Tuesday, August 21, 2012

Golden Parachute for Goldman

Golden Parachute for Goldman

So... this happened over the weekend. Not to ruin your weekend, but the Department of Justice will NOT prosecute Goldman Sachs in the Financial Crisis Probe
The Justice Department has decided it will not prosecute Goldman Sachs or its employees for their role in the financial crisis, following an investigation by senators Carl Levin (D-MI) and Tom Coburn (R-OK). The congressional investigation found problems with the credit rating agencies and poor oversight from regulators, and highlighted abuses by Goldman Sachs and other large investment banks. Senator Levin sent a formal referral to the Justice Department for a criminal investigation in April 2011.

The investigative report by the Senate's Permanent Subcommittee on Investigations, chaired by Levin, found that Goldman Sachs "used net short positions to benefit from the downturn in the mortgage market, and designed, marketed, and sold CDOs in ways that created conflicts of interest with the firm's clients and at times led to the bank's profiting from the same products that caused substantial losses for its clients."

A statement from the Justice Department issued late on Thursday evening noted, "Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report."

Why isn't there pikes on all corners of America with these fuckers heads on them yet? I just don't get you American public. It's like you don't care about the real issues and would rather harp on about stupid shit.

Why yes, as a nation we all follow capital to the ends of the earth. Sadly, it's not for the reasons of shoving it off, as one would hope it was. Forget every trying to pin a crime on these fellas. It's just not going to happen, sadly.

We are, however, looking for a 24 year old black male sighted near a bank once.

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