Champagne for Goldman SachsPosted on Jul 15, 2010
You know you have it made when a $550 million settlement with the SEC boosts your stock by $3 billion. Goldman Sachs’ penalty for selling a fancy investment it secretly bet against was about half what was expected, amounting to just 14 days of earnings. You might say they got away with it.
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By ocjim, July 16, 2010 at 9:33 am Link to this comment
Simply two systems of justice: one for us and one for the rich. The latter is for show.
Report thisBy Mark, July 16, 2010 at 8:15 am Link to this comment
(Unregistered commenter)
Of course they got away with it! That was the plan from the get-go. The fix was in.
The Feds COULD’VE brought a criminal case against GS under RICO. OSTENSIBLY, It’s not just for Mafiosi. As a matter of fact, under RICO, SECURITIES FRAUD is a CRIME. The officers of GS COULD’VE faced potential jail time.
Instead, the Feds brought the current CIVIL case which subjected the company itself only to fines.
None of the officers of GS are personally liable.
It’s political theater.
Wall Street OWNS the government. See Taibbi, Matt for more info.
That’s how GS got paid 100% on all of its credit default swaps purchased thru AIG.
The Feds and GS agreed that GS would take one for the team
BTW, anytime you see what SHOULD BE a protracted legal mess wrapped up in WEEKS, the fix is in.
For example:
Chrysler Bankruptcy – wrapped up in 4 -5 months
GM Bankruptcy – ditto
Russian “spy” case – 2 weeks, MAYBE
GS will write a check for its fine, and it’s back to business as usual.
P.S. Despite what the MSM will tell you, GS has NOTHING to fear from private civil lawsuits brought by defrauded investors. GS has more money than God and a phalanx of lawyers who will run the plaintiffs around the courthouse for the next decade. The plaintiffs will run out of money, and lose the will to go on, and the cases will disappear.
Report thisBy commonwealth, July 16, 2010 at 6:59 am Link to this comment
It is very difficult to empathize with President Obama right now.
Report thisWhat in the world is he thinking that he has allowed the financial
licentiousness to go on without raising a sweat? I am a supporter
of the President, but am inclined to agree with David Bromwich’s
assessment (see radioopensource.com) that he is operating, not as
the member of a racial minority, but as the member of an
intellectual and social elite. In other words, though intellectually
Obama may—and this is not at all clear—identify with the poor
and dispossessed, intellectually and emotionally he identifies with
the powerful, well-to-do and well-connected. Even good
politicians are susceptible to arguments from people who travel in
the same circles.
By RAE, July 16, 2010 at 5:52 am Link to this comment
There is something fundamentally unfair, immoral and obscene about what companies such as this do.
Acquiring this wealth… scamming profits of this size and nature are just vulgar manifestations of what the depraved and greedy are capable of doing to an otherwise legitimate financial service.
The ability, knowledge and skill required to assemble substantial enough resources to fund society’s infrastructures, equip hospitals, build community housing, etc., is an honorable and useful service to people. Making a reasonable profit doing so is also deserved and legitimate.
But STEALING billions of dollars from millions of “little guys” WITHOUT THEIR KNOWLEDGE by misrepresentation and secret schemes should be a federal crime punishable ONLY by incarceration for not less than TEN FULL YEARS - no time off for anything - and confiscation of all holdings obtained through such abuse of trust.
The management of Goldman Sachs will cheerfully pay their “fine” - USING OTHER PEOPLE’S MONEY TO DO IT of course. It’s no skin off their scumbag noses.
Every employee of GS and other such companies who knowingly participated in ripping off innocent people SHOULD BE IN JAIL, not back at their desks awaiting their next outrageous bonus check/proceeds of crime payment.
As I said… unfair… immoral… and obscene.
Report thisBy bogi666, July 16, 2010 at 4:26 am Link to this comment
(Unregistered commenter)
Why am I not surprised and this is certainly not the 1st time that corporate crime benefits exceeds the penalties for their criminal conduct. Furthermore, to Goldman this is a expense of doing business and it will reduce their income tax liability, if they even pay taxes, and Goldman can go back 3 years to recover taxes paid in those years and for 7 years in the future. This will deter Goldman from committing crimes in the future?
Report this