Send the banksters to jail

[boilermaker55]

Goldman Sachs to pay $5B in mortgage settlement
Goldman Sachs to pay $5B in mortgage settlement
Here it is in black and white but no one goes to jail.
However, if it were Bernie Madoff and you rip off the rich, go to jail even if you pass go.
But rip off the working middle class and the working poor. No one from the rich goldman sachs goes to jail. But if you pass go collect your bonus.
"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," acting Associate Attorney General Stuart Delery said in a statement.

 

[Dot Com]

there were worse offenders but yeah, white collar criminals are the worst.

 

[BluesLegend]

Congress enabled that whole mess, Democrats in particular.

 

[Moonglow]

Congress enabled that whole mess, Democrats in particular.

Sure buddy...Bankers are the seed of Gawd, why they be above questionable activities...

 

[boilermaker55]

You biased off-handed opinion.
Right! Or do you have some facts to back up your statement.

Congress enabled that whole mess, Democrats in particular.

 

[bendog]

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

 

[boilermaker55]

The sadness is that few can steal are ruining so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

 

[bendog]

The sadness is that few can steal are ruing so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

Yeah. I realize that pensions and 401Ks were loaded up with financials, so letting their shareholders lose everything by wiping out existing ownership, and then refinancing the banks and re-selling them off, as we did in the Depression and even Savings and Loan Crisis, and making an actual profit along the way, wasn't possible. So, I don't fault Obama for that. But, the people who actually came up with the scheme to cobble together mortgages that all of us knew, or should have known, were shaky (like balloon, adjustable rate) were low, and the ones who knowingly cobbled in mortgages where no real credit check was performed should have been criminally charged. Even if they couldn't have convicted, they should have been paraded through courts.

 

[boilermaker55]

And this all goes back to equal justice under the law.
They all took their bailouts.
That is why they are bottom-dwellers and scum.

The sadness is that few can steal are ruing so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

Yeah. I realize that pensions and 401Ks were loaded up with financials, so letting their shareholders lose everything by wiping out existing ownership, and then refinancing the banks and re-selling them off, as we did in the Depression and even Savings and Loan Crisis, and making an actual profit along the way, wasn't possible. So, I don't fault Obama for that. But, the people who actually came up with the scheme to cobble together mortgages that all of us knew, or should have known, were shaky (like balloon, adjustable rate) were low, and the ones who knowingly cobbled in mortgages where no real credit check was performed should have been criminally charged. Even if they couldn't have convicted, they should have been paraded through courts.

 

[georgephillip]

Goldman Sachs to pay $5B in mortgage settlement
Goldman Sachs to pay $5B in mortgage settlement
Here it is in black and white but no one goes to jail.
However, if it were Bernie Madoff and you rip off the rich, go to jail even if you pass go.
But rip off the working middle class and the working poor. No one from the rich goldman sachs goes to jail. But if you pass go collect your bonus.
"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," acting Associate Attorney General Stuart Delery said in a statement.

Goldman Sachs exemplifies the US FIRE sector's (finance, insurance, real estate) domination of GDP; if Bernie's correct about fraud as the business model on Wall Street, 95% of Americans will see an improvement in their economic well-being if criminal bankers begin filling US prisons.
Rewriting Economic Thought | Michael Hudson
"That’s how the financial sector has taken over the economy.

"Its lobbyists and academic advocates have persuaded governments and voters that they need to protect banks, and even need to bail them out when they become overly predatory and face collapse.

"Governments and politicians are persuaded to save banks instead of saving the economy, as if the economy can’t function without banks being left in private hands to do whatever they want, free of serious regulation and even from prosecution when they commit fraud.

"This means saving creditors – the One Percent – not the indebted 99 Percent.

"It was not always this way. A century ago, two centuries ago, three centuries ago and all the way back to the Bronze Age, almost every society has realized that the great destabilizing force is finance – that is, debt. Debt grows exponentially, enabling creditors ultimately to foreclose on the assets of debtors. Creditors end up reducing societies to debt bondage, as when the Roman Empire ended in serfdom."

 

[bendog]

And this all goes back to equal justice under the law.
They all took their bailouts.
That is why they are bottom-dwellers and scum.

The sadness is that few can steal are ruing so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

Yeah. I realize that pensions and 401Ks were loaded up with financials, so letting their shareholders lose everything by wiping out existing ownership, and then refinancing the banks and re-selling them off, as we did in the Depression and even Savings and Loan Crisis, and making an actual profit along the way, wasn't possible. So, I don't fault Obama for that. But, the people who actually came up with the scheme to cobble together mortgages that all of us knew, or should have known, were shaky (like balloon, adjustable rate) were low, and the ones who knowingly cobbled in mortgages where no real credit check was performed should have been criminally charged. Even if they couldn't have convicted, they should have been paraded through courts.

So many of the people who actually worked at the banks, and others who just did their jobs taking applications for mortgages that were never going to be repaid, lost their jobs and will never get them back. It's easier to hire someone just out of school. And, from what I read, the actual CEO types at the financials really didn't understand what was put in the cdos. The book the big short is really real. So, I can't be angry with the financials. My wife worked for one in the 80s.

But those focks who put together something too good to be true should be doing time in a federal country club prison. I'd give Holder and Obama a pass over the black lives matter bs, but if they'd put the effort into banks that they put into Ferguson I'd be a lot more chipper about them

 

[boilermaker55]

This is not just President Obama and Eric Holders job, it is the job of the entire Congress and all Americans.
But see the $ and see the corruption.
Then the easy tactic is to go after someone trying to exist.While the Ultra thefts make more and more and never see punishment.

And this all goes back to equal justice under the law.
They all took their bailouts.
That is why they are bottom-dwellers and scum.

The sadness is that few can steal are ruing so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

Yeah. I realize that pensions and 401Ks were loaded up with financials, so letting their shareholders lose everything by wiping out existing ownership, and then refinancing the banks and re-selling them off, as we did in the Depression and even Savings and Loan Crisis, and making an actual profit along the way, wasn't possible. So, I don't fault Obama for that. But, the people who actually came up with the scheme to cobble together mortgages that all of us knew, or should have known, were shaky (like balloon, adjustable rate) were low, and the ones who knowingly cobbled in mortgages where no real credit check was performed should have been criminally charged. Even if they couldn't have convicted, they should have been paraded through courts.

So many of the people who actually worked at the banks, and others who just did their jobs taking applications for mortgages that were never going to be repaid, lost their jobs and will never get them back. It's easier to hire someone just out of school. And, from what I read, the actual CEO types at the financials really didn't understand what was put in the cdos. The book the big short is really real. So, I can't be angry with the financials. My wife worked for one in the 80s.

But those focks who put together something too good to be true should be doing time in a federal country club prison. I'd give Holder and Obama a pass over the black lives matter bs, but if they'd put the effort into banks that they put into Ferguson I'd be a lot more chipper about them

 

[BluesLegend]

You biased off-handed opinion.
Right! Or do you have some facts to back up your statement.

Congress enabled that whole mess, Democrats in particular.

I don't deal in opinion I deal in facts, which in this case are a matter of public record. Do you wish to be made to look a fool and uninformed?

 

[bendog]

This is not just President Obama and Eric Holders job, it is the job of the entire Congress and all Americans.
But see the $ and see the corruption.
Then the easy tactic is to go after someone trying to exist.While the Ultra thefts make more and more and never see punishment.

And this all goes back to equal justice under the law.
They all took their bailouts.
That is why they are bottom-dwellers and scum.

The sadness is that few can steal are ruing so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

The number of actual traders employed in creating the cdo derivatives was relatively small. But sadly they went unpunished

Yeah. I realize that pensions and 401Ks were loaded up with financials, so letting their shareholders lose everything by wiping out existing ownership, and then refinancing the banks and re-selling them off, as we did in the Depression and even Savings and Loan Crisis, and making an actual profit along the way, wasn't possible. So, I don't fault Obama for that. But, the people who actually came up with the scheme to cobble together mortgages that all of us knew, or should have known, were shaky (like balloon, adjustable rate) were low, and the ones who knowingly cobbled in mortgages where no real credit check was performed should have been criminally charged. Even if they couldn't have convicted, they should have been paraded through courts.

So many of the people who actually worked at the banks, and others who just did their jobs taking applications for mortgages that were never going to be repaid, lost their jobs and will never get them back. It's easier to hire someone just out of school. And, from what I read, the actual CEO types at the financials really didn't understand what was put in the cdos. The book the big short is really real. So, I can't be angry with the financials. My wife worked for one in the 80s.

But those focks who put together something too good to be true should be doing time in a federal country club prison. I'd give Holder and Obama a pass over the black lives matter bs, but if they'd put the effort into banks that they put into Ferguson I'd be a lot more chipper about them

Well, it's congress's job to pass laws. The banks didn't like Dodd-Frank. We can debate whether it went far enough. But, I think most reformers/regulators see the largest danger now as shadow banking. The gop isn't even talking about it.

But the potus and AG are charged with prosecuting crimes. And Obama and Holder failed.

 

[georgephillip]

But the potus and AG are charged with prosecuting crimes. And Obama and Holder failed.

Unless they both saw their jobs as privatizing profits and socializing costs? Personally, I began to doubt Obama's integrity when he took the $900,000 in 2008 from Goldman Sachs.

 

[bendog]

But the potus and AG are charged with prosecuting crimes. And Obama and Holder failed.

Unless they both saw their jobs as privatizing profits and socializing costs? Personally, I began to doubt Obama's integrity when he took the $900,000 in 2008 from Goldman Sachs.

The privatizing profits and socializing costs weren't what made me angry. I wanted some more Mike Milikan Ivan Boesky parades through court.

 

[georgephillip]

But the potus and AG are charged with prosecuting crimes. And Obama and Holder failed.

Unless they both saw their jobs as privatizing profits and socializing costs? Personally, I began to doubt Obama's integrity when he took the $900,000 in 2008 from Goldman Sachs.

The privatizing profits and socializing costs weren't what made me angry. I wanted some more Mike Milikan Ivan Boesky parades through court.

Obama made that highly unlikely when he picked Eric Holder for his Attorney General, Tim Geithner for his Treasury Secretary, and Larry Summers as a top adviser; if I remember correctly, Bill Kristol made a public comment during this period to the effect that Obama had not made any decisions he (Kristol) disagreed with.

 

[boilermaker55]

Your statistics can be scrutinized and proved false.
Any statistics depends on who is gathering the information and the groups they are asking.
Take a stats class.

You biased off-handed opinion.
Right! Or do you have some facts to back up your statement.

Congress enabled that whole mess, Democrats in particular.

I don't deal in opinion I deal in facts, which in this case are a matter of public record. Do you wish to be made to look a fool and uninformed?

 

[boilermaker55]

That I agree with whole-heatedly. However, ever aspect of this country needs to put pressure on their representatives , locally and federally to persecute the banksters.

This is not just President Obama and Eric Holders job, it is the job of the entire Congress and all Americans.
But see the $ and see the corruption.
Then the easy tactic is to go after someone trying to exist.While the Ultra thefts make more and more and never see punishment.

And this all goes back to equal justice under the law.
They all took their bailouts.
That is why they are bottom-dwellers and scum.

The sadness is that few can steal are ruing so many others. Then they double down and go unpunished.
And we think this country has equal justice under the law.
One of the biggest farces ever.

Yeah. I realize that pensions and 401Ks were loaded up with financials, so letting their shareholders lose everything by wiping out existing ownership, and then refinancing the banks and re-selling them off, as we did in the Depression and even Savings and Loan Crisis, and making an actual profit along the way, wasn't possible. So, I don't fault Obama for that. But, the people who actually came up with the scheme to cobble together mortgages that all of us knew, or should have known, were shaky (like balloon, adjustable rate) were low, and the ones who knowingly cobbled in mortgages where no real credit check was performed should have been criminally charged. Even if they couldn't have convicted, they should have been paraded through courts.

So many of the people who actually worked at the banks, and others who just did their jobs taking applications for mortgages that were never going to be repaid, lost their jobs and will never get them back. It's easier to hire someone just out of school. And, from what I read, the actual CEO types at the financials really didn't understand what was put in the cdos. The book the big short is really real. So, I can't be angry with the financials. My wife worked for one in the 80s.

But those focks who put together something too good to be true should be doing time in a federal country club prison. I'd give Holder and Obama a pass over the black lives matter bs, but if they'd put the effort into banks that they put into Ferguson I'd be a lot more chipper about them

Well, it's congress's job to pass laws. The banks didn't like Dodd-Frank. We can debate whether it went far enough. But, I think most reformers/regulators see the largest danger now as shadow banking. The gop isn't even talking about it.

But the potus and AG are charged with prosecuting crimes. And Obama and Holder failed.

 

[boilermaker55]

Inside the $5.1B Goldman Sachs subprime mortgage settlement
Inside the $5.1B Goldman Sachs subprime mortgage settlement
"
In February, Morgan Stanley settled for $3.2 billion, Wells Fargo agreed to pay $1.2 billion, J.P. Morgan Chase paid $13 billion three years ago, and Bank of America coughed up a whopping $16.6 billion in 2014.

Goldman admitted that in bundling mortgages from subprime loan specialists like Countrywide Financial -- and then selling them to investors as bonds -- it largely failed to address financial problems it knew about."
And worst of all this BS.
While a $5 billion civil penalty is a lot of money, approximately half of it appears to be tax deductible -- meaning Goldman Sachs will be getting a tax break that could shave about a billion dollars off the total they've agreed to pay.