Posts Tagged ‘goldman sucks’

Speaker Pelosi and 30 California Democrats: “Banks Need To Be Held Accountable.”

Today, Speaker Pelosi and 30 California Democrats told the justice department that “it is time that the banks were held accountable for their practices.” Really? You guys are just figuring this out? Wow, Congress is sure slow on the uptake…or maybe it’s all that Goldman Sucks money flowing into the pockets of elected officials that’s clogging up their brains.

Let’s see: over the past two years, we have seen the foreclosure rate continue to rise and hundreds of thousands of Americans have been kicked out of their homes in spite of programs designed to help them. Going through the HAMP process is a nightmare in and of itself, aside from the trauma of foreclosure itself, because the banks just don’t want to cooperate. They won’t even cooperate on short sales most of the time! Recently, we’ve had the Ally Bank signature debacle and another company, Lender Processing Services (LPS) has been in the news lately because apparently they’ve been having their employees sign authorized employees’ signatures to foreclosure documents.

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Goldman Sachs Wants To Settle On SEC Fraud Case

According to a New York Times story, it appears that  Goldman Sachs would like to settle the SEC case against it for a lesser charge. It would sill face fines in the hundreds of millions, but it would also maintain the ability to deny any wrong-doing and avoid the charge of fraud.

Such deals are all too common place, and basically, it would wipe the record clean for Goldman.  Settled cases simply disappear because they never went to trial, which is why companies often push for settlements. Given Goldman’s worth, a few hundred million dollars in fines is a relatively cheap way of getting out of a very sticky situation.

I sincerely hope that the SEC does NOT take Goldman’s settlement offer. It is quite obvious fraud was done here and it is about time one of these Wall Street giants was made to pay the piper his due.

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