Name: Anonymous 2016-01-17 11:18
Posted on January 17, 2016 by Martin Armstrong
Goldman Sachs is finally paying a price for the role it played in 2007 mortgage scandal, but of course nobody goes to jail proving Goldman still remains above the law. The Wall Street firm agreed to only a civil settlement of up to $5 billion with federal prosecutors and regulators arising from it marketing and selling of known faulty mortgage securities to investors they created. Goldman Sachs announced:
Under the terms of the agreement in principle, the firm will pay a $2.385 billion civil monetary penalty, make $875 million in cash payments and provide $1.8 billion in consumer relief. The consumer relief will be in the form of principal forgiveness for underwater homeowners and distressed borrowers; financing for construction, rehabilitation and preservation of affordable housing; and support for debt restructuring, foreclosure prevention and housing quality improvement programs, as well as land banks.
The number one question we always get is why are the regulators and prosecutors so damn corrupt? Besides the bankers being in a position to blackmail politicians that if they are not bailed out, nobody will sell their debt, then the real problem is they buy the prosecutors and regulators. How? They hire the government lawyers who are suppose to be regulating them. This even includes staff of politicians who actually write the legislation. This is known as the revolving door. It is different where Rubin and Paulson were CEOs of Goldman Sachs who then became Secretary of the Treasury and left after they did what they had to do for the banks. This corruption ensures that there will never be any real criminal prosecution of the bankers. They are indeed always ABOVE the law. Why not? They pay for that privilege and Congress will never outlaw it since they know this is the game and they pretend it is an outrage but silently condone it for decades. The movie the Big Short has a scene where a girl from the SEC is seeking a job from Goldman Sachs when she is supposed to be the regulator. For any such other field it is criminal activity and called bribery.
In our case, the SEC lawyer who started the case, picks the law firm for the receiver O’Melveny & Myers, and then quits the SEC and become a partner in the very firm he selected.
The receiver Alan Cohen seizes all the taps and evidence we had on criminal activity among the NY banks, protects them, and is given a board membership at Goldman Sachs, yet NEVER resigns from the court. So he worked for the court running Princeton Economics from the boardroom of Goldman Sachs.
Perhaps we should change our name to Goldman Sachs, Jr. and that way any fines you pay are also tax-deductible when nobody else gets that privilege
Goldman Sachs is finally paying a price for the role it played in 2007 mortgage scandal, but of course nobody goes to jail proving Goldman still remains above the law. The Wall Street firm agreed to only a civil settlement of up to $5 billion with federal prosecutors and regulators arising from it marketing and selling of known faulty mortgage securities to investors they created. Goldman Sachs announced:
Under the terms of the agreement in principle, the firm will pay a $2.385 billion civil monetary penalty, make $875 million in cash payments and provide $1.8 billion in consumer relief. The consumer relief will be in the form of principal forgiveness for underwater homeowners and distressed borrowers; financing for construction, rehabilitation and preservation of affordable housing; and support for debt restructuring, foreclosure prevention and housing quality improvement programs, as well as land banks.
The number one question we always get is why are the regulators and prosecutors so damn corrupt? Besides the bankers being in a position to blackmail politicians that if they are not bailed out, nobody will sell their debt, then the real problem is they buy the prosecutors and regulators. How? They hire the government lawyers who are suppose to be regulating them. This even includes staff of politicians who actually write the legislation. This is known as the revolving door. It is different where Rubin and Paulson were CEOs of Goldman Sachs who then became Secretary of the Treasury and left after they did what they had to do for the banks. This corruption ensures that there will never be any real criminal prosecution of the bankers. They are indeed always ABOVE the law. Why not? They pay for that privilege and Congress will never outlaw it since they know this is the game and they pretend it is an outrage but silently condone it for decades. The movie the Big Short has a scene where a girl from the SEC is seeking a job from Goldman Sachs when she is supposed to be the regulator. For any such other field it is criminal activity and called bribery.
In our case, the SEC lawyer who started the case, picks the law firm for the receiver O’Melveny & Myers, and then quits the SEC and become a partner in the very firm he selected.
The receiver Alan Cohen seizes all the taps and evidence we had on criminal activity among the NY banks, protects them, and is given a board membership at Goldman Sachs, yet NEVER resigns from the court. So he worked for the court running Princeton Economics from the boardroom of Goldman Sachs.
Perhaps we should change our name to Goldman Sachs, Jr. and that way any fines you pay are also tax-deductible when nobody else gets that privilege