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Goldman Case Likely to Unleash Torrent of Lawsuits

Business  (tags: Goldman Sachs charged, torrent of banking lawsuits, SEC, housing bubble, hedge funds, foreign investors, banksters )

- 2958 days ago -
The fraud charges against Goldman Sachs & Co. that rocked financial markets Friday are no slam dunk, as hazy evidence and strategic pitfalls could easily trip up government lawyers. It couls kick off a lengthy new era of litigation for many banks.

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. (0)
Saturday April 17, 2010, 11:28 pm
I certainly hope so.

Terry B (649)
Sunday April 18, 2010, 4:26 am
The USA is looking at a big shortage of doctors, scientists, and engineers who can actually do stuff, but they always seem to have more than enough lawyers with their hands out.

Rajee S (138)
Sunday April 18, 2010, 4:31 am

Past Member (0)
Sunday April 18, 2010, 6:02 am
GS have made tons of pots of money for themselves, their employees and their clients, and I wonder whether more people are going after them more because of this than their fraudulent dealings.
I'd like to see the guilty parties at GS punished for sure. I just hope another financial institution doesn't bite the dust like so many others before them.

Cary M (94)
Sunday April 18, 2010, 1:48 pm
What the heck took the SEC so long?

Well, I guess later is better than never.

Goldman Sachs, the private banks that
runs (and has ruined) the US economy,
has finally been formally charged with
securities fraud.

Their crime: Creating garbage securities,
packaging them like gold, and then lying
about their value.

In the normal world, this would be called
a "criminal enterprise."

On Wall Street and in Washington DC
it's called "a bank too big to fail."

Here's the back story we ran months


Sunday April 18, 2010, 3:45 pm
...and some lawyers will become very rich indeed.

pam M (98)
Sunday April 18, 2010, 4:05 pm
This lawsuit seems all set for failure. These snakes will shed their skins like all the wealthy.

Judy C (97)
Sunday April 18, 2010, 4:27 pm
Thanks to all who commented. Cary, thanks for that link. Everyone who wants some quick, concise insight should watch those short videos for sure! I have read Matt Taibbi's excellent articles since his first one in RS, I think it was last summer. I posted it either in a share or this news I decided I wanted to get to the bottom of the financial meltdown.

I usually find business boring, i took Econ 101 years ago, and my knowledge is limited. To me though, the economic corruptiion in this country seems to be the bottom line in almost every problem we have, and it is a great threat to our national security.

I was skeptical when I saw Bush and Paulson's Oscar-worthy speech to Congress to stop the economic sky from falling in 2008. When they appeared after sucessfully extorting a bailout from Congress, their smug demeanor made me furious. The entire state of affairs was portrayed as so hopelessly complex that not even experts, let alone the general public could possibly understand the arcane workings of the meltdown. I turned my anger to a challenge to try to figure it out, so I educated myself about it. I have posted lots of news stories about it here to a pretty lukewarm response. I don't know if people aren't interested in it or if it seems hopelessly complex. Of couse these thieving oligarchs are counting on just that response so they can continue to run their scams on us.

Judy C (97)
Sunday April 18, 2010, 4:29 pm
Oh, and yes indeed Cary, what the hell did take the SEC so long?

June Higgins (21)
Sunday April 18, 2010, 8:19 pm
One can only hope that more suits will follow. I think that I will move the little dab of money I have left in my 403b, into something more secure. Wall Street stole my retirement and when I went to pull it out. I had only $2,000.00 left. I have a feeling that ths is going to hurt the stock market once again. I just hope that these creeps get what is coming to them.

Abo r (107)
Sunday April 18, 2010, 9:18 pm

Mary D (47)
Sunday April 18, 2010, 9:20 pm
Thanks Judy.

I agree with Cary Vizzutti.

Dan S (9)
Monday April 19, 2010, 9:37 am
Think about how much money could be saved if every company was honorable in their business dealings. The potential legal fees and related ripple effect on the financial market world wide sickens me to no end. How do we make unruly children like this understand the consequences of their greedy actions? If there is any justice in this Universe, they will choke on their own silver spoons!

Judy C (97)
Monday April 19, 2010, 4:14 pm
It is sickening what these people have done. June, it's terrible that your hard-earned pension and those of so many people have been looted by these thieves. Ethics seem to be at an all-time low in the business world today. Dan, I too wish these people did have a clue about the suffering they have caused. They are so insulated from reality, they have a sense of entitlement that places them above common people. I think a lot of them are actually sociopaths or have a narcissistic personality disorder. Then they continue to be rewarded for their reprehensible actions.

Dianne D (490)
Tuesday April 20, 2010, 3:10 pm
Congress should have been looking into financial reform a decade ago. A Sunday news program said the trouble with banks all started back in 1979 and got worse every year since then. Before 1979, the banks worked for the people. After that year, they worked for themselves and their stockholders.

James Sessions (7)
Wednesday April 21, 2010, 9:00 pm
There are some really great comments on this topic - especially from Judy and Cary. I agree completely that the SEC has taken their sweet time on something that should have been at the the forefront of their agenda. I'm very surprised to see the comment from Kunal. I'm a business guy in every sense of the term, but I don't think big business has to be associated with fraud, greed, and corruption. That being said, I think it is illogical to assume that GS is coming under fire because of their "tons of pots of money". They are and have been using those same big pots of money to shield themselves from legality and ethics. I truly hope this is the beginning of a new precedence for financial institutions and businesses in general.

Judy C (97)
Wednesday April 21, 2010, 11:56 pm
Thanks, James. I was watching the House hearings on Lehman Bros. on C-Span Tues., and the current head of the SEC said that before Lehman collapsed, there were 24 SEC people policing the entire derivitives market, if I heard it right. That's unbelievable! Besides regulation, I wish there would be some sense of ethics in the banking world. I don't know much about business, but such instruments as derivatives seem to be a moral hazard in and of themselves, and may attract the wrong sorts of people.
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