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Why the S.E.C. Didn't Hit Goldman Sachs Harder


Business  (tags: Goldman Sachs, S.E.C., Paulson & Company, prosecution, financial crisis, Abacus, mortgage securities violations, investigation, fraud, regulatory capture )

Judy
- 1065 days ago - newyorker.com
Were regulators careful or timid in their case against Goldman Sachs?



   

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Comments

Judy C (91)
Friday April 22, 2016, 11:37 pm
This is interesting to read, because it talks about the decisions made on prosecutions from the viewpoint of the S.E.C. lawyer who was given the completed investigation, and was to decide whom to prosecute and how.
 

Animae C (507)
Saturday April 23, 2016, 7:14 am
Thanx Judy
 

SuSanne P (193)
Sunday April 24, 2016, 6:30 am
"Why did no top bankers go to prison?" This is what Gauls me...every time! Thanks for the good read Judy.
 

Past Member (0)
Sunday April 24, 2016, 6:38 am
Prison is the only place for them or six feet under
 

Greg K (0)
Sunday April 24, 2016, 1:29 pm
The SEC is a subsidiary of Goldman Sachs. Goldman can defraud anyone, anywhere, anytime. They need to be a little careful if they rip off the ultra rich unless the taxpayer can be nailed for the losses then they MIGHT have to find a vaguely plausible scapegoat. They own Congress, the courts and can control who can run for POTUS or be confirmed for SCOTUS. They don't even have to pay a tiny portion of their fair share of taxes. Parasites like this can only be removed by death and then another one is already in place.
 

Lois Jordan (63)
Sunday April 24, 2016, 4:38 pm
Noted. Thanks for posting, Judy.

it is terrible when one tries to follow the law and do the right thing that they are effectively shut out of the process, so life can go on for the Banksters. Yes, very depressing. The SEC was at fault for not doing its job. But, things are even worse now because there were no criminal charges.

From article: The S.E.C. is an "agency that polices the broken windows on the street level and rarely goes to the penthouse floors."
And, Fabrice Tourre "is now a Ph.D. candidate at the University of Chicago."
 

Colleen L (3)
Sunday April 24, 2016, 11:03 pm
Agree with Loris and Greg's comments. These criminals should be thrown in jail with the key thrown away. Thanks Judy
 

Judy C (91)
Tuesday April 26, 2016, 5:32 pm
Yes, Lois and Greg are right, and so are the rest of you. Fabrice Tourre aka "Fabulous Fab" will probably get a slap on the wrist, as the big guys get by unscathed.
 

Bryan S (105)
Tuesday April 26, 2016, 8:08 pm
Muoio offered an explanation for what had happened during the bubble years: “Now that we are gearing up to bring a handful of cases in this area, I suggest that we keep in mind that the vast majority of the losses suffered had nothing to do with fraud and the like and are more fairly attributable to lesser human failings of greed, arrogance and stupidity of which we are all guilty from time to time.”

Wow, imagine if this same attitude was extended to the millions of people doing time in prison for drugs or petty theft. It's interesting that Kidney seems to say that the SEC couldn't do what it should've largely because we've become this free-market fundamentalist society. And speaking of "scheme liability," what about the rating agencies that gave all these crap securities AAA ratings? It certainly is all screwed up.
 
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