Politics Goldman Sachs to pay $5bn for its role in the 2008 financial crisis

Discussion in 'The Howard Stern Show' started by dawg, Apr 13, 2016.

  1. dawg

    dawg In The Dog House Staff Member

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    Yet not one fat cat in a suit is behind bars.

    goldman-sachs-wall-street.jc.top.jpg

    Goldman Sachs will pay $5.06bn for its role in the 2008 financial crisis, the US Department of Justice said on Monday. The settlement, over the sale of mortgage-backed securities from 2005 to 2007, was first announced in January.

    “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,” acting associate attorney general Stuart Delery said in a statement.

    In January, Goldman said it expected the agreement to reduce its earnings for the fourth quarter by about $1.5bn after tax. According to the Wall Street bank, the settlement will consist of a $2.385bn civil monetary penalty, $875m in cash payments, and $1.8bn in consumer relief.

    Among other measures, the bank will offer a reduction in unpaid principal for affected homeowners and borrowers.

    “We are pleased to have reached an agreement in principle to resolve these matters,” Lloyd C Blankfein, chairman and chief executive of Goldman Sachs, said in January.

    This is only the latest multibillion-dollar civil settlement reached with a major bank over the economic meltdown in which millions of Americans lost their homes to foreclosure.

    Goldman Sachs and Morgan Stanley, which earlier this year agreed to pay $3.2bn, are two of the last big banks to pay up. Bank of America agreed to pay the largest of the settlements, $16.6bn, in 2014. A year earlier, JPMorgan Chase paid about $13bn.

    Such settlements have been worked out by the Residential Mortgage-Backed Securities Working Group, which is co-chaired by New York’s attorney general, Eric Schneiderman.

    New Yorkers will receive about $670m of the Goldman Sachs settlement, including $190m in cash and $480m in consumer relief such as mortgage assistance and principal forgiveness.

    “Since 2012, my No1 priority has been getting New Yorkers the resources they need to rebuild,” Schneiderman said on Monday. “This settlement, like those before it, ensures that these critical programs … will continue to get funded well into the future, and will be paid for by the institutions responsible for the financial crisis.”

    The deal, however, includes no criminal sanctions or penalties and is likely to stir additional criticism about the Justice Department’s inability to hold bank executives personally responsible for the financial crisis.

    http://www.theguardian.com/business...-financial-crisis-mortagage-backed-securities
     
  2. redial

    redial Well-Known Member

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    If you add up all the damage done, I think they got off easy.
     
  3. Shortwave98

    Shortwave98 A-Number 1 Banned User

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    Chump change for those assholes. It's fixing to happen again. Worse this time.
     
  4. dawg

    dawg In The Dog House Staff Member

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    Yep, it's the equivalent of you and me being fined 20 dollars for robbing people.
     
  5. LaserT

    LaserT You have to have fun. Gold

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    Small amount, but glad they go some kind of penalty.
     
  6. Ipokesmot

    Ipokesmot Well-Known Member Banned User

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    Jews fining jews! :jj: They're all laughing to the bank.
     
  7. somedude61

    somedude61 Well-Known Member

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    Muther fucking scumbags getting off essentially scott free. W.T.F? This is why people are so pissed off at our government. Fuckers like these banking assholes get off with just a slap. The majority of people in this country want to see the perp-walk for all the board members of these fucking banks.
     
  8. ramble

    ramble Well-Known Member

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    Rob a bank and get 20 years. Rich fuck fucking over people to the tune of billions, 0.0.
     
  9. Ipokesmot

    Ipokesmot Well-Known Member Banned User

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    Well to be honest, jews wouldn't get away with this shit if most Murrricans weren't stupid as fucking rocks when it comes to a mortgage. Same with tech support scammers and Nigerians, they target Murrrica because most people don't have 2 brain cells to rub together.
     
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  10. dawg

    dawg In The Dog House Staff Member

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    If you stole 20 dollars you would be looking at jail time. Steal billions and you get a high five and a slap on the ass.
     
  11. somedude61

    somedude61 Well-Known Member

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    Yeah, the only guy that went to jail was Bernie Madoff. And the only reason he went to jail is because he could pay the fine. He spent all the money.
     
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  12. God

    God Well-Known Member

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    It's all Monopoly money these days anyhow.

    Our monetary system is completely fucked, and has been for a long time.
     
  13. FishySausage

    FishySausage Original Nuttah VIP Gold

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    I get that nobody went to jail. That's the world we live in. The uber-rich can buy their way out of just about anything.
    The real crime is that NOTHING FUCKING CHANGED!!!
    The banks are just as big or bigger than '08 and they're doing the same shit.
    I'd like to see our politicians doing the perp walk for not breaking up these banks and putting failsafes in to protect us.
    Our economy WILL take another hit because these bankers just don't care
     
  14. potroast

    potroast Well-Known Member

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    190 million? Chigga please.
     
  15. potroast

    potroast Well-Known Member

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    Oh. That a little better.
     
  16. FishySausage

    FishySausage Original Nuttah VIP Gold

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    So should I wait by my mailbox for my check from them?
     
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  17. Beth143nacho

    Beth143nacho Well-Known Member VIP

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    Ya think?

    This is a political stunt
     
  18. Beth143nacho

    Beth143nacho Well-Known Member VIP

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    If you comtinue to vote for establishment candidates, nothing WILL change. Trumps causing enough panic that I actually believe he MAY change things. I may be wrong about that, but one thing I'm sure of: none of the others will... Not even samders.
     
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  19. HS Cult Leader

    HS Cult Leader Elite Member Gold

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    Greta Van Susteren was furious over this last night, especially because The Attorney General said it was her mission to bring these people to "justice" when she took office. Now this is at least the third time a deal has been struck that brings NO criminal charges to ANYONE or the institution. Sure, they pay a fine, but these fines don't come out of anyone's salaries or even the Christmas party fund. This money will, as always, be payed by the share holders/investors! Meaning, YOU if you have a portfolio or retirement fund with them.
     
  20. HS Cult Leader

    HS Cult Leader Elite Member Gold

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    When Lynch made her promise:



    And within days broke it and keeps breaking it to this day...

     
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