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This completely shocked me... - 8/10/2012 1:29:41 PM

DesideriScuri

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This story is mind numbing.

quote:

The investigative report by the Senate's Permanent Subcommittee on Investigations, chaired by Levin, found that Goldman Sachs "used net short positions to benefit from the downturn in the mortgage market, and designed, marketed, and sold CDOs in ways that created conflicts of interest with the firm's clients and at times led to the bank's profiting from the same products that caused substantial losses for its clients."

Yep, we knew that happened. So.....

quote:

A statement from the Justice Department issued late on Thursday evening noted, "Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report."

WTF?!?!?

We know what they did. It's right there. How is it that there was no criminal activity?!? For fuck's sakes!

quote:

According to the SEC complaint Tourre, who called himself "Fabulous Fab" wrote to a friend in a January 23, 2007, email: "More and more leverage in the system, The whole building is about to collapse anytime now…Only potential survivor, the fabulous Fab[rice Tourre] … standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities(sic)."

This jerkweed isn't out of the woods yet, at least.

quote:

Goldman Sachs reached a settlement with the SEC in July 2010, paying a $550 million fine for admitting that they should have included information about Paulson's investment position.

Goldman Sachs people

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RE: This completely shocked me... - 8/10/2012 1:49:24 PM

mnottertail

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Glass Steagall was revoked is how it was legal, and that is why it was there, because the banking buisness should not profit from the stock kiting business.

Who was the 'Bernie Madoff' at GS? that isn't no piece of shit enron or tyco intl.

The lawsuit would hold up Goldman for 20+ years and cost us many billions of dollars, and pinning down actual specific violations there........

Yeah, it sucks, but de-regulation is was and always will be a bad idea, they need the shit regulated out of them, and full oversight and enforcement day to day as any multi-national, or for that matter, any public stockholding corporation does.

They exist for one thing and one thing only, avarice.

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RE: This completely shocked me... - 8/10/2012 4:29:21 PM

Politesub53

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This is what happens when you put the fox in charge of the Chicken run. Wasnt Paulson said to have made $1 billion from Goldman Sachs investments he held ?

I read a book by an ex employee of one of the banks explaining exactly how they ran the scams with credit default swaps etc.....sounded immoral if not illegal. If they were not breaking the law, then the regulations must either have been wrong, or not properly enforced.

Edit to add link for the book mentioned.

http://frankpartnoy.com/f-i-a-s-c-o/

< Message edited by Politesub53 -- 8/10/2012 4:40:20 PM >

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RE: This completely shocked me... - 8/10/2012 5:52:53 PM

Tumblweed

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They bought the fucking regulators, isn't that clear by now ? In other countries they hang the (politicians and) shit who let this happen. Here they get bonuses.

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RE: This completely shocked me... - 8/10/2012 7:27:53 PM

SternSkipper

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quote:

So, the Obama DOJ couldn't find anything illegal they could definitively pin on Goldman Sachs? Obama needs new lawyers. There's got to be something they can be charged with. To say I'm surprised, however, would be to lie. I'm not surprised. Look at all the Goldman Sachs people who have served the White House in some capacity under Obama and Bush II.

I bolded the only part that explains why this happened. I expressed the same outrage to my son's godfather who is a well regarded (If there really is such a label applicable to attorneys anymore) real estate and securities attorney for a law firm you'd even recognize out in Ohio, I think. Anyway, My statement was "Jimmy, HOW THE FUCK can these guys get away with this? Is Holder's guy inept?".
He said "You need to understand this. Goldman Sachs is NEVER going to have anyone do time or pay any real financial penalty. And you can't blame Obama for it. HIS DOJ must prosecute the case based on laws existent prior to the Bank reforms. Because that's when the alleged infractions occurred, Bush's guys had previously built basically what was practically the kind of sovereign immunity govt employees enjoy in civil matters. Difference being they basically got it extended to penal law."
He also pointed out that there actually are some things that still could be prosecuted, by "because they are miniscule in nature, it would probably make the general public go wild in a classic "That's it?" moment".
So it is what it is. But voting in the guy Who went to school and is in the same country clubs with these fucks, would just prove a man a bigger idiot.

quote:

Yeah, we're all fucked now.

No, we were fucked when we bit on the "deregulation" hook. What I find remarkable is the dopey fucks who say Obama has mired business down, and are actually stupid enough to be prepared to vote for a guy who by his own words will turn the clock back to exactly the legal climate that existed when Sachs, Bear Sterns. AIG, Chase, and DOA fucked us. If we're fucked...THAT'S why.

< Message edited by SternSkipper -- 8/10/2012 7:34:19 PM >

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RE: This completely shocked me... - 8/10/2012 7:32:21 PM

Tumblweed

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"HIS DOJ must prosecute the case based on laws existent prior to the Bank reforms."

Bullshit. they got KPMG with retroactive laws. The difference is these guys are big enough that they and their attorneys cannot be intimidated because they got big friends. Bigger than Obama, bigger tha Romney. That is why.

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RE: This completely shocked me... - 8/10/2012 7:41:52 PM

SternSkipper

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quote:

Bullshit. they got KPMG with retroactive laws. The difference is these guys are big enough that they and their attorneys cannot be intimidated because they got big friends. Bigger than Obama, bigger tha Romney. That is why.

Please then 'counselor' tell us what federal criminal code they can use.
And the guy who I quoted? He works for one of the biggest guys law firms ... 6th largest in the US in fact.
Forgive me if I go with his opinion over a sock's.

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