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Charlie Gasparino Says Goldman Settlement To Be Between $1 and $5 Billion
From Charlie:
“I’ve been talking to lawyers and rival CEOs just trying to ballpark it at this point…there is no number, but people are ball parking, and these are CEOs and lawyers, between $1 and $5 Billion. And that’s what they are saying. And these aren’t people that are necessarily trying to keep negative stuff on Goldman Sachs. These are both analysts that are positive on the stock, but those are the numbers that they are talking about.”
“And it depends on a lot of things. For all I know, the SEC can come in and say give us $100,000,000 if Lloyd Blankfien gets fired. That’s a possibility.”
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Surprise, surprise. So they (SEC) were just blowing smoke after all.
No, they were blowing Lloyd and the gang. And now he has to pay for the pleasure, being the honest man that he is.
It has to be that low, Bernanke cannot print the money that would be needed to give to Goldman to pay the SEC if the amount was $ 125 billion; the amount it should have been.
Is this like GM paying off our loan early with other money we loaned them earlier?
Nah, it's using a small portion of tha profits from the Fed/Treasuries repo scam. Less than 1/4 of a years bonu$ pool. OhhhhhNoooooo.
So a slightly rougher penalty than downloading an illegal song.
Well I'd say our priorities are in order.
LOL... that sums it all up doesn't it?
Did he look hungover when he stated this? He loves to go to Elaine's and get schnockered.
++ The weak minded should not drink or drug.
Do we get to choose from whom's pocket it comes?
Does it matter? Either way it'll be yours.
BAILOUT BITCHES!!
I am Chumbawamba.
With no admission of guilt, of course. Feels very satisfying - not.
Exactly. An admission of guilt would validate all the private lawsuits that have been filed. That's what's really worrying GS. Many of the private suits are counting (or should I say hoping) on first blood being drawn by the SEC. A settlement would embolden GS, not weaken it.
This is the same reason that central bankers always toe the line and deny that bubbles can be seen forming; if they admitted they could see them they'd be liable.
SWR
You bring up an interesting point. How immune, if they are at all, is the Fed to lawsuits? The Bloomberg suit is an interesting case but it pertains to disclosure of information. What about lawsuits brought because of policy "errors" that caused harm? Isn't one of the legal tenants that one must have been harmed in order to be compensated? And how would the Fed compensate us, by printing money?
Any ideas on this subject?
Enormously perfectly timed question!
Agreed... Good time to check this out.
In the meantime it's once again a bank fine for Mr. Bankfine and 'Being Goldman' means never having to say you're sorry!
The concept of sovereign immunity would likely protect the Fed from any suits by citizen-taxpayers. Even if the government waived soverign immunity, there would be standing issues that would need to be overcome. One might question whether any person holding dollars would have such standing...
But the Fed is a private bank that was (allowed to be) created by the Fed Reserve Act. It's not quite a GSE either because GSEs are theoretically open books. It's a strange animal that exists for various reasons.
Can a sovereign itself (the USA) extend its immunity onto the Creature from Jekyll Island?
correct and see below. like the way you think CD
I think it's much simpler than that.
"As soon as by one's own propaganda even a glimpse of right on the other side is admitted, the cause for doubting one's own right is laid." -Hitler
God, The FED and Adolf Hitler. You can't make them wrong. You can just make them suicidal.
Doesn't this open Pandora's box, though, if they settle this?
But how will this impact their ability to make donations to candidates, political parties, and PACs? If the fine is too high, they may have to cut back for a while.
Isn't anyone thinking of the politicians? How will they replace their sugar?
That should provide plenty of laughs at their next Christmas soiree.
Ok, I assume this is just the civil settlement, and not the DOJ criminal actions. So, let's say Goldman, who claims they aren't guilty but quickly want to settle, pays the billions and the case is dropped. Who the freak gets the settlement money??? Where does it go? Backdoor right back to Goldman while the idiots in America are playing with their Ipad's? Or does the SEC get more yearly subscriptions to AsianHottie.com??
chickswithdi*ks.com, I think.
And what was the total of last years bonuses?
No, what percentage of last year bonuses this settlement is going to be?
Pocket change for the 8-pussy
This feels like a tie for each side. And a tie is like kissing your sister.
Unless your sister is a porn star.
I am Chumbawamba.
$1 - $5 billion....quite a range. What else will be bartered to decide the final amount? Let's see:
$1 billion - we were not doing God's work
$5 billion - we were doing God's work
Buying the stairway to heaven?
$5 is a start to getting back the AIG money... or at least help to pay for the ensuing criminal lawsuits that will tie up lawyers for 10+ years.
Make $100 billion off scam, pay $5 billion fine, admit no wrongdoing. Wash, rinse, repeat.
5 billion fine fiat from government save your ass funds
If they do this without admitting guilt......the fuck everything. Let the ponzi go on for everyone. BULLSHIT...I SAY....TOTAL FUCKING BULLSHIT!!!!!
You were expecting Mother Theresa?
I am Chumbawamba.
Keep an eye on the cash contributions to the political parties for the 2nd and 3rd quarters. 1st Q had majority of contributions going to the Republican party. With the SEC shakedown and settlement, I expect the 2nd and 3rd Q reports to show a majority of contributions to Democrats, as usual.
please allow me a moment of silence as i am deeply in denial. although i rationally knew this may be the outcome, this was supposed to be a moment of clarity - sob..... may the gods be angered by this and strike rath upon GS!
wrath on GS? The Obama administration is the one settling the lawsuit! LOL
EXPECT MORE WHERE THIS CAME FROM:
http://2.bp.blogspot.com/_wkgIzuqJM0w/S4a54QhIMdI/AAAAAAAACoY/2WbkxDzdxK...
Why would the govt do anything other than the "big tobacco" ploy? Demonize big tobacco then extract billions but not enough to kill the cow.
Like a vampire sucking out blood, suck too much and you kill your next meal. Just like the mafia does, take payola money but not too much where you kill the business and lose your future revenue stream.
That's a hell of a spread Charlie. Let me guess, you used to be a market maker at Goldman...
They can make the check out to:
Br....
or, they can contact me (call BR-549), if they need the details for wiring it directly to my bank.
Looks like they got a reasonably satisfactory response to that after getting Cramer to use those numbers as a trial balloon...
OT:
Im curious. Who does Goldman actually think will pay them off on their CDS bets on sovereign default. Anyone with a brain can put 1 and 1 together and see that GS is trying to use this as a distraction from their own eventual reckoning, financial threats against the government trying to prevent them from pursuing them and real financial reform and to collect profits by using their unmatched leverage. So whos going to pay them? Could be like AIG all over again.
multiply choice who will pay
1) the bosses bonus
2) the hidden stash in a bahamas
3) some sort of profit made in the business
4) the government/fed tapping the people
Gasp is a reaching for news. This is (and better be) about cutting a deal for the commercial bank victims. Obama has a big fish to fry and this case is all about that if my radar is adjusted correctly
Not enough to keep the natives in their tents.
Try again at around 10X the higher amount.
The concept of sovereign immunity would likely protect the Fed from any suits by citizen-taxpayers. Even if the government waived soverign immunity, there would be standing issues that would need to be overcome. One might question whether any person holding dollars would have such standing...
This was supposed to be in response to Cognitive Dissonance's question to SWRichmond. Sorry for the mess-up.
no sovereign immunity for reserve banks... hell, I'd love to see them make that argument, be kinda like giving the admission they never give. If they're the sovereign, they can't ask the sovereign not to audit..
GS is housed in a glass building now. Not the granite that was on Broad st.
Does anyone watch this garbage? What a waste of a commission...
http://www.c-span.org/Watch/Media/2010/05/06/HP/R/32589/Finance+industry...
Letting Goldman off with a fine is like a drug dealer paying his fine in coke,long prison terms,a break up of the TBTF,nothing less and a complete reform of the SEC a minimum.
Who will they pay it to? The congressional campaign funds for the fall elections?
**Breaking News**
Gaspy says Venus is between the Earth and the Sun...
Gas Bag is an Idiot. Plus his wife is fat and ugly.
1-5 billion? You could get more by overturning and shaking the sofas at their headquarters?
$12 billion
$12 billion
$12 billion
$5 billion is still $7 billion below the parity number of $12 billion that GS should not have recieved in the backdoor bailout of AIG. So, fellow readers, there are 300 million debtholders in this country. $16 trillion in debt. But really, only about 30 million of us actually pay taxes so thats $533 thousand in debt each. So, the lost $7 billion is just $233 dollars but if you scream at your Congress rep and tell him you want your $233 then we just might get it back and then we can put it towards the $533k you owe because that is a real number.
Or put it this way, GS rigged a lottery 233 times the size of a regular lottery. You had no chance to win the $12 billion, it was going to them the entire time. Feel good about giving them a check for $233 so they could spit on you ? Want to get it back ? Then scream at your Reps and Senator or, more than likely just baaaaah your way to the next story...
MAY 1st:
"The weekly DOW chart shows an expanding wedge indicating a significant move is probable... this remains an overbought bear market rally and the uptrend could falter at any time.
http://www.zerohedge.com/forum/latest-market-outlook-0#comment-326767
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