Sanders: Goldman settlement shows their business is 'rigged'

[think]

Sanders: Goldman settlement shows their business is 'rigged'

By Peter Schroeder - 04/11/16 04:19 PM EDT

Bernie Sanders charged Monday that a recent government settlement proves Goldman Sach’s business is “based on fraud.”

The Justice Department announced Monday that the Wall Street giant would pay over $5 billion to settle charges it sold risky mortgage investments in the lead up to the financial crisis, and didn’t tell investors enough about it.

~Snip~

“What they have just acknowledged to the whole world is that their system … is based on fraud,” he told supporters in New York.

Sanders also complained that the civil settlement did not include any criminal charges, proving the “corruption of our criminal justice system.”

Source:
http://thehill.com/policy/finance/275878-sanders-goldman-settlement-shows-their-business-is-rigged

....

[Uncle Joe]

1. Kicked and recommended.

Thanks for the thread, think.

[DemocracyDirect]

2. The $5.1 billion didn't include the $5.1 billion either.

If you read the fine print there's all sort of reductions through government subsidies and rebates.

A government by the 1%, for the 1%, and of the 1%?

[think]

3. It's a joke disguised as justice....

[azmom]

7. WHAT? subsidies and rebates?

Please tell me that is not true.

[DemocracyDirect]

10. Yes and is a tax deduction too.

Goldman Mortgage Settlement Is Much Less Than Meets the Eye
By NATHANIEL POPPER
APRIL 11, 2016

http://www.democraticunderground.com/10027752705

[azmom]

15. That is disheartening on so many

Levels. Thanks for the link. Will share

[DemocracyDirect]

16. Disheartening and dissappointing...

... but not surprising consider how many former and future Goldman Sachs executives work for all administrations.

[azmom]

17. It's a joke of a settlement, and that joke

is on us.

[Yurovsky]

4. This kind of BS will only get worse if Goldman Sachs owns the next President...

and the only person running who will hold them accountable is Bernie.

I for one don't wish to live out my days in servitude to the 1%. There is still time to save this country from the robber barons if NY & CA go for Bernie.

[beedle]

5. $5 Billion???

That's not even enough to be considered 'the cost of doing business".

I'm picturing the Justice Department saying "This fraud thing has probably blown over, you're free to go"

Goldman: "Here, take this $5 billion at least. We have to make it look like you at least tried a little bit".

[azmom]

8. It's what they offered.

[beedle]

9. Bingo LOL

[JackRiddler]

13. Cute, but you can be certain that's not how the dialogue went.

If they could have netted $5 billion FROM the Justice Department, they would have. As it is more than half of the "settlement" is tax-deductible.

[Jefferson23]

6. Some don't want to see it, but he is telling you how it works. K&R

[shanti]

11. Tell it, Bernie! n/t

[dana_b]

12. I guess the great Dodd-Frank was ineffective here

although I keep hearing how awesome it is. Why isn't anyone ever thrown in jail?

[Gomez163]

14. I bet Bernie didn't read the details

[CharlotteVale]

18. K&R

[snowy owl]

19. They owe Greece as well as Americans. They turned the world upside down.

[pat_k]

20. NYTimes - Goldman Settlement Much Less Than Meets the Eye

http://www.democraticunderground.com/10027752705