Conclusive Contest, prodigious contention a campaign for control of this country.
Lobbyist and Wall St Banks VS Americans, the American people.
At stake is the domination of Congress. a determination of
who controls Congress. Does congress's loyalty go to
Americans or Wall St.
Does Congress obligations go to the American people or
Wall St Banks?
Is congress employed by the American people or Wall
So far Congress has approved every criminal activity
the Wall St Banks have asked to be legalized.
Some how when I was a stock broker if I had bilked
investors out of a Billion dollars form errors of omission
I suspect I would have been hit very hard with CRIMINAL
Goldman to pay $550M to settle civil fraud charges.
Not criminal charges, but civil charges.
& Co. has agreed to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.
The penalty was the largest against a Wall Street firm in SEC history. But the settlement amounts to less than 5 percent of Goldman's 2009 net income of $12.2 billion after payment of dividends to preferred shareholders - or a little more than two weeks of net income. ( JESUS MARY AND JOESPH g )
The settlement involves charges that Goldman sold mortgage investments without telling buyers that the securities had been crafted with input from a client that was betting on them to fail.
The securities cost investors close to $1 billion while helping Goldman client Paulson & Co. capitalize on the housing bust, the SEC said in the charges filed April 16.
Goldman acknowledged Thursday that its marketing materials for the deal at the center of the charges omitted key information for buyers.
In a statement, Goldman said "it was a mistake" for the marketing materials to leave out that a Goldman client helped craft the portfolio and that the client's financial interests ran counter to those of investors.
"We believe that this settlement is the right outcome for our firm, our shareholders and our clients,"
( We love screwing the public and getting away with it, after all Wall St Banks control Congress,
they didn't say. G )
Robert Khuzami, the SEC's enforcement director, called the settlement a "stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing."
Robert was able to say that with a straight face and didn't even blush.
Stark lesson to Wall St my ASS, G
Its a lesson that says Wall St banks can get away with anything they want,
no criminal charges, and a fine equal to two weeks of their income,
"principles of honest treatment and fair dealing."
Loan Sharking, 30% on CC, 460% on payday loans,
BILLION DOLLAR fraud in sub-prime paper, and
they got a Gov Bailout.
It just goes on and on.
"Even if the penalty was lower than the market expected, the fact that Goldman admitted that it made misleading and incomplete disclosures to its clients vindicates the SEC's legal theory for the future," Coffee said. "You have to understand that the defendant almost never makes such a concession in SEC settlements."
The Justice Department opened a criminal inquiry of Goldman in the spring, following a criminal referral by the SEC, the Associated Press reported in April, citing a knowledgeable person who spoke on condition of anonymity because the inquiry was in a preliminary phase.
Goldman made no mention of a criminal case in its statement Thursday.
Jacob Frenkel, a former SEC enforcement attorney, said the SEC met that objective.
"This was a bet-the-agency case," Frenkel said. "They had a lot at stake here, and this did wonders to re-establish a strong enforcement image and presence." They got a fine equal to two weeks income for Goldman. Not a huge success.G
Goldman's legal troubles may not be over. Despite the settlement, investors who lost money on the transactions could still sue the firm for civil damages, Thomas Ajamie, a Houston-based defense lawyer who specializes in financial fraud cases.
"Nothing stops the investors from filing their own claims," Ajamie said.
The chairman of a Senate panel that interrogated Goldman officials after the SEC filed its charges, applauded the settlement.
He didn't indicate Goldman the fine was a joke to Goldman. G
"Goldman played fast and loose ... misled its clients, and got called on it today," Sen. Carl Levin, D-Mich., said Thursday. "A key factor in the settlement is that Goldman acknowledges wrongdoing, in addition to paying a fine and changing its practices." IMFAO G.
The Justice Department's criminal investigation into Goldman Sachs
goes beyond the financial transactions targeted by the Securities and Exchange Commission in the civil fraud suit brought against the firm last month, law enforcement sources said Friday.
Working alongside advocates for other big banks and industry trade groups that share similar concerns, Goldman's well-heeled roster of lobbyists have been meeting with the staff of key committee members, such as the financial services and agriculture committees in both the House and Senate.
Time will show that this too is is a scam, remember the Credit Card
reform law, this will be a joke just like that was.
Internet Anthropologist Think Tank: NEW CREDIT CARD BILL DOES NOTHING
The U.S. attorney's office in Manhattan and the FBI are conducting the criminal probe, which sources said has been underway for weeks. Sources said a decision on whether to file any charges has not been made.
The U.S. attorney's office in Manhattan declined to comment. Goldman said it would cooperate with requests for information.
The SEC filed a civil securities fraud case against the firm two weeks ago, and a source familiar with the matter said the SEC had referred that investigation to the Justice Department for possible criminal prosecution.
( SEC didn't want the political heat for bringing criminal charges against a Wall St Bank.
we will see if the Justice Department can with stand the political pressure from
the Banking Lobby and OWNED congressmen, DOJ control the FBI. G )
The Justice Department suffered a setback last year with the failure of the first major criminal case to arise from the financial crisis: the prosecution of two Bear Stearns hedge fund managers. A jury rejected securities fraud charges against the hedge fund managers, who ran funds linked to subprime mortgages, after presenting evidence that the men knew about risks but did not disclose these to investors.
Think maybe someone got to the jurors, jeeze I wonder who? G
Securities lawyers have said that the Bear Stearns case sent a chilling message to the Justice Department after jurors said the prosecution's evidence, drawn in large part from internal company e-mails, was not persuasive. Lawyers said the Justice Department would need a very strong case to defeat Goldman.
The FBI can do it, if the Justice Dept lets them.G
If no criminal charges are brought against Goldman then the Wall St Banks remain
firmly in charge of congress. Billion dollar fraud is criminal. Will Goldman get
away with this crime? Have they bought congress? Can DOJ be pressured?
This will determine who runs Congress runs America.
Americans or Wall St Banks.
Series 3 and 7.