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Mon Apr 11, 2016, 11:30 AM

 

Goldman Sachs Agrees to Pay $5 Billion + To Settle Mortgage Securities

Source: Department of Justice

The Justice Department, along with federal and state partners, announced today a $5.06 billion settlement with Goldman Sachs related to Goldman’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. The resolution announced today requires Goldman to pay $2.385 billion in a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and also requires the bank to provide $1.8 billion in other relief, including relief to underwater homeowners, distressed borrowers and affected communities, in the form of loan forgiveness and financing for affordable housing. Goldman will also pay $875 million to resolve claims by other federal entities and state claims. Investors, including federally-insured financial institutions, suffered billions of dollars in losses from investing in RMBS issued and underwritten by Goldman between 2005 and 2007.

“Today’s settlement is another example of the department’s resolve to hold accountable those whose illegal conduct resulted in the financial crisis of 2008,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division. “Viewed in conjunction with the previous multibillion-dollar recoveries that the department has obtained for similar conduct, this settlement demonstrates the pervasiveness of the banking industry’s fraudulent practices in selling RMBS, and the power of the Financial Institutions Reform, Recovery and Enforcement Act as a tool for combatting this type of wrongdoing.”

Read more: https://www.justice.gov/opa/pr/goldman-sachs-agrees-pay-more-5-billion-connection-its-sale-residential-mortgage-backed



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[font size=6] What a C R O C K [/font]





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The Department of Justice is REALLY pissing me off. In reading this today, and thinking about how to stop Racketeering Romney from running, it occurs to me that I shouldn't be going after Goldman Sachs and Romney/Bain, to stop their frauds. They OWN United States Federal System of Justice revolving doors with SEC, DOJ (and = obviously = impotent FBI).

Here's note from the DOJ - that nails the proverbial head....

The settlement includes a statement of facts to which Goldman has agreed. That statement of facts describes how Goldman made false and misleading representations to prospective investors about the characteristics of the loans it securitized and the ways in which Goldman would protect investors


The picture and Federal Judge Jed S. Rakoff, says it all. His Honor Jed S. Rakoff stated

"Just Delayed is Justice Denied"


As noted by His Honor;

To begin with, there is the assumption that criminal prosecution of corporations makes sense as a general matter. Garrett does point out in passing that “few foreign countries have anything like the broad standard for corporate criminal liability that the United States has long had in federal courts.” One might ask why this is so. Ultimately, it rests on the recognition that companies can act only through their employees, and therefore, as most nations believe, it is more appropriate to prosecute the responsible employees than the entity that employed them.

Relatedly, criminal prosecution of corporations inevitably engenders collateral consequences that often seem at odds with the purposes of the criminal law. Since a corporation cannot be put in jail, the primary penalty is usually a monetary penalty, which is ultimately borne by the usually innocent shareholders. In addition, the greater the monetary penalty, the more likely the company will have to discharge many likewise innocent employees. Why should the criminal law be used to punish the innocent?


White Collar Crime executives don't give a flying chit if their company (in reality - the investors) pay fines.

They care about going to jail....

In order to put Romney's Bain & Goldman Sachs fraudsters in Jail.... it is the corrupt inept feds that are the problem
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Moi is now going to go after incompetent/corrupt - Dept. of Justice...

stay tuned.......
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Reply Goldman Sachs Agrees to Pay $5 Billion + To Settle Mortgage Securities (Original post)
laserhaas Apr 2016 OP
scottie55 Apr 2016 #1
Scuba Apr 2016 #74
laserhaas Apr 2016 #77
awake Apr 2016 #2
sarge43 Apr 2016 #14
awake Apr 2016 #15
GummyBearz Apr 2016 #23
packman Apr 2016 #3
laserhaas Apr 2016 #5
appalachiablue Apr 2016 #4
laserhaas Apr 2016 #6
NCjack Apr 2016 #9
appalachiablue Apr 2016 #18
JDPriestly Apr 2016 #55
think Apr 2016 #7
laserhaas Apr 2016 #10
think Apr 2016 #16
laserhaas Apr 2016 #20
global1 Apr 2016 #8
laserhaas Apr 2016 #12
Helen Borg Apr 2016 #11
laserhaas Apr 2016 #13
chapdrum Apr 2016 #49
laserhaas Apr 2016 #50
JEB Apr 2016 #17
laserhaas Apr 2016 #19
JEB Apr 2016 #31
laserhaas Apr 2016 #33
turbinetree Apr 2016 #21
laserhaas Apr 2016 #24
turbinetree Apr 2016 #32
Downwinder Apr 2016 #22
laserhaas Apr 2016 #28
Dems to Win Apr 2016 #25
GummyBearz Apr 2016 #26
laserhaas Apr 2016 #30
SoapBox Apr 2016 #27
laserhaas Apr 2016 #29
SocialLibFiscalCon Apr 2016 #34
laserhaas Apr 2016 #35
scottie55 Apr 2016 #40
laserhaas Apr 2016 #72
AlbertCat Apr 2016 #36
AgerolanAmerican Apr 2016 #38
laserhaas Apr 2016 #39
AgerolanAmerican Apr 2016 #37
laserhaas Apr 2016 #41
JudyM Apr 2016 #42
laserhaas Apr 2016 #44
jtuck004 Apr 2016 #43
laserhaas Apr 2016 #53
Javaman Apr 2016 #45
laserhaas Apr 2016 #54
chapdrum Apr 2016 #46
laserhaas Apr 2016 #56
felix_numinous Apr 2016 #47
laserhaas Apr 2016 #57
AllyCat Apr 2016 #48
laserhaas Apr 2016 #58
chapdrum Apr 2016 #51
laserhaas Apr 2016 #59
JDPriestly Apr 2016 #52
libdem4life Apr 2016 #60
laserhaas Apr 2016 #62
libdem4life Apr 2016 #64
bbgrunt Apr 2016 #61
laserhaas Apr 2016 #63
Dustlawyer Apr 2016 #65
KansDem Apr 2016 #75
Spitfire of ATJ Apr 2016 #66
laserhaas Apr 2016 #68
Spitfire of ATJ Apr 2016 #70
laserhaas Apr 2016 #71
Ferd Berfel Apr 2016 #67
laserhaas Apr 2016 #69
harun Apr 2016 #80
laserhaas Apr 2016 #73
truebluegreen Apr 2016 #76
FighttheFuture Apr 2016 #78
harun Apr 2016 #79
laserhaas Apr 2016 #81
Enthusiast Apr 2016 #82
laserhaas Apr 2016 #83
Silver_Witch Apr 2016 #84
laserhaas Apr 2016 #85

Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:34 AM

1. Zero Prosecutions Of Goldman Sachs Felony Bank Fraud

 

You can bet they will do it again.

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Response to scottie55 (Reply #1)

Tue Apr 12, 2016, 08:17 AM

74. Well, the Prez did slap a pair of handcuffs on Jamie Dimon ....

 

Oh, wait. Did I say handcuffs? I meant cufflinks. Specifically, White House cufflinks.

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Response to Scuba (Reply #74)

Tue Apr 12, 2016, 10:15 AM

77. WOW

 

WHO would've thunk?
.
DAM

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:36 AM

2. Goldman Sachs will just right it of as "cost of doing business" and deduct it from their taxes

Leaving the rest of us to in a essence pay their bill.

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Response to awake (Reply #2)

Mon Apr 11, 2016, 12:00 PM

14. Pocket change, merely pocket change.

Doesn't even count as a slap on the wrist.

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Response to sarge43 (Reply #14)

Mon Apr 11, 2016, 12:02 PM

15. it will be charged off to the shareholders and taxpayers

No one responsible will pay.

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Response to awake (Reply #2)

Mon Apr 11, 2016, 12:21 PM

23. Its an amazing business model

 

I wish I came up with it...

1. make sure washington DC places your friends and colleagues in the treasury department
2. commit business fraud by using insider trading and fraudulent mortgage ratings to make hundreds of billions of dollars
3. pay back 2% of what you made as the penalty
4. write off the penalty against your future gains
5. profit
6. repeat

Anyone taking money from these slimy bastards is unqualified to be president of the country they are raping.

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:37 AM

3. I will look into my crystal ball and predict ---

just like the BP oil spill in the Gulf of Mexico, Goldman & Sachs will find a way to make this a tax-deductible item in its books, somewhat like an "operating/business expense".

DAMNIT AWAKE - you beat me by a one minute posting.

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Response to packman (Reply #3)

Mon Apr 11, 2016, 11:43 AM

5. Ha Ha.... I knew it... that someone else was on the path. I left out tidbits at bottom

 

to rush it in.

Thank you - for being on the correct pathway....

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:37 AM

4. 'Relief for homeowners, borrowers and communities' I look forward to SEEING IT. Ha!

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Response to appalachiablue (Reply #4)

Mon Apr 11, 2016, 11:45 AM

6. YUP - remember that $25 Billion - with $9 Billion to California

 

All Bull....100%

BofA actually wrote of bad loans - thrice...

They took the foreclosures - sold them to friends (making kickbacks)

wrote of the purported losses

and THEN - wrote of BofA's share of the $25 Billion settlement;
by saying they paid their part - from the (already closed case) foreclosures that they padded onto the $25 Billion promise

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Response to appalachiablue (Reply #4)

Mon Apr 11, 2016, 11:50 AM

9. Relief? Most of those homeowners and borrowers got the financial death penalty, and

they did not commit a crime to get it. Yet, Goldman Sachs robbed millions, and it gets to live by paying a paltry fine. No trial for us to see the details of what they did. Part of the legacy of the Obama Administration. Vote Bernie2016.

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Response to NCjack (Reply #9)

Mon Apr 11, 2016, 12:10 PM

18. Worst Fianancial Crash and Great Recession in 75 years, attributed to

Clinton's ties with Wall Street and repeal of the historic firewall Glass-Steagall Banking Act of 1933. Absolute CORRUPTION, FRAUD and ROBBERY.

A friend of the family, a lawyer who lost her job in 2009 from cutbacks and the single mother of two young children, one a little girl seriously ill with cancer and on chemo applied for a loan modification on their home in a large metro area. The bank approved a $30 a month mortgage reduction. I kid not. Just Criminal.

~ Break up the corrupt, dangerous TBTF Banksters before they crash again! Even bankers on WS like financier Asher Edelman (model for Gordon Gekko) and others, also leading economists know how risky the concentrated, monopoly Big Banks are to the US and global economies.

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Response to NCjack (Reply #9)

Mon Apr 11, 2016, 01:24 PM

55. Many of the homeowners ended up in bankruptcy. That usually means no credit for about

seven years or so. No opportunity to buy a house or start a new business or borrow for other purposes.

Meanwhile, the banks and mortgage companies that sold prospective homeowners on those adjustable mortgages? They pay fines that are small compared to the profits they made.

The credit of the banks is not ended or even harmed by the fact that they caused so many homeowners to go into bankruptcy.

What a sick system. Just sick.

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:47 AM

7. Full text:

 

Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Monday, April 11, 2016
Goldman Sachs Agrees to Pay More than $5 Billion in Connection with Its Sale of Residential Mortgage Backed Securities

The Justice Department, along with federal and state partners, announced today a $5.06 billion settlement with Goldman Sachs related to Goldman’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. The resolution announced today requires Goldman to pay $2.385 billion in a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and also requires the bank to provide $1.8 billion in other relief, including relief to underwater homeowners, distressed borrowers and affected communities, in the form of loan forgiveness and financing for affordable housing. Goldman will also pay $875 million to resolve claims by other federal entities and state claims. Investors, including federally-insured financial institutions, suffered billions of dollars in losses from investing in RMBS issued and underwritten by Goldman between 2005 and 2007.

“This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said Acting Associate Attorney General Stuart F. Delery. “This $5 billion settlement includes a $1.8 billion commitment to help repair the damage to homeowners and communities that Goldman acknowledges resulted from its conduct, and it makes clear that no institution may inflict this type of harm on investors and the American public without serious consequences.”

“Today’s settlement is another example of the department’s resolve to hold accountable those whose illegal conduct resulted in the financial crisis of 2008,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division. “Viewed in conjunction with the previous multibillion-dollar recoveries that the department has obtained for similar conduct, this settlement demonstrates the pervasiveness of the banking industry’s fraudulent practices in selling RMBS, and the power of the Financial Institutions Reform, Recovery and Enforcement Act as a tool for combatting this type of wrongdoing.”

“Today’s settlement is yet another acknowledgment by one of our leading financial institutions that it did not live up to the representations it made to investors about the products it was selling,” said U.S. Attorney Benjamin B. Wagner of the Eastern District of California. “Goldman’s conduct in exploiting the RMBS market contributed to an international financial crisis that people across the country, including many in the Eastern District of California, continue to struggle to recover from. I am gratified that this office has developed investigations, first against JPMorgan Chase and now against Goldman Sachs, that have led to significant civil settlements that hold bad actors in this market accountable. The results obtained by this office and other members of the RMBS Working Group continue to send a message to Wall Street that we remain committed to pursuing those responsible for the financial crisis.”

The $2.385 billion civil monetary penalty resolves claims under FIRREA, which authorizes the federal government to impose civil penalties against financial institutions that violate various predicate offenses, including wire and mail fraud. The settlement expressly preserves the government’s ability to bring criminal charges against Goldman, and does not release any individuals from potential criminal or civil liability. In addition, as part of the settlement, Goldman agreed to fully cooperate with any ongoing investigations related to the conduct covered by the agreement.

Of the $875 million Goldman has agreed to pay to settle claims by various other federal and state entities: Goldman will pay $575 million to settle claims by the National Credit Union Administration, $37.5 million to settle claims by the Federal Home Loan Bank of Des Moines as successor to the Federal Home Loan Bank of Seattle, $37.5 million to settle claims by the Federal Home Loan Bank of Chicago, $190 million to settle claims by the state of New York, $25 million to settle claims by the state of Illinois and $10 million to settle claims by the state of California.

Goldman will pay out the remaining $1.8 billion in the form of relief to aid consumers harmed by its unlawful conduct. $1.52 billion of that relief will be paid out pursuant to an agreement with the United States that Goldman will provide loan modifications, including loan forgiveness and forbearance, to distressed and underwater homeowners throughout the country, as well as financing for affordable rental and for-sale housing throughout the country. This agreement represents the largest commitment in any RMBS agreement to provide financing for affordable housing—a crucial need following the turmoil of the financial crisis. $280 million will be paid out by Goldman pursuant to an agreement separately negotiated with the state of New York.

The settlement includes a statement of facts to which Goldman has agreed. That statement of facts describes how Goldman made false and misleading representations to prospective investors about the characteristics of the loans it securitized and the ways in which Goldman would protect investors in its RMBS from harm (the quotes in the following paragraphs are from that agreed-upon statement of facts, unless otherwise noted):

Goldman told investors in offering documents that “[l]oans in the securitized pools were originated generally in accordance with the loan originator’s underwriting guidelines,” other than possible situations where “when the originator identified ‘compensating factors’ at the time of origination.” But Goldman has today acknowledged that, “Goldman received information indicating that, for certain loan pools, significant percentages of the loans reviewed did not conform to the representations made to investors about the pools of loans to be securitized.”

Specifically, Goldman has now acknowledged that, even when the results of its due diligence on samples of loans from those pools “indicated that the unsampled portions of the pools likely contained additional loans with credit exceptions, Goldman typically did not . . . identify and eliminate any additional loans with credit exceptions.” Goldman has acknowledged that it “failed to do this even when the samples included significant numbers of loans with credit exceptions.”
Goldman’s Mortgage Capital Committee, which included senior mortgage department personnel and employees from Goldman’s credit and legal departments, was required to approve every RMBS issued by Goldman. Goldman has now acknowledged that “[t]he Mortgage Capital Committee typically received . . . summaries of Goldman’s due diligence results for certain of the loan pools backing the securitization,” but that “[d]espite the high numbers of loans that Goldman had dropped from the loan pools, the Mortgage Capital Committee approved every RMBS that was presented to it between December 2005 and 2007.” As one example, in early 2007, Goldman approved and issued a subprime RMBS backed by loans originated by New Century Mortgage Corporation, after Goldman’s due diligence process found that one of the loan pools to be securitized included loans originated with “[e]xtremely aggressive underwriting,” and where Goldman dropped 25 percent of the loans from the due diligence sample on that pool without reviewing the unsampled 70 percent of the pool to determine whether those loans had similar problems.

Goldman has acknowledged that, for one August 2006 RMBS, the due diligence results for some of the loan pools resulted in an “unusually high” percentage of loans with credit and compliance defects. The Mortgage Capital Committee was presented with a summary of these results and asked “How do we know that we caught everything?” One transaction manager responded “we don’t.” Another transaction manager responded, “Depends on what you mean by everything? Because of the limited sampling . . . we don’t catch everything . . .” Goldman has now acknowledged that the Mortgage Capital Committee approved this RMBS for securitization without requiring any further due diligence.

Goldman made detailed representations to investors about its “counterparty qualification process” for vetting loan originators, and told investors and one rating agency that Goldman would engage in ongoing monitoring of loan sellers. Goldman has now acknowledged, however, that it “received certain negative information regarding the originators’ business practices” and that much of this information was not disclosed to investors.

For example, Goldman has now acknowledged that in late 2006 it conducted an internal analysis of the underwriting guidelines of Fremont Investment & Loan (an originator), which found many of Fremont’s guidelines to be “off market” or “at the aggressive end of market standards.” Instead of disclosing its view of Fremont’s underwriting, Goldman has acknowledged that it “undertook a significant marketing effort” to tell investors about what Goldman called Fremont’s “commitment to loan quality over volume” and “significant enhancements to Fremont underwriting guidelines.” Fremont was shut down by federal regulators within several months of these statements.

In another example, Goldman was aware in early-mid 2006 of certain issues with Countrywide Financial Corporation’s origination process, including a pattern of non-responsiveness and inability to provide sufficient staff to handle the numerous loan pools Countrywide was selling. In April 2006, while Goldman was preparing an RMBS backed by Countrywide loans for securitization, a Goldman mortgage department manager circulated a “very bullish” equity research report that recommended the purchase of Countrywide stock. Goldman’s head of due diligence, who had just overseen the due diligence on six

Countrywide pools, responded “If they only knew . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .”
Meanwhile, as Goldman has acknowledged in this statement of facts, “[Around the end of 2006], Goldman employees observed signs of uncertainty in the residential mortgage market [and] by March 2007, Goldman had largely halted new purchases of subprime loan pools.”

Assistant U.S. Attorneys Colleen Kennedy and Kelli Taylor of the Eastern District of California investigated Goldman’s conduct in connection with RMBS, with the support of the Federal Housing Finance Agency’s Office of the Inspector General (FHFA-OIG) and the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

“Goldman Sachs had a fiduciary responsibility to investors, which they blatantly side stepped,” said Deputy Inspector General for Investigation Rene Febles of FHFA-OIG. “They knowingly put investors at risk and in so doing contributed significantly to the financial crisis. The losses caused by this irresponsible behavior deeply affected not only financial institutions but also taxpayers and one can only hope that Goldman Sachs has learned the difference between risk and deceit. Two Federal Home Loan Banks suffered significant losses so we are pleased to see both entities receive a portion of this settlement. We will continue to work with our law enforcement partners to hold those accountable who have engaged in misconduct.”

“Goldman took $10 billion in TARP bailout funds knowing that it had fraudulently misrepresented to investors the quality of residential mortgages bundled into mortgage backed securities,” said Special Inspector General Christy Goldsmith Romero for TARP. “Many of these toxic securities were traded in a taxpayer funded bailout program that was designed to unlock frozen credit markets during the crisis. While crisis investigations take time, SIGTARP is committed to working with our law enforcement partners to protect taxpayers and bring accountability and justice.”

The settlement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force’s RMBS Working Group, which has recovered tens of billions of dollars on behalf of American consumers and investors for claims against large financial institutions arising from misconduct related to the financial crisis. The RMBS Working Group brings together attorneys, investigators, analysts and staff from multiple state and federal agencies, including the Department of Justice, U.S. Attorneys’ Offices, the FBI, the U.S. Securities and Exchange Commission (SEC), the Department of Housing and Urban Development (HUD), HUD’s Office of Inspector General, the FHFA-OIG, SIGTARP, the Federal Reserve Board’s OIG, the Recovery
Accountability and Transparency Board, the Financial Crimes Enforcement Network and multiple state Attorneys General offices around the country. The RMBS Working Group is led by Director Joshua Wilkenfeld and five co-chairs: Principal Deputy Assistant Attorney General Mizer, Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, Director Andrew Ceresney of the SEC’s Division of Enforcement, U.S. Attorney John Walsh of the District of Colorado and New York Attorney General Eric Schneiderman. This settlement is the fifth multibillion-dollar RMBS settlement announced by the working group.

Learn more about the RMBS Working Group and the Financial Fraud Enforcement Task Force at www.StopFraud.gov.

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Response to think (Reply #7)

Mon Apr 11, 2016, 11:53 AM

10. RULES of LBN don't allow for posting more than 4 para's

 

and full text doesn't diminish the fact - of what is REALLY going on here

just sayin...

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Response to laserhaas (Reply #10)

Mon Apr 11, 2016, 12:08 PM

16. Sorry. Forgot this was LBN. Just figured since it was public information I would post it in full.

 

Again. Wasn't trying to step on any toes. Just wanted to post it in it's entirety since it is public information.

Cheers..

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Response to think (Reply #16)

Mon Apr 11, 2016, 12:15 PM

20. It's alright with me.... As people need to see the whole thing

 

As noted (below) this is DOJ vaseline

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:48 AM

8. The Key Words In This Are "Illegal Conduct" ....

“Today’s settlement is another example of the department’s resolve to hold accountable those whose illegal conduct resulted in the financial crisis of 2008".

For everyone else - "llegal conduct" means jail. There is a double standard for Bankster's. They get a fine that they can write off as a tax deduction. And we The People are left with the bill.

Enough is enough.

Support Bernie Sanders!!!!

Feel the Bern!!!!!

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Response to global1 (Reply #8)

Mon Apr 11, 2016, 11:54 AM

12. Couldn't agree more - as a victim of $achs and Bain Cap. organized crimes

 

protected by United States Attorney corruption

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 11:53 AM

11. And the made how much in profits?

...

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Response to Helen Borg (Reply #11)

Mon Apr 11, 2016, 11:55 AM

13. We'll never know

 

This is what Dimon was smiling about, when he talked to Senator Warren

and she said - your breaking the law...

According to Senator Warren, - JP Morgan's CEO - Dimon - sat back and said

"so fine me"

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Response to laserhaas (Reply #13)

Mon Apr 11, 2016, 01:07 PM

49. "so fine me" instead of

 

I'll take that over having the government shut me down.

(Not clear to me that the government even has that power.)

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Response to chapdrum (Reply #49)

Mon Apr 11, 2016, 01:10 PM

50. Gov has power to shut down the criminals

 

Just think about that - Indicting Romney or Goldman's Blankfein

WOW

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:09 PM

17. Since when did Justice become applying the vaseline?

 

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Response to JEB (Reply #17)

Mon Apr 11, 2016, 12:13 PM

19. HA HA --- good one..

 

Oh poor, poor Goldman $achs (of chit) - please take this rub down as proof of DOJ (revolving door) sympathy

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Response to laserhaas (Reply #19)

Mon Apr 11, 2016, 12:31 PM

31. Revolving door seems to be the crux of the problem. nt

 

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Response to JEB (Reply #31)

Mon Apr 11, 2016, 12:33 PM

33. I've decided to go after DOJ - for that very reason

 

Thread posting - shortly

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:18 PM

21. I keep thinking that these "business's" are in some way.......................

as David cay Johnston said in his book "The Fine Print" on page 150 on Rule 23A and 23B and the subsequent paragraphs after all this, people, a lot of home owners or the former are still living on the streets, or standing on street corners begging for food because of what this firm and many others did ----------it's that simple.

And if I am correct.......................not one apology.

Somehow the media spin is going to say, see, they had to pay 5 Billion----------------this is from there Third Quarter 2015......................on what this firm made .............................

http://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2015-q3-results.pdf



Honk----------------------for a political revolution Bernie 2016




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Response to turbinetree (Reply #21)

Mon Apr 11, 2016, 12:23 PM

24. thanks for this - turbinetree

 

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Response to laserhaas (Reply #24)

Mon Apr 11, 2016, 12:33 PM

32. Your welcome.............................

Honk---------------------for a political revolution Bernie 2016

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:20 PM

22. Does this put anyone back in their homes?

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Response to Downwinder (Reply #22)

Mon Apr 11, 2016, 12:24 PM

28. YUP - Blankfein and gang - into bigger ones

 

Ya know - it would be a crying shame if Lloyd only had 1 pool & patio

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:24 PM

25. Clinton DOJ will give us more of the same. We MUST nominate Bernie!!!!nt

 

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:24 PM

26. Are common crooks going to have to pay back a fraction of what they steal now?

 

I mean... if that is the new law, everyone should rob a convenience store for a few hundred bucks, then pay the $5 penalty associated with it. Then repeat

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Response to GummyBearz (Reply #26)

Mon Apr 11, 2016, 12:28 PM

30. Hey - that's what Sachs and Bain do....rinse lather gather

 

and repeat.

Our eToys and Kay Bee have been in bankruptcy - multiple times

stiffing all victims/ creditors

winding back up at Bain (this time under Toys R Us umbrella)

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:24 PM

27. And Hillary goes fundraising in Hong Kong, with an EX Goldman Sachs Exec

that is a member of her team, this weekend.

Nice...very nice.

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Response to SoapBox (Reply #27)

Mon Apr 11, 2016, 12:25 PM

29. Isn't her son-in-law a GSachs former

 

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:35 PM

34. Funny they actually didn't discuss the FRAUD...

 

The worst thing Goldman Sachs did in my opinion was sell these RMBS backed securities to their clients, then turn around and bet AGAINST these same securities in the derivative/credit default swap market, where they made a killing when the loans and related bonds all tanked!

That is called FRAUD. How anyone would possibly still trust this company with a dime of their money is beyond me!

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Response to SocialLibFiscalCon (Reply #34)

Mon Apr 11, 2016, 12:38 PM

35. Judge Rakoff refused to sign an SEC settlement with Citi - for that very reason of - NO Details

 

But Circuit order the District Court judge to do so...

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Response to SocialLibFiscalCon (Reply #34)

Mon Apr 11, 2016, 12:43 PM

40. It's Like When Bill Clinton Said What Bain Capital Did Was "Good Work"

 

And "she" takes money from them for "speeches".

We're so screwed.

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Response to scottie55 (Reply #40)

Mon Apr 11, 2016, 03:05 PM

72. Yup!...fer sure Hillary isnt going to return speech money

 

And she'll never punish Goldman Sachs
.
And IMO ..Romney's coming.
.
Fer sure he won't prosecute Bain, nor Sachs...
.
Bernie IS our only hope

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:38 PM

36. another example of the department’s resolve to hold accountable those whose illegal conduct ...

 

So...

Who's going to jail???

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Response to AlbertCat (Reply #36)

Mon Apr 11, 2016, 12:41 PM

38. some black guy who stole a bunch of candy bars

 

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Response to AlbertCat (Reply #36)

Mon Apr 11, 2016, 12:41 PM

39. Probably another victim or protestor

 

you know

pests

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:40 PM

37. $5 billion of fraud

 

zero bankers in jail

Goldman's ABACUS deal alone justifies shutting down the company as a corrupt organization. There are no fewer than four separate and distinct acts of fraud involved. Any company with any sort of oversight should have shut it down long before it saw the light of day.

If Hillary keeps her transcripts we can only assume the speeches were about how to get away with it.

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Response to AgerolanAmerican (Reply #37)

Mon Apr 11, 2016, 12:43 PM

41. Our eToys case could RICO Bain Cap. and (barest of minimums) make sure GSachs never does another IPO

 

But DOJ is covering it all up - including mayhem and homicides related.

This is just another whitewash

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:44 PM

42. The sentencing guideline are clear that individual exec's can be prosecuted. They should be. Period.

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Response to JudyM (Reply #42)

Mon Apr 11, 2016, 12:54 PM

44. In our eToys public company fraud case ... we have confessions of intentional lies under oath

 

But judge said she didn't care - because she knew that Goldman Sachs and Bain Capital had an ace in the hole.


MNAT.com was GSachs and Bain Capital law firm that admitted supplication of false affidavits

Partner of MNAT was Colm Connolly - who was then sneaked in to be the very U.S. Attorney over our eToys case.

Colm Connolly, for 7 years, refused to investigate and/or prosecute Goldman Sachs & Bain Capital.

When we found proof (his resume at DOJ) that he was a partner of MNAT.. we reported it to the

DOJ Public Corruption Task Force - that was then SHUT DOWN

See L.A. Times story "Shake-up roils federal prosecutors".





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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:44 PM

43. “You don't stick a knife in a man's back nine inches and then pull it out six inches and say

 

you're making progress ...

― Malcolm X

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Response to jtuck004 (Reply #43)

Mon Apr 11, 2016, 01:23 PM

53. Malcom and MLK made many good points

 

no pun intended - but okay to stay

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:57 PM

45. yet no one will go to jail and the regulations will remain unchanged.

speeding up toward the cliff.

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Response to Javaman (Reply #45)

Mon Apr 11, 2016, 01:24 PM

54. Moi is trying to change that = Javaman

 

All we need is - just one - decent federal agent/judge to say what happened in eToys

Just one comment that fraud is fraud

and MANY dominoes will fall

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:58 PM

46. "...Since a corporation cannot be put in jail, the primary penalty is usually a monetary penalty..."

 

To me, this begs the question: Why can't a corporation be DISMANTLED?

It (like ALL of them) was created out of NOTHING, by humans.

It is NOT an immutable law of nature, BUT we receive AND treat it as such.

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Response to chapdrum (Reply #46)

Mon Apr 11, 2016, 01:25 PM

56. We can get Bain RICO'd - if feds would stop covering it all up

 

They still believe Mitt may become POTUS

and revolve their doors to the wealth of Alvarez

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 12:59 PM

47. K&R

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Response to felix_numinous (Reply #47)

Mon Apr 11, 2016, 01:26 PM

57. Thanks felix

 

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 01:00 PM

48. Resolve? How about complete repayment to EVERYONE that lost their homes?

Everything be made whole in every way. Then send these crooks to PRISON and revoke any license they have to handle anyone's money. Ever. Not even a cashier position.

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Response to AllyCat (Reply #48)

Mon Apr 11, 2016, 01:28 PM

58. Actually Sarbanes/Oxley forbids crooked (or possible crooks) from going around to public companies

 

that keep winding up in trouble - or in bankruptcy.

But - as Judge Rakoff said -

there's plenty of laws to prosecute Wall Street frauds

but there's no prosecutors who care to try

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 01:11 PM

51. Related opinion, from the past and present

 

"No greater mistake can be made than to think that our institutions are fixed or may not be changed for the worse. ... Increasing prosperity tends to breed indifference and to corrupt moral soundness. Glaring inequalities in condition create discontent and strain the democratic relation. The vicious are the willing, and the ignorant are unconscious instruments of political artifice. Selfishness and demagoguery take advantage of liberty. The selfish hand constantly seeks to control government, and every increase of governmental power, even to meet just needs, furnishes opportunity for abuse and stimulates the effort to bend it to improper uses. ... The peril of this nation is not in any foreign foe! We, the people, are its power, its peril, and its hope!" -Charles Evans Hughes, jurist and statesman (11 Apr 1862-1948)

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Response to chapdrum (Reply #51)

Mon Apr 11, 2016, 01:30 PM

59. We constantly seek to remind fed authorities they swore an oath against assaults on Constitution by

 

foreign threats

and - DOMESTICs

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 01:20 PM

52. About downsizing Wall Street. The opportunity to get Goldman to agree to downsize itself

was during the negotiation of this settlement.

That is the moment to obtain an agreement that the bank or investment house will sell off or divest itself of some of its assets.

Why didn't the Obama administration make breaking up this huge, overbearing financial institution a part of the settlement?

Bad negotiating techniques. Again.

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 01:37 PM

60. Calling Bernie Sanders.

 

He can bring the intent, energy, and start the process. And anyone who makes fun of "unicorns and free stuff" isn't paying attention.

And no, he doesn't have all the details. No one does because it involves a Lot of People and Bureaucrats to even get it started. There will be massive resistance.

But anyone who started this race at 4 percent and is now in a dead heat has a lot of inner and outer conviction and power.

See, that's where we the People come in. Bernie speaks and we trust him to do the right thing and we'll follow his lead.

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Response to libdem4life (Reply #60)

Mon Apr 11, 2016, 01:39 PM

62. YUP - Help U.S. Bernie the One

 

You're our ONLY hope!

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Response to laserhaas (Reply #62)

Mon Apr 11, 2016, 02:08 PM

64. I see what you did there...:)

 

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 01:37 PM

61. big K and R!

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Response to bbgrunt (Reply #61)

Mon Apr 11, 2016, 01:40 PM

63. Thanks Much - bbgrunt

 

....

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 02:10 PM

65. Probably all tax deductable too!

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Response to Dustlawyer (Reply #65)

Tue Apr 12, 2016, 09:36 AM

75. Just heard this on Democracy Now! this morning

Last edited Tue Apr 12, 2016, 10:52 AM - Edit history (1)

The fines will be tax deductible!

We, the American taxpayers, will be paying Goldman Sachs' fines.

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 02:22 PM

66. I'd pull their charter. Goldman ran a criminal organization.

 

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Response to Spitfire of ATJ (Reply #66)

Mon Apr 11, 2016, 02:36 PM

68. I don't agree. And you'd be hard pressed to find a greater victim

 

(except ..maybe....for those leap off the roof execs ..worldwide).
.
Petters 50 years..Madoffs 125 years...is bogus.
.
Guve them 10 years and forbid return to finance markets

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Response to laserhaas (Reply #68)

Mon Apr 11, 2016, 02:45 PM

70. The world will go on after the death of Goldman....

 

It survived after the demise of Lehman Brothers.

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Response to Spitfire of ATJ (Reply #70)

Mon Apr 11, 2016, 03:01 PM

71. Concur....the wrold will revolve ...until it doesnt anymore

 

But it would set a far better example..to set GSachs straight
.
Then to kill it.
.
Hundreds of billions in dollars would be lost ..if it were killed
.
Bain Cap. ....on the other hand.....has been. Racketeering

From the outset

And if you RICO'd Bain Cap...its not like other Ponzi

Romney & Bain own Clear Channel, Burlington Coat Factory, Dunkin Donuts, Guitar Centers etc., etc.
.
All us vuctims would get compensated

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 02:34 PM

67. THe Fine just makes the Government a Partner in the Crime

If the Heads of these Criminal cabals don't go to jail, for extended periods, it just doesn't count. If they don't' go to jail, there is no reason to change the behavior.

Fines are simply a cost of doing business. And most of the time these 'fines' are tax write-offs so we end up paying.


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Response to Ferd Berfel (Reply #67)

Mon Apr 11, 2016, 02:38 PM

69. Especially when the door revolves

 

DOJ personnel getting away with future benefits

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Response to Ferd Berfel (Reply #67)

Tue Apr 12, 2016, 10:28 AM

80. Well said. Co-conspirators.

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Response to laserhaas (Original post)

Mon Apr 11, 2016, 05:37 PM

73. The DOJ needs to be exposed..for slapping wrists

 

And...in our case...wrists weren't even slapped

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Response to laserhaas (Original post)

Tue Apr 12, 2016, 10:12 AM

76. How much of that is a tax write-off? nt

 

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Response to laserhaas (Original post)

Tue Apr 12, 2016, 10:22 AM

78. Another blotch on Obama's legacy. Pathetic.

 

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Response to laserhaas (Original post)

Tue Apr 12, 2016, 10:27 AM

79. Fucking looters



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Response to harun (Reply #79)

Tue Apr 12, 2016, 10:35 AM

81. So apropos

 

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Response to harun (Reply #79)

Tue Apr 12, 2016, 10:36 AM

82. Joyous!

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Response to laserhaas (Original post)

Tue Apr 12, 2016, 10:38 AM

83. I'm going to sue DOJ about this chit...of willful blindness

 

and revolving door co-conspiracy.
.
I've been going about this all wrong

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Response to laserhaas (Original post)

Tue Apr 12, 2016, 10:45 AM

84. And where does the money go?

 

To those who lost their homes, NO. To those who lost their investments, NO! Too those who lost their Jones, NO!

IT goes to the government to pay for WAR!

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Response to Silver_Witch (Reply #84)

Tue Apr 12, 2016, 11:07 AM

85. Often wondered about that.. When Spitzer boasted

 

About greatest settlement ever
.
Where does the money go..

And who audits it

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