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Goldman Sachs Group Inc. is to "sue for peace" in the fraud case brought by the U.S. Securities Exchange Commission and offer to admit to a lesser charge of negligence if the main charges are dropped.
The U.S. investment bank has already opened an informal negotiating channel with the SEC over the charges which focus on a subprimemortgage financial vehicle called Abacus.
As part of the move on negligence, Goldman will insist there will be no admission of wrongdoing ...
LN Mittal among top runners to chair Goldman's ethical committee
LONDON: NRI billionaire LN Mittal is among the front runners for a committee being set up to improve ethical behaviour of crisis-ridden Goldman Sachs, says a media report.
Goldman Chairman and Chief Executive Lloyd Blankfein said a new business standards committee is being set up to improve ethical behaviour, according to 'The Telegraph'.
"It (committee) will be chaired by one of Goldman's non-executive directors with Lee Scott, former chairman of Wal-Mart and Lakshmi Mittal, who runs the giant ArcelorMittal steel group, among the front runners to fill the post," the report added.
Originally posted by JacKatMtn
If the Feds back down and accept this unacceptable offer, what kind of message is being sent?
Originally posted by JacKatMtn
Originally posted by Benevolent Heretic
Meeting One: Rules of New Ethics Committee:
1. Don't get Freaking CAUGHT!
Goldman Sachs faces $1bn fine to draw line under fraud trial
...The SEC is said to be veering towards moving to an out-of-court settlement but is determined not to "let Goldman off lightly" because it would send the wrong signals to markets, investors and politicians. Senior figures in the Obama administration are also said to be ready to see an accommodation. Tim Geithner, the Treasury Secretary, and the Federal Reserve are reported to be in favour of a settlement to allow the executive to focus on completing banking reforms...
SEC deputy director to participate in Goldman Sachs case
Lorin Reisner, deputy director of enforcement at the Securities and Exchange Commission (SEC), will be taking part in the legal case against Goldman Sachs.
The regulator filed a notice of appearance for the proceedings indicating he will be a member of the SEC team attending the case.
Goldman Sachs and vice-president Fabrice Tourre were accused of misleading investors by the SEC by not providing full details on an investment product tied to subprime mortgages.
According to the filing, the financial institution failed to divulge that hedge fund Paulson & Co had played a part in selecting the instrument, then bet against its performance.
Throughout the nation's history, the states have had -- and still have -- the authority to give birth to a corporation, by granting a corporate charter, and to impose the death penalty on a corporate wrongdoer by revoking its charter. Activist-author Richard Grossman points out that in 1890, for example, New York's highest court revoked the charter of the North River Sugar Refining Corporation -- referring to the judgment explicitly as one of ''corporate death.'' It was once widely understood that the states had this power. ''New York, Ohio, Michigan and Nebraska revoked the charters of oil, match, sugar and whiskey trusts'' in the 1800s, Grossman wrote in the pamphlet, ''Taking Care of Business: Citizenship and the Charter of Incorporation,'' co-authored with Frank Adams