Goldman's Win (Felix Salmon)

[swag]

http://blogs.reuters.com/felix-salmon/2010/07/15/goldmans-win/

Goldman Sachs has come to a settlement with the SEC: it will pay $300 million in fines, and another $250 million in restitution, according to the NYT. There’s no indication that any Goldman executives are being forced out: this is a purely financial settlement, and does not even include Goldman admitting any wrongdoing.

This is surely a massive win for Goldman, whose entire business was at stake if it was found guilty of serious wrongdoing. The company’s shares are soaring in after-market trade, and although they won’t approach their pre-case levels any time soon, Goldman can now begin to distance itself from Abacus noise, and try to put the whole sordid tale behind it.

. . .

This settlement is surely testament to the extraordinary powers of persuasion which still exist within Goldman Sachs, but some kind of settlement was always likely: the SEC didn’t want to risk bringing a complex case like this in front of an inherently-unpredictable jury. I’m just surprised that they didn’t even get any management changes, or any kind of mea culpa. The risk, of course, is that Goldman’s victory here will only serve to exacerbate its arrogance. Could the Squids of West Street become even more insufferable, now?

[rfranklin]

1. I feel a deep sense of despair...

that justice is never meted out to these shits, while a bag of pot can get you twenty years.

[driver8]

2. It is unbelievable to me that anyone would think that this punishment fit the crime.

This is like paying a parking ticket to Goldman Sachs -- they won't even feel the loss of this money.

I am beyond despair...this country is fucked.

[LiberalEsto]

3. True story about Goldman-Sachs

My husband worked as a computer consultant Goldman-Sachs in Manhattan for 2 months back in 1990.

The first day, someone stole his new raincoat out of the office closet.

The second day, someone stole his umbrella.

The third day, someone stole MY umbrella, which he had borrowed.

It's a fucking den of thieves.

[Jim Sagle]

6. And here I thought the key to success was, never steal anything small.

:wtf:

I guess at GS it goes "Steal anything you goddamn well feel like."

[metapunditedgy]

4. So what does it TAKE to send a rich white person to jail in this country?

"Business as usual" will continue until guilty parties can stop hiding behind corporations.

Face it: a big wad of money (corporate money) gives license to murder, rape, and defraud in America.

[whyverne]

5. I wouldn't totally despair.

Guilt has been established. The law suits might keep on coming.