Posted on 04/11/2016 10:16:24 AM PDT by maggief
Goldman Sachs has completed a $5.1 billion settlement with state and federal officials over the bank’s role in the subprime mortgage crisis.
Goldman is the last of the big American banks to reach a settlement with the national working group that was set up in 2012 to investigate how Wall Street exacerbated the mortgage bubble and ensuing financial crisis. Goldman said in January that it had put aside money to cover a $5 billion settlement.
The final bill for Goldman is less than the settlements of mortgage giants like JPMorgan Chase, which paid $13.3 billion, and Bank of America, which paid $16.6 billion, but more than the $3.2 billion paid by Goldman’s closest competitor, Morgan Stanley. A number of foreign banks are still under investigation.
As in previous settlements, the authorities did not name any particular bad actors at Goldman. The working group has been criticized for not punishing individual bankers.
(Excerpt) Read more at nytimes.com ...
Not nearly enough. TRIPLE wouldn’t be enough.
In first with the “It’s Heidi’s Fault” snark.
Get a $10B bailout and then pay back $5B after 8 years
Not a bad job if you can get it...
And...did they release the names of the G/S employees that are going to jail?
You just don’t get it do you? This is how the Government funds the off-the-books accounts to screw you with your own money. Fining a bank doesn’t do anything to the bankers. This is money that was created out of thin air, and given to the banks. They have been keeping it out of circulation for seven years now, and now the Government is taking some of it back to use in the real world.
Makes sense. Goldman deserved a credit for the amounts they've paid to Hillary and Ted. It probably all nets out to about the same as BofA or JPM-C
It would be better if she and Teddy would just come clean, right?
Well their goes Heidi’s bonus for the year.
Put on your flame suit as I have been saying this for years, but the fraudster have many friends here on FR.
Send me the short list of Goldman staffers rotting in jail? /sarc
Remind us again how much Fannie Mae and Freddie Mac paid in settlements for THEIR part in causing the bubble and the questionable mortgage loand in all this.
Isn’t it true that the banks were strong-armed by the government and ‘community organizers’ to make risky loans to anyone who could breathe, as long as their skin color was ABW (anything but white)?
There’s plenty of blame to go around, but no one talks about it. Maybe out of fear of being tagged ‘racist’?
Where will the fine money go? Certainly not to the general fund. It will go to fund some other scam by our RAT administration. Just watch.
Protected......Establishment.......Money.......Machine.......
Money laundering....government style
That is sad, isn’t it? No matter how cynical you become, you are always surprised when you discover that you should even be more cynical!
—and how many of the originators of the “crisis” , such as Rep. Barney Frank and Sen. Christopher Dodd and their co-conspirators have paid a price?
Payable to whom? This scam is getting old. The sec or such agency settles some charges against some large financial firm. This is supposed to protect the public. They then settle and agree to pay a giant amount which is then taken from the stockholders (public) and paid to the government who is supposed to be rescuing the people from these awful big bad financial firms.they were claiming to protect by their federal oversight.
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