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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.
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  -STOCK MARKET WATCH, Friday July 16 ozymandius  Jul-16-10 06:01 AM   #0 
  - Today's Reports  ozymandius   Jul-16-10 06:04 AM   #1 
  - U.S. July consumer sentiment plummets  Roland99   Jul-16-10 09:07 AM   #27 
  - Natural gas jumps as hot weather boosts demand  ozymandius   Jul-16-10 06:06 AM   #2 
  - Dollar extends losses on US economy concerns  ozymandius   Jul-16-10 06:14 AM   #3 
  - Buffett warns Obama U.S. economy only halfway back  ozymandius   Jul-16-10 06:16 AM   #4 
  - Page 4  Po_d Mainiac   Jul-16-10 06:21 AM   #5 
  - Cool toon today!  DemReadingDU   Jul-16-10 06:22 AM   #6 
  - Thank Po_d Mainiac for the toon.  ozymandius   Jul-16-10 06:25 AM   #8 
     - Ain't sure who should get credit for the product  Po_d Mainiac   Jul-16-10 06:48 AM   #11 
        - That was great!  DemReadingDU   Jul-16-10 07:27 AM   #19 
        - Tim Geithner's Desktop  DemReadingDU   Jul-16-10 07:29 AM   #20 
           - Loved it.....  AnneD   Jul-16-10 01:55 PM   #53 
  - Congress acts, but bank bill has work ahead  ozymandius   Jul-16-10 06:23 AM   #7 
  - This stuff needed to to be engraved in stone  Po_d Mainiac   Jul-16-10 06:51 AM   #12 
  - Times blog on the Financial Reforms Passage  TalkingDog   Jul-16-10 01:07 PM   #46 
  - Debt: 07/14/2010 13,189,505,566,215.83 (DOWN 9,785,289,988.48) (Wed)  Festivito   Jul-16-10 06:34 AM   #9 
  - Debt: 07/15/2010 13,240,228,521,494.88 (UP 50,722,955,279.05) (Thu)  Festivito   Jul-16-10 02:59 PM   #64 
  - Slave laborers unite  Po_d Mainiac   Jul-16-10 06:43 AM   #10 
  - Cool  boomerbust   Jul-16-10 06:59 AM   #13 
  - Actually, they'd love to shut them down, but these aren't organized enough  Warpy   Jul-16-10 11:12 AM   #36 
     - Coming Soon to a Nation Near You!  Demeter   Jul-16-10 11:51 AM   #37 
     - Huh?  Po_d Mainiac   Jul-16-10 01:24 PM   #47 
  - Turbo needs to go AWAY!!  Po_d Mainiac   Jul-16-10 07:07 AM   #14 
  - So this fraction of a man who has questionable aptitude for digging holes  ozymandius   Jul-16-10 07:14 AM   #16 
     - We NEED Warren. She is probably the first person who can make a  mbperrin   Jul-16-10 10:31 AM   #32 
        - 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 
  - and more  Po_d Mainiac   Jul-16-10 02:16 PM   #56 
  - See you folks later.  ozymandius   Jul-16-10 07:17 AM   #17 
  - The More I See, the Less I Like  Demeter   Jul-16-10 07:40 AM   #21 
  - It's a high stakes rigged casino game  DemReadingDU   Jul-16-10 08:04 AM   #23 
     - Last night I went swimming before the storm blew through  Demeter   Jul-16-10 08:34 AM   #25 
        - We're at the cusp  DemReadingDU   Jul-16-10 09:00 AM   #26 
           - Nope  Po_d Mainiac   Jul-16-10 09:19 AM   #29 
           - Morning Marketeers...  AnneD   Jul-16-10 10:21 AM   #30 
              - last year about this time...  Roland99   Jul-16-10 11:08 AM   #34 
                 - It's not Despair, It's Unbending Pride--Hubris, as the Greeks Called It Long Ago  Demeter   Jul-16-10 11:55 AM   #40 
                    - The destruction of the self is often fatal to its mortal carrier.  Roland99   Jul-16-10 01:48 PM   #51 
                       - and, apparently, its children --  snot   Jul-16-10 11:30 PM   #67 
           - My Father's In the Hospital  Demeter   Jul-16-10 11:54 AM   #39 
              - I'm sorry to hear about your father  DemReadingDU   Jul-16-10 01:33 PM   #48 
              - My Father Was BORN Obstinate  Demeter   Jul-16-10 02:15 PM   #55 
              - Sorry to hear about that Demeter....  AnneD   Jul-16-10 01:46 PM   #50 
              - Probably many terms for that.  Roland99   Jul-16-10 01:49 PM   #52 
              - Sorry to hear about your Da. And yes there is....  TalkingDog   Jul-16-10 02:32 PM   #59 
  - Index Futures: Wall St. still quaking over passage of financial reform....oh wait, no it isn't.  Roland99   Jul-16-10 07:40 AM   #22 
  - Today's tune  Roland99   Jul-16-10 08:20 AM   #24 
  - I might go with....  AnneD   Jul-16-10 10:23 AM   #31 
  - 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 
     - Someone MUST be asleep at the wheel here...  Juneboarder   Jul-16-10 11:10 AM   #35 
     - They can't keep it up ALL the Time!  Demeter   Jul-16-10 11:57 AM   #41 
     - 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 
     - 2:40pm - Plummeting unabated.  Roland99   Jul-16-10 01:46 PM   #49 
  - Property Week: Basel III to Business owners and Entrepreneurs - Eat Sh*t and Die  TalkingDog   Jul-16-10 12:58 PM   #45 
  - They aren't talking about the little ones.  Demeter   Jul-16-10 02:20 PM   #57 
     - Cold comfort:  TalkingDog   Jul-16-10 02:41 PM   #61 
  - 3:30pm - Half hour to close and still sinking  Roland99   Jul-16-10 02:31 PM   #58 
     - CNBC Host Accuses Guest Of Just Trying To Scare The Crap Out Of Everyone  Robbien   Jul-16-10 02:43 PM   #62 
     - Ahhh... to be insulated in a warm cozy dream  TalkingDog   Jul-16-10 02:54 PM   #63 
     - The power of nightmares. How apropos.  Roland99   Jul-16-10 03:54 PM   #66 
     - That was one ugly day.  amandabeech   Jul-16-10 03:31 PM   #65 

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