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Title: Golden Sacks Slammed With $5.1 Billion Fine For "Serious Misconduct"
Source:
the Phoenix that ever rises
URL Source: http://www.zerohedge.com/news/2016- ... us-misconduct-mortgage-selling
Published: Apr 13, 2016
Author: Lee
Post Date: 2016-04-13 04:01:11 by NeoconsNailed
Keywords: None
Views: 78
Comments: 8
"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 Delery. As AP reports, The Justice Department announced a $5 billion settlement with Goldman Sachs over the sale of mortgage-backed securities leading up to the 2008 financial crisis. The deal announced Monday resolves state and federal probes into the sale of shoddy mortgages before the housing bubble and economic meltdown. It requires the bank to pay a $2.4 billion civil penalty and an additional $1.8 billion in relief to underwater homeowners and distressed borrowers, along with $875 million in other claims. The agreement is the latest multi-billion-dollar civil settlement reached with a major bank. Other banks that settled in the last two years include Bank of America, Citigroup and JPMorgan Chase & Co. Goldman had previously disclosed the settlement in January, but federal officials laid out additional allegations in a statement of facts........... 
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#2. To: NeoconsNailed (#0)
This fine is a negligible cost of doing business expense that saw millions of people unemployed for extended periods that also caused millions to become homeless. The law favors Wall Street and Banks that have no conscience when destroying families and the country. Then the political jackals try to make everyone think that they are tough on crime by fining these miscreants a pittance and awarding those that suffered because of these economic piranhas even less. Most of those injured by these thieves will never see a dime.
I can't imagine it's just a mosquito bite to them, tho' it's damnably true that the fine won't help any victims. I would love to think at least 100 people a year think about the obscene injustice of this racket -- govt the default recipient of damages like this -- but I can't say it feels like a given.
The reality is not that the banks are above the law ... the truth is that they ARE THE LAW ! These incidental fines are just so much bullshit when the banks create money out of thin air ! There ain't NO MONEY ! All that exists is commercial paper, credit, empty promises to pay ! We exist within the bank and the bank provides what we call government services.
Yeah, the only meaningful penalty would be much more moola or a significant injunction on some of their crucial activity.
#6. To: NeoconsNailed (#5)
Seize the FED, and arrest all high ranking bank execs and Wall Street CEOs. Try them and then book em Dano !
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#3. To: noone222 (#2)
#4. To: NeoconsNailed (#3)
(Edited)
#5. To: noone222 (#4)
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