Goldman Sachs "Fined" $5.06 Billtion After Wells Fargo's Wrist was Slapped for $1.2bn... and Still No Jail Time
Goldman Sachs Group has agreed to pay $5.06 billion to settle claims that it misled mortgage bond investors during the financial crisis, the U.S. Department of Justice said on Monday.
The settlement, which Goldman disclosed in January, stems from Goldman’s conduct in its packaging, securitization, marketing and sale of residential mortgage-backed securities between 2007 and 2009, the Justice Department said.
Investors suffered billions of dollars in losses from the securities bought during the period, the Justice Department said.
What happened, according to Economic (paranoid) historian Tom Dennen, was that, in collusion with the SEC and the Bush administration, all the major banks involved in securities sales were packing known ‘weak’ mortgagedebts (mortgages sold below prime interest rates) into AAA mortgage packages (securitizing them) and selling them as AAA Securities. When the weak morgages began fo defaulft, the bubble burst and the United States economy went into free fall.
In other words, “Despite knowing that many of the home loans that made up mortgage-backed securities were in danger of failing, Goldman [with the knowledge of the SEC and therefore the U.S. government] continued to approve every residential mortgage-backed security it issued. ‘[some of those mortgages were issied to people with no money and no jobs] When these mortgages [predictably] defaulted, the securities became worthless.”
Clearly criminial fraud and known by 2010. But now, six years later – because someone in Justice is still doing their jobs – ill-gotten gains are exchanging hands between the fraudsters and the government.
And you’r fllipping a coin between HiuLIARy and the Nazi.
Think about the future of this country.
Think Bernie Sanders…
Tom Dennen
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