Tradefair & Financials
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16 Jul 10
17:31
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Date Joined:
31 Aug 07
BP paying out billions for this oil spill and goldman stole 100's of billions and only fined 550 million? and news reporting it as a great day for justice? WTF?!
"US investment bank Goldman Sachs has agreed to pay a
mammoth $550 million fine to settle claims that it mis-led investors into backing a doomed mortgage-backed security.
Part of the penalty will be distributed to investors in the security including Royal Bank of Scotland which stands to recieve $100 million."
$100 million! this is AMERICAN THIEVERY! are companies and governments going to settle for this? its an insult.
"US investment bank Goldman Sachs has agreed to pay a
mammoth $550 million fine to settle claims that it mis-led investors into backing a doomed mortgage-backed security.Part of the penalty will be distributed to investors in the security including Royal Bank of Scotland which stands to recieve $100 million."
$100 million!
this is AMERICAN THIEVERY! are companies and governments going to settle for this? its an insult.
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Replies: 11
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Given the number of former GoSachs personnel in government - yes.
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settlement a joke should have been ten times the amount
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After thinking about it more, THIS IS A DISGRACE!! so they have been found guilty of fraud and they just get a fine! why arent people being arrested and locked up? it's like me going and robbing a bank for say 1 million and then in court being told i have to pay back 20k of it!![>o]
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where would we be if the rich and powerful werent allowed to commit fraud??!
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Considering that they'd done nothing wrong, I think that's a generous settlement.
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Can any of you tell me what you think they did that was illegal?
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No.
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I never post on this forum, just lurk. I can't pretend to have any particular knowledge on the subject. But surely accepting a $550 million fine suggests they know they did something wrong
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It's a settlement, not a fine and no it doesn't. It suggests they think it's worth saving more reputational risk by paying it.
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Goldman Sachs haven't been accused of committing any crimes afaik but that's not to say that selling on debt for profit to one company, then advising another company that the very same debts are worth gambling on to fail, isn't wrong. The enormous division between capital held by the few and the rest is sick and wrong too but, at the moment, isn't criminal either.
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They didn't advertise or recommend that debt.
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