Goldman Sachs Fraud:
Updated Jan 2023
Once again, we have a clear case of the rich being allowed to get away with murder.
On the one hand, the settlement between Goldman Sachs and the Department of Justice is a step towards holding Wall Street accountable for its role in the 2007 financial crisis. The fact that Goldman has agreed to a list of “facts” and is paying a significant amount of money in civil penalties and relief clearly indicates that the government is taking these issues seriously. The agreement also shows that the government no longer allows Wall Street firms to get away with saying they “neither admit nor deny the charges.”
On the other hand, some critics argue that the settlement does not go far enough in punishing individual bankers for their wrongdoings. Although Goldman Sachs is at the forefront of the subprime mortgage crisis, no personal bankers have been charged with misconduct. Additionally, the settlement allows Goldman Sachs to avoid prosecution by simply paying fines, which some argue is insufficient to deter future unethical behaviour. This sends a message that the rich and powerful can buy their way out of trouble, reinforcing the notion that society has a two-tier justice system.
While the settlement between Goldman Sachs and the Department of Justice is a step towards justice, it highlights the ongoing debate over the accountability of Wall Street and the power dynamics in society.
In other words, these sanctions are nothing but sanctimonious crap and are shown to give the illusion that justice is being meted out.
Goldman Sachs Skates Free, While Main Street Pays the Price
Goldman Sachs is known for its expertise in settling claims out of court. While this may save time and money, it raises questions about whether justice is truly being served. In recent years, Goldman Sachs has reached settlements with several other banks, including J.P. Morgan Chase for $13 billion, Bank of America for $16.6 billion, Citibank for $7 billion, and Morgan Stanley for $3.2 billion.
These settlements allow the banks to escape real consequences for their actions and continue operating without being held fully accountable for their wrongdoings. While the payments may provide some measure of justice, they do not necessarily address the underlying issues that led to the fraudulent practices in the first place. As such, the question remains: are these settlements indeed a step towards justice, or are they simply a way for Goldman Sachs and other banks to pay their way out of accountability?
Goldman Sachs Fraud: Settlements vs Justice
“We are pleased to put these legacy matters behind us,” a Goldman spokesman said. “Since the financial crisis, we have taken significant steps to strengthen our culture, reinforce our commitment to our clients, and ensure our governance processes are robust,” said one of the crooks at Goldman
“How do we know that we caught everything?” asked a Goldman committee tasked with reviewing and approving mortgage-backed securities, according to the Justice Department. “We don’t,” a Goldman manager said.
Indeed, they do so because the heads of department were given explicit instructions to tolerate such conduct. What they imply is that we are aware, but feigning ignorance to allow for further malfeasance. It’s worth noting that they habitually settle many years later, ensuring that the profits from their current schemes fund the fallout from past ones. They never suffer a loss; though they may feign contrition, they ultimately revel in their gains.
“Depends on what you mean by everything? Because of the limited sampling… we don’t catch everything,” another Goldman manager said.
There you have it – there’s little hope for change as they’re already dropping hints that all is not as it should be. The age of widespread deceit is upon us, and the situation will only deteriorate unless these criminals are incarcerated. Sadly, the likelihood of that happening is slim to none.
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