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  1. #1
    Atomic Punk rocknblues81's Avatar
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    Default Justice Dept. Ends Investigation Into Goldman Sachs Mortgage Abuses Without Pressing

    Justice Dept. Ends Investigation Into Goldman Sachs Mortgage Abuses Without Pressing Charges

    http://thinkprogress.org/economy/201...nt-no-charges/

    By Travis Waldron posted from ThinkProgress Economy on Aug 10, 2012 at 12:24 pm
    After a year-long investigation into Goldman Sachs, the bank singled out by a Senate investigative committee for its abusive mortgage practices in the run-up to the financial crisis, the Justice Department announced Friday that it would not press charges against the bank. Goldman Sachs became of the face of widespread mortgage fraud and abuse that led to the subprime mortgage crisis when evidence that it had made trades described by its own bankers as “shitty deals” came to light during a Senate investigation in 2011.

    The Department of Justice, however, concluded that it did not have enough evidence to meet the “burden of proof” required for charges, the Wall Street Journal reports:

    “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. [...]
    In a statement Thursday, Goldman said: “We are pleased that this matter is behind us.”

    DOJ’s investigation began after an April 2011 report from the Senate Permanent Committee on Investigations revealed that Goldman Sachs had pushed its clients to make trades on risky mortgage-backed securities and credit default swaps even as the bank was betting the same securities would lose value. Though Goldman Sachs was “doing God’s work,” according to chief executive Lloyd Blankfein, other bankers described pushing “shitty deals” on customers. In March of this year, a Goldman Sachs trader lambasted the bank’s “toxic and destructive” culture in a scathing resignation editorial in the New York Times; a former Goldman partner followed up the next week by admitting that the bank’s “commercial animals” had duped customers and peddled “junk” to its clients.

  2. #2
    Atomic Punk rocknblues81's Avatar
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    I almost want to see these people hung.

    I bet their kids grow up to be "commercial animals" as well.

  3. #3
    Atomic Punk edwardv's Avatar
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    Well I'm sure the boys at Goldman had a toast last night and will fuck investors and the country very soon again. "Shitty deals" done dirt cheap.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  4. #4
    Atomic Punk
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    Awww, you've got to love the bankers, haven't you...

    How can anyone possibly despise the people who run these institiutions into the ground, destroying ordinary people's lives, firing thousands of innocent 'front-of-house' employees whilst continuing to claim their massive bonuses and pensions, simultaneously bringing the country to the brink of ruination, and yet all the while remaining safe in the knowledge that the taxpayer will bail them out and that they'll undoubtedly escape criminal prosecution...

    Don't think that these bosses get off entirely scot-free, however - oh no, if they're VERY naughty, we might strip them of their knighthoods!

    The ever-so-aptly-named Bob Diamond - this one's for you, pal!

    I'm FEMALE...Deal with it!

    "Whatever you do, wherever you go, there you are..." Edward Van Halen 1986

    "You spend the first part of your life trying to make your mark, and the second part just trying to cover up your tracks"... Weesfreewheelin, 2012

    "Life's too short to stuff a mushroom"... Shirley Conran, 1975

    "You turn if you want to...The LADY is NOT for turning!"...Margaret
    Thatcher, 1980


 

 

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