Goldman Sachs fined $450,000 (Gets wrist slap for hundreds of short sale violations)

UPI ^ | 05/2010

[LomanBill]

>>Can anyone explain what short sale means to a doorknob like me?

To little people like us?

It means BOHICA.

[PSYCHO-FREEP]

OF COURSE!

This was just a big show from the start, to keep those donations pouring into the MaObama team! Now, they will use this to make their takeover of the financial sector complete and pass another “reform” bill.

Any “Reform” legislation they sell is code for Socialist totalitarian rule.

[SeekAndFind]

Maybe someone pushed the wrong button when it was suppose to be a $4,500,00 fine.

Mistakes are always possible ( note how you inadvertedly missed a zero above).

But this so called fine is so laughable that I don't even know if it will change any habit of Goldman Sachs. Fining an $800 Billion company $450,000 ? Most of these executives would throw that kind of money away in one night of partying and not even miss the cash the next day.

The amount would be like fining me 1 cent for violating traffic laws.

[dalebert]

not millions?

[SeekAndFind]

RE: not millions?

Nope. And if even if it were ten times this fine, that’s chicken feed to Goldman. They claimed to have lost $90 Million in the ABACUS CDO trade by betting on the long side and it didn’t hurt their bottom line ( nor the bonuses they gave ) one bit.

[Night Hides Not]

Wow...less than 5% of Blankfein's annual bonus...color me impressed. Off, OFF Damned Sarcasm!

A simple reform is to require that short selling be done with borrowed shares, plus enforcing the uptick rule.