It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Goldman's slap on the wrist $550 mln SEC settlement

page: 1
1

log in

join
share:

posted on Jul, 15 2010 @ 09:20 PM
link   
Goldman Sach's plundered billions in the progress of bankrupting the global economy, and gets off with a $550 million dent in their bottom line. And top of it all... their stocks price went up!



And from the sounds of it they only got charged with how they marketed their subprime trickery, not even more daunting things like hacking the global stock market using advanced AI supercomputers.




posted on Jul, 15 2010 @ 09:33 PM
link   
reply to post by IgnoranceIsntBlisss
 


Think I beat ya' to it, no?

ATS



posted on Jul, 15 2010 @ 09:56 PM
link   
reply to post by Oaktree
 


Dig.



posted on Jul, 16 2010 @ 03:47 AM
link   
Goldman Settles With S.E.C. for $550 Million


S.E.C. filed a lawsuit against Goldman in April, accusing the bank of securities fraud. The settlement came just days before Goldman is scheduled to report its second-quarter earnings.

Under the terms of the deal, Goldman will pay $300 million in fines to the Treasury Department, with the rest serving as restitution to investors in the mortgage-linked security. Goldman will not admit wrongdoing, though it will admit that its marketing materials for the investment “contained incomplete information.”...

According to the complaint, Goldman created Abacus 2007-AC1 in February 2007 at the request of John A. Paulson, a prominent hedge fund manager who earned an estimated $3.7 billion in 2007 by correctly wagering that the housing bubble would burst. Mr. Paulson is not named in the suit.



Wow, ok, let me get this rediculous reality right.

WOW#1. Goldman - Sachs got dupped by John A. Paulson. Sachs declined to include thier superman strength secret shot caller Paulson's financial leadership in the role Sachs played in defrauding investors in thier C.D.O. Marketing Materials and John A. Paulson (If that's even his real name) dupes Golman Sachs for 3.7 Billion dollars?

WOW#2. Goldman - Sachs settles out of Court for $550 million Dollars in fines and Restitution - over an estimated $ 3.7 billion dollars they Defrauded Investors with?

WOW#3. Goldman - Sachs is cleared of all wrongdoing, without having to admit guilt to the fraud charges by submitting this 'settlement'?

WOW#4. The Treasury Department is keeping $300 Million of the estimated $550 million as fines and fees, with the smaller half of $250 million serving as a 'Fair Fund distribution", or a form of refunded funds at minus 75 percent investment value - to the victims?



WWWWWWWOOOOOOOOOOWWWWWWWWW !!!!!!! CRIME DOES PAY!! AND ALL YOU HAVE TO DO IS GIVE THE GOD DAMN GOVERNMENT IT'S CUT!


GOLDMAN SACHS TO PAY RECORD $550 MILLION TO SETTLE SEC CHARGES RELATED TO SUBPRIME MORTGAGE C.D.O.



Firm Acknowledges C.D.O. Marketing Materials Were Incomplete and Should Have Revealed Paulson’s Role

Washington, D.C., July 15, 2010 – The Securities and Exchange Commission today announced that Goldman Sachs & Co. will pay $550 million and reform its business practices to settle S.E.C. charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.

In agreeing to the S.E.C.’s largest ever penalty paid by a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information. Goldman agreed to settle the S.E.C.’s charges without admitting or denying the allegations by consenting to the entry of a final judgment that provides for a permanent injunction from violations of the antifraud provisions of the Securities Act of 1933. Of the $550 million to be paid by Goldman in the settlement, $250 million would be returned to harmed investors through a Fair Fund distribution and $300 million would be paid to the U.S. Treasury.


This is absolutely pathetic. It's criminal, and what's more American's are going to see this and bend over to take it!

BOHICA STATES OF AMERICA!



Man, America is FUBARed beyond sin...



[edit on 7/16/2010 by Megiddodiddo]



posted on Jul, 16 2010 @ 04:07 AM
link   
It was interesting to note on the BBC news this morning, that the case against Goldman Sachs by RBS was a "civil" one.

Excuse me? Since when has widescale banking fraud been a "civil" matter, and not a criminal one?

The massively corrupt governments and their banker handlers are playing a fixed game in a global casino that they own, operate and get to play in, where they always seem to have a get-out-of-jail-free card, and the rest of us get hammered.



new topics

top topics
 
1

log in

join