...but hey, do what you want...you will anyway.Goldman got to keep the money it made illegally for a decade before having to give any of it back. Goldman’s asset-management unit consistently predicts annual growth above ten percent, meaning that the company fully expects to double its money within ten years. Taking that into account, Goldman didn’t really pay a penalty at all, but used ill-gotten gains to generate a bunch of money, only returning some principal well after the fact while keeping the returns.
[...]
So even if you think Goldman is paying some kind of penalty, at best it’s a cut of the profits.
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[And] the biggest beneficiaries in this transaction are the Justice Department, the New York Attorney General’s office, and the other state and federal agencies who receive cash awards, from the civil penalty and the resolution of other claims.
[...]
The upshot: Law enforcement settled a case on behalf of investors and then walked away with the proceeds, while investors got nothing. Goldman Sachs and the Justice Department get to divvy up the profits of a fraud scheme perpetrated on the public.
New Republic
Wednesday, April 13, 2016
Goldman's Fine
Labels:
banksters,
economic collapse,
Goldman-Sachs
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