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Reply #15: Goldman paying $550M to settle civil fraud charges [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-16-10 07:09 AM
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15. Goldman paying $550M to settle civil fraud charges
WASHINGTON Resolving a high-profile government case linked to the mortgage meltdown, Goldman Sachs & Co. has agreed to pay a record $550 million to settle civil fraud charges that it misled buyers of complex investments.

For Goldman, it was a chance to put behind it a case that had tarnished its reputation after it emerged relatively unscathed from the financial crisis. For the SEC, emerging from the embarrassment of a series of lapses, the charges and the settlement were a high-stakes opportunity to prove it could be tough on Wall Street.

The deal calls for Goldman to pay a $535 million fine and $15 million in restitution of fees it collected. Of the total $550 million, $300 million will go to the government and $250 million goes to compensate two European banks that lost money on their investments.

The penalty was said to be the largest against a Wall Street firm in SEC history. But the settlement amounts to less than 5 percent of Goldman's 2009 net income of $12.2 billion after payment of dividends to preferred shareholders or a little more than two weeks of net income.

http://news.yahoo.com/s/ap/20100716/ap_on_bi_ge/us_sec_...
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  -STOCK MARKET WATCH, Friday July 16 ozymandius  Jul-16-10 06:01 AM   #0 
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  - Page 4  Po_d Mainiac   Jul-16-10 06:21 AM   #5 
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  - Thank Po_d Mainiac for the toon.  ozymandius   Jul-16-10 06:25 AM   #8 
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        - Tim Geithner's Desktop  DemReadingDU   Jul-16-10 07:29 AM   #20 
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        - We Need Her  Demeter   Jul-16-10 11:52 AM   #38 
  - Goldman paying $550M to settle civil fraud charges  ozymandius   Jul-16-10 07:09 AM   #15 
  - More banker shit  Po_d Mainiac   Jul-16-10 07:22 AM   #18 
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              - last year about this time...  Roland99   Jul-16-10 11:08 AM   #34 
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  - Today's tune  Roland99   Jul-16-10 08:20 AM   #24 
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  - 10am - markets take a cue from plummeting consumer confidence  Roland99   Jul-16-10 09:09 AM   #28 
  - Noon - plummeting continues  Roland99   Jul-16-10 11:04 AM   #33 
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     - So you come back when things get interesting.  ozone_man   Jul-16-10 12:16 PM   #42 
     - I'm not back, really  Demeter   Jul-16-10 02:08 PM   #54 
        - and that's different from....  Roland99   Jul-16-10 02:32 PM   #60 
     - You're right, you're right...  Juneboarder   Jul-16-10 12:19 PM   #43 
     - Maybe they want to scare the public into thinking the namby-pamby "reforms" are apocolyptic  bread_and_roses   Jul-16-10 12:52 PM   #44 
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