Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Government will not Pursue Charges Against Goldman Sachs
Old 08-09-2012, 07:24 PM   #1
samclem's Avatar
Join Date: May 2004
Location: SW Ohio
Posts: 14,100
Government will not Pursue Charges Against Goldman Sachs

From the WSJ:

After a year-long investigation, the Justice Department said Thursday that it will not bring charges against Goldman Sachs Group Inc.or any of its employees for financial fraud related to the mortgage crisis.
In a statement released Thursday, the Justice Department said "the burden of proof" couldn't be met to prosecute Goldman criminally based on claims made in an extensive report prepared by a U.S. Senate panel that investigated the financial crisis.
"Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report," the statement read.
The Justice Department reserved the right to bring charges in the future if new evidence emerges.
So, looks like there were no problems at GS leading up to the mortgage crisis worthy of prosecutorial attention according to the government. Our long national nightmare is over. Okay.

Here's what GS was accused of:

. . . But the Goldman accusations are likely to provoke the biggest uproar, as the bank is again accused of assembling and aggressively marketing billions of dollars in poor quality mortgage securities called collateralized debt obligations that it bet against and purportedly deceived its investor clients.

The subcommittee released new documents showing how Goldman recommended four CDOs, Hudson, Anderson, Timberwolf, and Abacus, to its clients without “fully disclosing key information about those products,” or Goldman’s own views of the securities.

“Their incentives were not aligned. Their investment in the long side, risk side, the portion of the equity, amounted to $6 million, they were secretly short $2 billion in Hudson. In other words their opposite position was 300 times the size of their aligning position,” said the panel’s chairman, Sen. Carl Levin, Democrat of Michigan, at a press conference.

samclem is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-10-2012, 02:57 PM   #2
Dryer sheet wannabe
Join Date: Dec 2008
Posts: 11
GS is slapping eachother on the back saying hey, if we got away with this, why not come up with more schemes to line our pockets with our DUMB customers money.

silentfaith is offline   Reply With Quote
Old 08-10-2012, 05:50 PM   #3
Thinks s/he gets paid by the post
grasshopper's Avatar
Join Date: Oct 2010
Posts: 1,882
GS if their talking their lying.
For me experiences are not good or bad, just different
grasshopper is offline   Reply With Quote
Old 08-10-2012, 05:53 PM   #4
Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
Lots of BS going around. For example the school system in San Diego taking out those crazy bonds. When I hear about Goldman and that school system. I just think about reaping and sowing.
Notmuchlonger is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

» Quick Links

All times are GMT -6. The time now is 01:46 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.