Friday, August 10, 2012

Holder Will Not Prosecute GoldmanSachs

In another "not news" release today:

The Justice Department has decided it will not prosecute Goldman Sachs or its employees for their role in the financial crisis, following an investigation by senators Carl Levin (D-MI) and Tom Coburn (R-OK).

... The investigative report by the Senate’s Permanent Subcommittee on Investigations, chaired by Levin, found that Goldman Sachs “used net short positions to benefit from the downturn in the mortgage market, and designed, marketed, and sold CDOs in ways that created conflicts of interest with the firm’s clients and at times led to the bank’s profiting from the same products that caused substantial losses for its clients.”

IOW, Goldie screwed its own clients.  However, they should have laid back and enjoyed it, right?

A statement from the Justice Department issued late on Thursday evening noted, “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.

There's a pattern here!

...This most recent decision follows other high-profile investigations that Justice decided not to prosecute: There was the collapse of AIG and the role of the top executive at AIG Financial Products division, Joseph Cassano, and former Countrywide CEO Anthony Mozillo, who was fined by the SEC  in an insider trading case. Citibank and JP Morgan both had multi-million-dollar settlements with the SEC over collateralized debt obligations, or CDOs, tied to the U.S. housing market, but Justice has not brought any criminal cases. Freddie Mac was subpoenaed in a grand jury investigation in 2008 but the firm disclosed in an Aug. 8, 2011, SEC filing that the Justice investigation was closed.

Some pigs are more equal than others.  


Anonymous said...

In October of 2008, the Senate passed the Emergency Economic Stabilization Act, which created the TARP program. The legislation passed 74-25. Tom Coburn voted in favor of the Emergency Economic Stabilization Act.

again, Tom Coburn voted in favor of the Emergency Economic Stabilization Act.

This was his defining moment.

Of course Goldman Sachs is free to rape pillage and plunder.

Saint Revolution said...

fm on fm violence is never allowed, especially at fm Univeristy at GS on WS in NYC.

In criminal law there is a basis to free Casey Anthony but no basis to protect an entire country's population from covert criminal thieves.

Oh, I see.

Trillions vaporized, millions unemployed, global ENGINEERED recession...

...and why, again, is our system not completely broken?!

(As an aside, Caylee would have been 7 August 9, 2012. Happy Birthday, Little One.)

Saint Revolution said...