webfact Posted April 13, 2016 Share Posted April 13, 2016 Goldman Sachs Will Pay $5 Billion For Misleading Investors On Mortgage AssetsJIM ZARROLINEW YORK: -- Goldman Sachs has become the latest big bank to agree to a multibillion-dollar settlement over the way it packaged and sold mortgage-backed securities in the heady days of the housing boom.The Justice Department said Monday that Goldman had agreed to pay $5.06 billion over its conduct in the packaging and sale of residential mortgage-backed securities between 2005 and 2007.Investors lost billions of dollars during the period by purchasing securities based on mortgages that were often much riskier than they were presented to be. Full story: http://www.npr.org/sections/thetwo-way/2016/04/11/473817622/goldman-sachs-will-pay-5-billion-for-misleading-investors-on-mortgage-assets -- npr 2016-04-13 Link to comment Share on other sites More sharing options...
pitrevie Posted April 13, 2016 Share Posted April 13, 2016 It appears that as a banker the only way you will end up in jail is if you scam a load of rich people of their investments. However manipulate the exchange rate, money laundering, mis-selling etc and the bank (customer) pays. Link to comment Share on other sites More sharing options...
sgtsabai Posted April 13, 2016 Share Posted April 13, 2016 And much of that, if not most, will be written off in tax breaks. And still the Obama administration refuses to even attempt to jail these criminals. Keep GitMo open for those that really belong there. Link to comment Share on other sites More sharing options...
sgtsabai Posted April 13, 2016 Share Posted April 13, 2016 Good explanation: http://truth-out.org/buzzflash/commentary/department-of-justice-settlement-with-goldman-sachs-is-another-wall-street-slap-on-the-wrist Link to comment Share on other sites More sharing options...
Kabula Posted April 13, 2016 Share Posted April 13, 2016 I will believe it when I see the confirmed wire funding receipt! Has anyone ever seen a bank held accountible for their actions? Link to comment Share on other sites More sharing options...
Jonmarleesco Posted April 13, 2016 Share Posted April 13, 2016 These scam merchants' liability goes way beyond their immediate investors. They and their kin brought stock markets crashing down, currencies tumbling, mortgagees to their knees, all on a global scale; and we have a U.S. judge thinking $5.0 bn compensates for that? Link to comment Share on other sites More sharing options...
helpisgood Posted April 13, 2016 Share Posted April 13, 2016 Good explanation: http://truth-out.org/buzzflash/commentary/department-of-justice-settlement-with-goldman-sachs-is-another-wall-street-slap-on-the-wrist Good story, Sarge! Yeah, the settlement seems less like a punishment and more like just the cost of doing business. They still end up in the black and out of prison. In that article was an interesting statement about the CEO of Goldman Sachs, Lloyd Blankfein: "Yes, that is the same Lloyd Blankfein who just a short time ago accused Bernie Sanders of being a grave economic threat to the nation if he were elected president. Blankfein is also the person who authorized paying Hillary Clinton $675,000 for three speeches to Goldman Sachs' audiences -- and who hosts meetings for the Clinton Foundation at the Goldman Sachs headquarters in Manhattan." I keep seeing "Fighting for us" as Hillary's slogan. Link to comment Share on other sites More sharing options...
Junkyarddog Posted April 13, 2016 Share Posted April 13, 2016 The only people in the world that are better at corruption Thai style are the Americans.Made trillion of dollars and then gets fined 5 billion. No one goes to jail and no one has to pay any fine from their own money. Link to comment Share on other sites More sharing options...
alfalfa19 Posted April 13, 2016 Share Posted April 13, 2016 5 billion. gee, what is that, one half of one percent of the money they stole from the american middle class? these corpulent scumbags should be doing many years in prison. Link to comment Share on other sites More sharing options...
maoro2013 Posted April 14, 2016 Share Posted April 14, 2016 What about Moody's and Standard and Poors who gave triple A rating to these junk packaged securities. Link to comment Share on other sites More sharing options...
helpisgood Posted April 14, 2016 Share Posted April 14, 2016 What about Moody's and Standard and Poors who gave triple A rating to these junk packaged securities. Great point! How much of the system is corrupt and can truly be relied upon? It may not be directly related to the 2008 crash, but what about the LIBOR scandal? LIBOR is relied upon as a reference rate by the financial world. If you haven't already, the movie The Big Short is a must-see and helps to explain the 2008 crash. It also includes a scene explaining what Maoro2013 has just mentioned. The movie's script is great! It is entertaining while also explaining some of the arcane and technical aspects of the crash to the interested layman. Link to comment Share on other sites More sharing options...
thaihome Posted April 14, 2016 Share Posted April 14, 2016 What about Moody's and Standard and Poors who gave triple A rating to these junk packaged securities. S&P paid some 1.5 billion to settle lawsuits last year. Moody's has not made a similar blanket settlement, but paid CalPERS 130 million last month to settle one lawsuit. The Justice Dept is continuing a investigation against Moodys along same lines as that led to settlement with S&P. TH Link to comment Share on other sites More sharing options...
Linzz Posted April 15, 2016 Share Posted April 15, 2016 It is fraud against the shareholders who have to pay the fines to keep the banksters out of prison If you have money (other people's money) you can buy your 'Get out of Jail free' card. So more of the same when we get Mrs Goldman Sachs in the White House? Link to comment Share on other sites More sharing options...
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