They almost destroyed the world economy and nothing…they just pay a pittance (to them) and go on with their evil ways. Never have I ever wished more for an assassin’s guild to take care of things like this.
How about an adaptation of the traditional hostage-drama formula involving fingers: ‘securitize’ then send back one tranche at a time?
The Holder Dept. of Justice continues without him. If you or I were to defraud another of one millionth as much as they did, WE WOULD end up in handcuffs
The money will go into a fund that appears to do nothing for the victims who already lost their homes.
I agree with the sentiment that this will do nothing to deter banks in the future, and I expect them to issue new miscellaneous fees for their current customers in order to help them break even.
Very likely This is basically just condoning what banks did and saying it was okay, but here’s a slap on the wrist to make those harmed by you feel a little better.
GoFundMe might be better
Unless it’s the “people” (and I use that team VERY loosely) at the top, wouldn’t work. Grabbing lower level execs wouldn’t matter since there would be more to take their place.
That’s why I’m thinking becoming a ‘legal criminal’ working in finance is the way to go.
the funds obtained by the settlement will go toward helping residents keep their homes and rebuild their communities.
Bullshit. The money goes to lawyers and to fund programs that are out of the reach of the people who have been harmed by Goldman.
Hey I guess they’ll have to find some new way to get $5bn from us all, so that’s nice.
YES. I’m seeing something like a cross between Anonymous and Dexter.
How much did Goldman Sachs make from mortgage backed securities? Surely many times this amount.
This settlement is INCENTIVE for them to do it again.
as is every settlement. Banks and financial institutions always pay less in fines than they made from illegal actions.
Bernie and the Big Banks:
The recent kerfluffle about Bernie Sanders purportedly not knowing how to bust up the big banks says far more about the threat Sanders poses to the Democratic establishment and its Wall Street wing than it does about the candidate himself.
That’s roughly equivalent to a couple of quarters of profit for them, so it’s not trivial. It’ll be felt in the bonus packets. But will it stop them from doing it again? No. Will their future activities get more scrutiny? No.
It’s pretty disappointing considering that Schneiderman had instigated a separate suit against GS and some of the other banks; this fed-state commission was set up specifically to short-circuit those kinds of actions. So he got coopted and neutered.
Well, now, y’see, you got your victimless crimes, and you got your perpetratorless crimes.
One of 'em is much easier to prosecute, so that’s what we go after.
The corporation should be dissolved, the assets deposited in a publicly administered receivership with defrauded single residential homeowners as beneficiaries. Then criminal investigations should be opened for all principals and board members with liberal use of forfeiture.
Yep. Conservatives have made corporations equal as people before the law. So let’s give them the death penalty.