http://www.zerohedge.com/news/2016-04-11/goldman-slammed-51-billion-fine-serious-misconduct-mortgage-selling
Hot on the heels of Wells Fargo's $1.2 billion settlement, Bloomberg reports that Goldman Sachs will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren’t properly vetted before being sold to investors as high-quality bonds. “This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said Acting Associate Attorney General Stuart Delery.
GT sez
BUT NO PEOPLE GO TO JAIL?
THAT'S THE PROBLEM WITH ONLY FINING THESE INSTITUTIONS. THE PEOPLE IN CHARGE NEED TO GO TO PRISON.
WHEN THE BOSSES LOSE THEIR FREEDOM AS WELL AS GETTING A MASSIVE FINE IS WHEN THINGS WILL CHANGE. AND NOT UNTIL THAT HAPPENS.
NOW A FINE AGAINST THE COMPANY IS MERELY A COST OF DOING BUSINESS WHERE THE FINE IS LESS THAN THE PROFITS MADE.
No comments:
Post a Comment