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Feds Open Criminal Probe of Goldman


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#1 Jase

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Posted 30 April 2010 - 08:25 AM

http://finance.yahoo...2&asset=&ccode=

WASHINGTON (AP) -- Stepping up the pressure on Goldman Sachs two days after its executives were grilled and publicly rebuked by lawmakers, the Justice Department has opened a criminal investigation of the Wall Street powerhouse over mortgage securities deals it arranged.
The criminal inquiry follows civil fraud charges filed by the government against Goldman two weeks ago and as Congress pushes toward enacting sweeping legislation aimed at preventing another near-meltdown of the financial system.


The investigation by the U.S. attorney's office in Manhattan stems from a criminal referral by the Securities and Exchange Commission, a knowledgeable person said Thursday. The person spoke on condition of anonymity because the inquiry is in a preliminary phase.


The SEC brought civil fraud charges against Goldman and a trader in connection with the transactions in 2006 and 2007. The agency alleged the firm misled investors by failing to tell them the subprime mortgage securities had been chosen with help from a Goldman hedge fund client, Paulson & Co., that was betting the investments would fail. Goldman and the trader, Fabrice Tourre, have denied wrongdoing and said they will contest the allegations in court.


So let me ask sort of a dumb question. If the actions of firms like Goldman Sachs were already illegal, why is it so necessary for congress to ram through new wall street regulations to "prevent it from happening again"?

:lurk5:

#2 cookinwithgas

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Posted 30 April 2010 - 09:11 AM

Maybe because the old system OBVIOUSLY did not work?

#3 Jase

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Posted 30 April 2010 - 09:13 AM

Truly, you have a dizzying intellect.

#4 Jase

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Posted 30 April 2010 - 09:23 AM

CWG you have become so assimilated into the propaganda machine that your posts literally have no meaning anymore.



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#5 cookinwithgas

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Posted 30 April 2010 - 10:17 AM

Oh so it did work and I am just being fooled?

#6 Jase

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Posted 30 April 2010 - 10:23 AM

you could try answering the question.

Like I said, the phrase "the system didn't work" means nothing. There is no "system". If there were, how would one guage whether it "works".

The original point was that the actions of those blamed for the financial crisis were already illegal. So what, then, is the point of redundant laws? Public satisfaction? Goverment power? What?

If it was found that Goldman Sachs murdered 85 people, would it make sense for the government to re-write the laws about murder because the "system doesn't work"?


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#7 Jase

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Posted 30 April 2010 - 10:25 AM

*waits for another cliche*




*hopes for a bird in the hand is worth two in the bush*

#8 Porn Shop Clerk

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Posted 30 April 2010 - 10:26 AM

They better back off if they want the contributions to keep flowing next election cycle.

#9 mick eye

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Posted 30 April 2010 - 10:38 AM

The Finance Reform is NOT all about Goldman Sachs. By the way there was a system in charge. A world-wide economy is not autonomous and has always had some kind of federal oversight groups. The fact is the Bush Administration felt loosening the reigns and allowing more freedom would result in "trickle-down" economics. Here is a cliche for ya! Trickle down economics is the equivalent of Wall Street pissing down the backs of the working man and telling him it is raining.

#10 Porn Shop Clerk

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Posted 30 April 2010 - 10:40 AM

Because free trade involves unwilling exchanges.

#11 Jangler

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Posted 30 April 2010 - 10:41 AM

I wonder how many people work in the Obama Administration, worked for G&S? And you want to be my big government salesman..

#12 Jase

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Posted 30 April 2010 - 10:46 AM

I wonder how many people work in the Obama Administration, worked for G&S?



Probably a good bit.

http://images.opense...8&cid=N00009638

#13 Porn Shop Clerk

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Posted 30 April 2010 - 10:47 AM

Alumni

* Henry H. Fowler - 58th United States Secretary of the Treasury (1965-1969)
* Robert Rubin - Former United States Treasury Secretary, ex-Chairman of Citigroup.
* Henry Paulson - Former United States Treasury Secretary.
* Edward Lampert- Hedge Fund Manager of ESL Investments. Brought K-Mart out of Bankruptcy in 2003.
* Joshua Bolten - former White House Chief of Staff
* Erin Burnett - CNBC Host
* Jon Corzine - CEO of MF Global, Inc., Former Governor of the State of New Jersey.
* Guy Adami - CNBC's Fast Money
* Michael Cohrs - Head of Global Banking at Deutsche Bank
* Emanuel Derman - Author of My Life as a Quant and co-developer of the Black-Derman-Toy model.
* Jim Cramer - founder of TheStreet.com, best selling author, and host of Mad Money on CNBC
* Ashwin Navin - President and co-founder of BitTorrent, Inc.
* Abby Joseph Cohen - Perma-bull market forecaster formerly of Drexel Burnham Lambert
* George Herbert Walker IV - member of the Bush family and current managing director at Neuberger Berman
* Robert Zoellick - United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006), World Bank President.
* Mark Carney - Current Governor of the Bank of Canada [118][119]
* Michael D. Fascitelli- President & Trustee of Vornado Realty Trust.
* Neel Kashkari - former Assistant Secretary of the Treasury for Financial Stability
* Charlie Haas - Wrestler, who is working for World Wrestling Entertainment.
* Malcolm Turnbull - Australian politician, former federal leader of the Liberal Party of Australia.
* John Thain - former Chairman and CEO, Merrill Lynch, and former chairman of the NYSE.
* Robert Steel - Chairman and President, Wachovia.
* Reuben Jeffery III - Under Secretary of State for Economic, Business, and Agricultural Affairs (2007-)
* Romano Prodi - Prime Minister of Italy twice (1996-1998 and 2006-2008) and President of the European Commission (1999-2004)[120]
* Mario Draghi - governor of the Bank of Italy (2006- )[120]
* Massimo Tononi - Italian deputy treasury chief (2006-2008)[120]
* Guy Hands - CEO of Terra Firma Capital Partners
* Dambisa Moyo - Zambian economist and author of Dead Aid: Why Aid is Not Working and How There is a Better Way For Africa
* R. Scott Morris - former CEO of Boston Options Exchange

Former employees include Robert Rubin and Henry Paulson who served as United States Secretary of the Treasury after leaving the firm; Rubin under President Bill Clinton and Paulson under George W. Bush.

Edited by Porn Shop Clerk, 30 April 2010 - 10:50 AM.


#14 ChucktownK

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Posted 30 April 2010 - 01:57 PM

CWG you have become so assimilated into the propaganda machine that your posts literally have no meaning anymore.



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Thought it was gonna be a link from huffpoop.

#15 g5jamz

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Posted 30 April 2010 - 02:05 PM

http://www.opensecre...P&id=D000000085

Here's who Goldman Sachs donates to.

Now...Goldman Sachs...Fannie....Freddie...

What party owns this?


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