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Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO

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posted on Jul, 16 2010 @ 05:07 AM
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Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO


www.sec.gov

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 SEC 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 SEC's largest-ever penalty paid by a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information.
(visit the link for the full news article)




posted on Jul, 16 2010 @ 05:07 AM
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"This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing."

What i think this lesson means tho: Bankers... make money illigaly and pay the Gov. a share! YES WE CAN (get away with it)!

www.sec.gov
(visit the link for the full news article)



posted on Jul, 16 2010 @ 02:21 PM
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They'll pay the fines and then go right back to finding some way to introduce derivatives to cell phone bills, electric bills, car payments, for human life itself......


......and that will bring about the next bubble to burst and cause mass chaso.

The underlying principle being that at the very top of the financial food chain you have a bunch of money hungry sharks, over inflated egos that will create what ever necessary to scam more money into their own pockets ....basically screw everyone else.

The disease of this existence is the ego ...and the illusion it get gets wrapped in.



posted on Jul, 16 2010 @ 02:46 PM
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reply to post by Sover3igN
 


not sure if it matters how much they are fined.

if the amount is too much for them to pay, they will recieve a bail out via the tax payers because they are "too big to fail".

laws are a joke with no punchline.

paying fines and running the money according to the laws are a joke with no punchline.

these people could be fined a trillion dollars, and it still wouldn't be equalled to how much money people have already invested in companies such as theirs.

the system is sick, and the laws do not accomidate any doctors' prognosises or diagnosis.



posted on Jul, 16 2010 @ 03:34 PM
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Evidently, neither the media, nor our representatives in government are inclined to do the math.

So I come up with a scheme to make 5 billion and they fine me 500 million.... SURE! I'm WAY ahead of the game!

They probably figure the rest of the country, for the most part, will be so awestruck by the 'huge' 'history-making' 'record-setting' fine that we won't realize its like they had to pay taxes instead of it all being written off.

I heard on a radio show yesterday that the Fed (via the Treasury Department) will get $200 million of the 500, the remainder will go to compensate defrauded clients.... but there was NO admission of any wrongdoing... just a mistake, an error, oopsie!



posted on Jul, 16 2010 @ 03:38 PM
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That fine is the biggest joke in history. It equals 3.6% of the bonus checks they passed out last year. Same as giving me a $75 fine for speeding. A slap on the wrist and a license to keep stealing.



posted on Jul, 16 2010 @ 03:43 PM
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It's not enough. Should have been more like $50 billion for them to even FEEL it. This amount is barely enough to make a dent. Where's it go anyway?



posted on Jul, 16 2010 @ 03:56 PM
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I love the way the MSM tosses the word "record" in there like its some kind of major achievement.


I guess if a man commits a major crime and get fined a stick of gum its a "record" for him if he's never been fined before, right?



posted on Jul, 16 2010 @ 04:11 PM
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reply to post by Sover3igN
 


Thanks for the laugh, although it's not a good laugh.

$550 mil is a drop in the bucket for these criminals.

So they give it to the government to waste. Why even bother? It's not like this amount will hurt GS at all so they will keep on keeping on and nothing will change.



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