FARK.com: (7260566) Justice Dept. won't bring charges against any Goldman Sachs employees for fraud charges related to the mortgage crisis. U.S.A. U.S.A

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		Justice Dept. won't bring charges against any Goldman Sachs employees for fraud charges related to the mortgage crisis. U.S.A. U.S.A (bloomberg.com)		354
		More: Obvious, Goldman Sachs, United States Department of Justice, United States, CDO, mortgage crisis, Lloyd Blankfein, Tom Coburn, Southern District of New York

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5853 clicks; posted to Main » and Business » on 10 Aug 2012 at 5:28 AM (10 years ago) | Favorite | share:

354 Comments (+0 »)

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Sgygus

2012-08-09 10:31:39 PM

Mafia racketeers: in jail.
Wall Street racketeers: here's your $2,000.000 bonus.

EnviroDude

2012-08-09 10:40:07 PM

Has the Obama admin sent any Wall Street exec to jail for their part in any of the 2007 meltdowns?

captcaveman

2012-08-09 10:41:10 PM

Fark them all.

Find yourself a Goldman Sachs rep and beat the living shiate out of them. You can quote me. Every one of those farkers deserves a beating within a inch of their lives. No exceptions.

If you work for Goldman Sachs you better be ready for a beating to remember. Oh yes you will live, but you will wish for death when your face matches the current state of the market.

I'm urging all of you farkers on here to return the favor of being farked by the people that are farking you in the arse!

Vodka Zombie

2012-08-09 10:54:14 PM

Tough to respect the American Justice System after this embarrassment.

Weaver95

2012-08-09 11:01:13 PM

And you know what? nobody will even blink. billions gone, entire regional economies shattered and...nobody will care. they'll just shrug, and go about their business.

I don't get it. I really don't. you grow a couple of pot plants or run a file trading/torrent indexing site and you'll get helicopters and SWAT teams chasing you down 'till they get you. but bankers who destroyed BILLIONS of dollars in value...won't even get a slap on the wrist or a harsh word said about what they did.

Wyckyd Sceptre

2012-08-09 11:08:56 PM

But hey, football season started!

thomps

2012-08-09 11:17:31 PM

captcaveman: Fark them all.

Find yourself a Goldman Sachs rep and beat the living shiate out of them. You can quote me. Every one of those farkers deserves a beating within a inch of their lives. No exceptions.

If you work for Goldman Sachs you better be ready for a beating to remember. Oh yes you will live, but you will wish for death when your face matches the current state of the market.

I'm urging all of you farkers on here to return the favor of being farked by the people that are farking you in the arse!

i bet you can do like 100 pushups.

cman

2012-08-09 11:58:09 PM

Wasn't this promise to prosecute bankers one of Obamas cornerstones in his campaign?

WaltzingMathilda

2012-08-10 12:02:54 AM

cman: Wasn't this promise to prosecute bankers one of Obamas cornerstones in his campaign?

i'd need a source for that. the collapse happened less than a month before the election. hard to have a cornerstone campaign agenda for an entire election that originates in the last 3 weeks before an election.

thomps

2012-08-10 12:03:34 AM

cman: Wasn't this promise to prosecute bankers one of Obamas cornerstones in his campaign?

i don't think so. no. i don't think it was even mentioned by either campaign.

edmo

2012-08-10 12:04:40 AM

Sgt Carter is surprised

Nadie_AZ

2012-08-10 12:06:19 AM

One of the reasons the recovery is so sluggish. Can we get some regulation placed on those newly trust busted financial firms?

cman

2012-08-10 12:08:57 AM

WaltzingMathilda: cman: Wasn't this promise to prosecute bankers one of Obamas cornerstones in his campaign?

i'd need a source for that. the collapse happened less than a month before the election. hard to have a cornerstone campaign agenda for an entire election that originates in the last 3 weeks before an election.

Maybe so or maybe not so. Can't find anything on the google.

thomps

2012-08-10 12:09:54 AM

cman: WaltzingMathilda: cman: Wasn't this promise to prosecute bankers one of Obamas cornerstones in his campaign?

i'd need a source for that. the collapse happened less than a month before the election. hard to have a cornerstone campaign agenda for an entire election that originates in the last 3 weeks before an election.

Maybe so or maybe not so. Can't find anything on the google.

well we can at least throw out the word "cornerstone" then.

ecmoRandomNumbers

2012-08-10 12:10:09 AM

Nadie_AZ: Can we get some regulation placed on those newly trust busted financial firms?

This is rhetorical, right? Because I think you already know the answer to that one.

Not under Republicans or Democrats is that going to happen.

Nadie_AZ

2012-08-10 12:13:03 AM

ecmoRandomNumbers: Nadie_AZ: Can we get some regulation placed on those newly trust busted financial firms?

This is rhetorical, right? Because I think you already know the answer to that one.

Not under Republicans or Democrats is that going to happen.

That's not good. Do people realize this?

nvmac

2012-08-10 12:22:27 AM

In order to receive pardon from the Government, you have to pay.

/like fat chicks

fusillade762

2012-08-10 12:45:11 AM

Nadie_AZ: ecmoRandomNumbers: Nadie_AZ: Can we get some regulation placed on those newly trust busted financial firms?

This is rhetorical, right? Because I think you already know the answer to that one.

Not under Republicans or Democrats is that going to happen.

That's not good. Do people realize this?

Yes. At least the "people" who are those corporations.

GreenAdder

2012-08-10 12:48:34 AM

thomps: i bet you can do like 100 pushups.

But how many treadmills can you eat?

Lionel Mandrake

2012-08-10 12:50:36 AM

GreenAdder: thomps: i bet you can do like 100 pushups.

But how many treadmills can you eat?

All of them.

SilentStrider

2012-08-10 12:55:17 AM

You know, I'm amazed nobody has done something incredibly stupid and violent to these people yet.
Not that I endorse or even condone it, but if it happened, I wouldn't be all that surprised.

Horrified, maybe, but not surprised.

namatad

2012-08-10 1:37:46 AM

for the love of god, can we repeal the repeal of glass steagall ?

split the banks up again would be a good start

Asa Phelps

2012-08-10 2:19:08 AM

I actually think this is valid.

They didn't do anything criminal.

People just need to understand that goldman sachs is the devil. Which is basically what G-S defense has been throughout this debacle. People made deals with them that, if they had done due diligence on, being as they were deals with the devil, they might not have.

It's not the devil's fault that you failed to understand what you were getting into.

You just need to understand that when Goldman Sachs refers to something as a money making opportunity, they mean for them.

They're unethical as all get-out, but they're not criminals.

Asa Phelps

2012-08-10 2:25:43 AM

Credit default swaps are like insurance. They're actually even sorta like 'dead peasant' insurance.

Taking out an insurance policy on your house or your car is perfectly legit, right? Who wouldn't?

Now, lets say that your insurance company is AIG, so you know that THEY are legit, and you have negotiated a deal with them whereby if your house burns down, they will pay you 100% of your house's purchase price or pre-fire resale value, whichever is higher. Why would you not take that deal?

The CDS is even better, because you can actually keep that policy on your house after you sell it, or take out the same policy on your neighbor's house.

Sure, setting fire to your neighbor's house for profit is illegal, so you don't do that. But lets say you happen to know that they keep a lot of oil soaked rags around and their kid is a pyromaniac.

You KNOW that house is going to burn down some day, so you'd be a fool not to take this deal that AIG is offering you on an insurance policy for a house you don't even own, right?

That's basically what they've been charged with.

It was all completely above board and legal. It's just AIG's fault for being stupid enough to write that policy, and the government's fault for failing to see how this system could be abused and regulate it.

Asa Phelps

2012-08-10 2:31:21 AM

Or, say, lets say you take out this policy on your house that you are going to maintain after you sell the house.

You know that the house has bad electrics and leaky gas lines, so you make sure that the sale contract states that it is the buyer's responsibility to identify electrical and/or gas issues, and you make sure that your insurance policy explicitly covers you in the event that bad wiring and a gas leak make the house explode.

AIG would be stupid to write that policy, but it turns out that they pretty much did.

Is Goldman-Sachs criminal for having purchased that insurance policy? Are they criminal for having offered someone a contract that, had they read it, or had the goods inspected, they would have never signed?

Generation_D

2012-08-10 2:36:53 AM

The criminals are in charge.

WhyteRaven74

2012-08-10 4:37:06 AM

I'm actually stunned Goldman Sachs and others aren't facing major lawsuits. That's actually more troubling than potential criminal stuff.

Tickle Mittens

2012-08-10 5:33:37 AM

Give the republicans everything they want, let them turn the US into neo-Somalia with nuclear weapons, and it'll be pseudo-legal to gun them down where they're found.

tdpatriots12

2012-08-10 5:33:57 AM

Reading Michael Lewis' "The Big Short" on the financial crisis is about all I've done in terms of research. But in that book the perpetrators came off as shockingly incompetent, perhaps even criminally negligent, but it didn't seem like they were breaking laws.

It's not like that interest rate scandal, in that sense.

But I'll be the first to admit my grasp of the subject is tenuous at best.

No Such Agency

2012-08-10 5:34:53 AM

Weaver95:
And you know what? nobody will even blink. billions gone, entire regional economies shattered and...nobody will care. they'll just shrug, and go about their business.

I don't get it. I really don't. you grow a couple of pot plants or run a file trading/torrent indexing site and you'll get helicopters and SWAT teams chasing you down 'till they get you. but bankers who destroyed BILLIONS of dollars in value...won't even get a slap on the wrist or a harsh word said about what they did.

I've seen "Give a man a gun, and he can rob a bank. Give a man a bank, and he can rob the world".

Asa Phelps:
Is Goldman-Sachs criminal for having purchased that insurance policy? Are they criminal for having offered someone a contract that, had they read it, or had the goods inspected, they would have never signed?

Not criminal, but unethical. This is why other professions - doctors, lawyers - have governing bodies and codes of conduct that overlay the general criminal law with additional rules and punishments. Of course, as we've seen, bankers could not be trusted to police themselves for a second, because unlike doctors and lawyers, a huge number of them specifically get into banking to make money by unethical means, without regard for how they harm others.

BlameBush

2012-08-10 5:40:50 AM

Keep in mind this is not an eeeeeveil Republican Justice Dept that is giving GS a pass. Noooo my fine friends, it is the "We always look out for the little guys" Democrats guarding the hen house here and letting the fox in and out.

Of course there just might be some kind of connection with that and the fact that key Administration positions from Treasury Secretary on down are filled with ex GS employees and other Wall Street insiders. Maybe.

Skr

2012-08-10 5:41:03 AM

In the time you took to figure out what this picture is, the collective public has forgotten quite a lot- moving on to the next pressing crisis, whether is gas rising 20 cents, the air conditioner on the fritz, or over cooking of their eggs.

On a more related note, everyone in the spotlight of power ain't going to do shiat to people with such deep pockets as the Sachs boys, especially during an election year. And hell, there are elections of a sort every year so they won't be doing anything that affects their own bottom line, be it in their chosen vocation or the little side businesses they have.

It would be nice to have enough money to not worry of about repercussions, though I guess it would suck feeling the soul die and all that jazz.

Notabunny

2012-08-10 5:41:55 AM

Nadie_AZ: Can we get some regulation placed on those newly trust busted financial firms?

And risk unlimited campaign contributions? Surely, you're joking.

taurusowner

2012-08-10 5:43:25 AM

If we're gonna be finding Goldman-Sachs guys and beating them up, than we might as well find any Congressmen who voted for the Community Reinvestment Act and string them up the gallows. That little gem of legislation is the real reason behind all of this.

Public Savant

2012-08-10 5:44:30 AM

Give them complementary tickets to The Dark Knight Rises in Aurora.

Then give Breivik some hallucinogens and a machete, shove him inside and lock the doors.

Cpl.D

2012-08-10 5:45:04 AM

... with liberty, and justice for ~~all~~ some.

JasonOfOrillia

2012-08-10 5:45:41 AM

It's OK. There's plenty of British banking malfeasance to draw attention away from these guys getting a free ride.

NYCNative

2012-08-10 5:49:19 AM

Meanwhile, there have been at least 7,385 documented arrests of Occupy Wall Street protesters.

Cite

RabidJade

2012-08-10 5:55:02 AM

taurusowner: If we're gonna be finding Goldman-Sachs guys and beating them up, than we might as well find any Congressmen who voted for the Community Reinvestment Act and string them up the gallows. That little gem of legislation is the real reason behind all of this.

This, but people are programmed into thinking those who make more money than them are evil so the laws that got us into this mess will never be looked at.

tinfoil-hat maggie

2012-08-10 6:01:55 AM

namatad: for the love of god, can we repeal the repeal of glass steagall ?

split the banks up again would be a good start

It would be, and really what can they send any individual to jail for it was all legal, well sorta.

BigBooper

2012-08-10 6:16:53 AM

Sgygus: Mafia racketeers: in jail.
Wall Street racketeers: here's your $2,000.000 bonus.

If that number is supposed to be 2 million, your a bit light. Try 200 million, or even 2 billion for some of the bastards.

I'm boot strappy, conservative/libertarian type, but even I think huge numbers of these bastards should be hung upside down in a public square where people can abuse them. But not just the bankers; the politicians that changed the laws to make this possible should get the same treatment.

ghare

2012-08-10 6:17:20 AM

BlameBush: Keep in mind this is not an eeeeeveil Republican Justice Dept that is giving GS a pass. Noooo my fine friends, it is the "We always look out for the little guys" Democrats guarding the hen house here and letting the fox in and out.

Of course there just might be some kind of connection with that and the fact that key Administration positions from Treasury Secretary on down are filled with ex GS employees and other Wall Street insiders. Maybe.

Romney and the Republicans are going to go after G-S, it's a cornerstone of Romney's campaign. And Paul Ryan's too. So vote Republican if you want something done about it.

Mad-n-FL

2012-08-10 6:19:20 AM

EnviroDude: Has the Obama admin sent any Wall Street exec to jail for their part in any of the 2007 meltdowns?

Did GW Bush do anything to rescue the hostages in the American embassy in Iran?

Cpl.D

2012-08-10 6:26:03 AM

ghare: Romney and the Republicans are going to go after G-S, it's a cornerstone of Romney's campaign. And Paul Ryan's too. So vote Republican if you want something done about it.

Sure. Vote republican. They'll lightly slap them on each wrist, making us feel better, and while we're not looking they'll bust unions and make it otherwise impossible for employees to protect themselves. Also, education and science funding will be cut severely, and women will have to go to back alley abortion clinics and die by the dozens. The standard talking heads will shake them and make the usual-pity noises, and suddenly some people will realize that this is merely a repeat of what has happened before.

... nah, I don't think I'm gonna vote a religious nutter into the white house. Fark that.

hammettman

2012-08-10 6:26:56 AM

Oh, sure, despite the fact that federally regulated CRA loans were not, in your words "the real reason behind all of this" and in fact failed at a lower percentage of the total failures in the crisis and at an even lower dollar percentage of all failures in the crisis. In fact, the major villain was the unregulated subprime mortgages pumped out by free markety types, i.e., those not under the burdensome guise of the much hated "regulation" that did the most damage.

But don't let your bias against responsible government, poor or brown people get in the way of facts and Fox News pablum.

Another Government Employee

2012-08-10 6:27:34 AM

Yet they will go after a programmer who leaked code with all barrels.

Mugato

2012-08-10 6:28:05 AM

ghare: Romney and the Republicans are going to go after G-S, it's a cornerstone of Romney's campaign. And Paul Ryan's too. So vote Republican if you want something done about it.

LOL

SurfaceTension

2012-08-10 6:28:07 AM

RabidJade: taurusowner: If we're gonna be finding Goldman-Sachs guys and beating them up, than we might as well find any Congressmen who voted for the Community Reinvestment Act and string them up the gallows. That little gem of legislation is the real reason behind all of this.

This, but people are programmed into thinking those who make more money than them are evil so the laws that got us into this mess will never be looked at.

The only way anyone gets to bethat wealthy is by screwing others out of their money and it is up to the government to stop that from happening.

natas6.0

2012-08-10 6:31:25 AM

people keep voting in the same folks who make the laws that allow banks and wall street
to rake in the cash.
it is the new american culture to blame someone else for their own ignorance

whar is my monys..whar?

people deserve exactly what they get
when you smile and throw away your future
and yer paid exactly what you deserve
tired of crying? change it
...we both know you won't

jmr61

2012-08-10 6:31:39 AM

Asa Phelps: I actually think this is valid.

They didn't do anything criminal.

People just need to understand that goldman sachs is the devil. Which is basically what G-S defense has been throughout this debacle. People made deals with them that, if they had done due diligence on, being as they were deals with the devil, they might not have.

It's not the devil's fault that you failed to understand what you were getting into.

You just need to understand that when Goldman Sachs refers to something as a money making opportunity, they mean for them.

They're unethical as all get-out, but they're not criminals.

That's the response I was looking to make as well. And yes I'm a mortgage banker.
Party on.

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