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Full Goldman Judgment And Consent Documents
This is all that Goldman consents was done wrong, without admitting or denying guilt:
Goldman acknowledges that the marketing materials for the ABACUS 2007-ACI transaction contained incomplete information. In particular, it was a mistake for the Goldman marketing materials to state that the reference portfolio was "selected by" ACA Management LLC without disclosing the role of Paulson & Co. Inc. in the portfolio selection process and that Paulson's economic interests were adverse to CDO investors. Goldman regrets that the marketing materials did not contain that disclosure.
We, in turn, regret that America no longer has a fair and just legal system
There is still some vague hope that a Judge Rakoff wannabe will block this
travesty of justice but we are not holding our breath. And sorry Fab Fab, you are still going to be the
sacrificial lamb (for now).
Full Goldman Judgment can be found here.
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"We, in turn, regret that America no longer has a fair and just legal system"
You got that right, just ask Martin Armstrong.
I must admit to being shocked by the announcement. $550M is a total joke. How much free money does GS make daily by borrowing at the discount window and reinvesting in 10-year treasuries? So,
1) GS et al totally, fraudulently fuck up our entire financial system and economy.
2) Deemed TBTF, The Fed asks GS to convert into a savings bank.
3) GS now can borrow freely at the discount window and use $ to buy trsys.
4) Obama DoJ sues GS for fraud re #1.
5) GS settles with govt and pays fine with $ it earned for free from said govt.
What a fucking racket. I cannot believe that this is actually happening in The United States of America. I know many of us ZHers feel that nothing about our kleptocracy should surprise anyone, but this is outrageous. I'm speechless.
Yes. This is why small businesses will disappear. The corporations with the money, guns and lawyers will always win. Farcism at its finest.
Ya but if you make a sufficient offering to the temple. You get a piece of crap computer or a piece of crap car or a piece of crap drug that kills you.
I made this comment on another string: case announced before FinReg debate, "no settlement"/tough SEC throughout debate, settlement THE DAY FinReg passes, and when PTB could use a new reason for market ramp. The timing of the case around FinReg is just preposterous.
Did Johnny Cochran rise again and say to the SEC "If the hairpiece doesn't fit you must acquit?" For true justice, I guess we'll have to wait until Blankfein holds up some memorabilia dealers for his personalized Goldman Sachs pens, t-shirts, and other chotchkes he was awarded during his tenure there.
It's dissapointing when the facts of a case do not support the narrative.
$550 million? Is that the going rate for a few new servers and the bandwidth required to download 100 quadrillion MB of porn?
thats like giving me a fucking parking ticket, liberty and justice for all
<edit: struck out "b" "rty" and "justice" but doesn't show formatting apparently>
We all knew GS was going to be slapped on the wrist, right? No news here.
I just got off the phone and clicked on the TV volume when I saw Obama speaking about the FinReg bill. What was he telling me about the bill?
That I will be assured I will get a free credit report once a year or if I'm denied credit. He promises me it's in the bill.
We're saved!
That was already provided, and has been for decades
No.
Not according to Dick Bove. Today he said that Goldman was not even close to settling with the SEC and that the SEC wanted a managment change.
Here is the clip.
http://watch.bnn.ca/#clip325550
NSA inspired-wired double post...
Blank-dick-fein will pay the SEC fine with tax payer TARP funds...
Ding! you win. I'm so mad I could scream until I catch apoplexy
Gee, squids are slippery and slimy, but this one is par excellence. But if you own the SEC and the legislative branch ......
Isn't that cute? The common man will now be SURE to think the SEC is doing its job! They get to look good and get a tidy payment from their master.
There is no hope in bringing down The Squid... I pray they all burn in Hell.
Lloyd: "Glad we got case 1 settled. Where do we stand with the other dozen?"
the sec announces that it has an squid announcement to make five minutes after the finreg passes. The result? GS stock went UP. Oh yeah baybee, finreg is da bomb! Give the SEC and teh fed more power to regulate the tbtf, yeah, that's the ticket! HAHAHAHHAHAHAHAHA!!
+100 I hate these scum bags.
Naturally, I sold my GS August 150 calls YESTERDAY for less than half the price they're at now. I suck!
Back to business as usual. Booyah.
Get the guns, boys. And some rope.
I hate these Goldman guys, scary types of people.
Did Obama make this press statement at this time to distract from SEC announcement?
We're sorry. We mean it. Really. Swear to God. Honest.
"And liberty, and justice, for all" indeed. POS.
I beg to differ. We have the best legal system money can buy.
all are corrupt...we need to keep up the fight till some more of the sheople awake...then one can maybe hope something will be done..as long as the public believes fairy tales like the magic bullet theory or 19 arabs from a cave brought the world to their knees..or the ratings agencies along with the banks just made a mistake on sub-prime..or B of A and CITI group made mistakes on their balance sheets on over 10 billion dollars...then they will continue to rob and pillage the US...
+1000000
Just in time for goldman to help pin opex. Bet they dont regret that or the dozens of other scams currently in progress.
Five and half days of trading profits. Yeah that sounds about right.
Not like the crowd here at ZH is shocked by any of this. Nonetheless, it is still painful to see what you know (yet don't want to really accept) occur in plain sight. The greatest theft in recorded history - and what comes of it? Nothing really. Why? Because the rules (e.g. legal system) are designed by those responsible for the theft.
Every day, I fear more and more the ramifications of continuing down this path. There is going to be hell to pay one way or the other.
Home of the....?
free pass if you're big enough and good enough.
Delivering positive market numbers is a lot easier with a company that can "manipulate the market in unfair ways."
And the White House has to get these numbers up for November.
Bid em up!
And how much did GS make on the securities (and similar)they are being fined for? Worth it
_
Sorry Tyler but you are unfair, you forgot this:
(d) Education and Training
See, it's all good now.
Shall we schedule those private jets to fly the trainees to Jackson Hole or the Bahamas?
Bahamas baby!
Settlement and FinReg permits GS etal to openly pour tens of millions into Dem coffers for midterm elections.Auspicious timing,clear quid pro quo.And why was the settlement only about half the known damages?Why no punitive damages? Total BS.
Err...Thats "squid pro quo", to be exact.
I do want a gig like this. Let's see. You steel billions, pay a 550M fine and walk away without a scratch. And someone would think there is hope for this country. Another nail. Soon, we'll be shut in and buried alive and with shit like this, we deserve it.
And SEC gets a check for a cool $ 300 million.....that's almost a third of the SEC annual budget. Is this gravy for Mary or does she have to kick it all back to Timmy for future Fan/Fred bailouts ??
I smell squid alright... but the stench isn't just coming from GS...
Schapiro needs a queen size vinegar self n' staff douche as well...
SEC: "Goldman has agreed to an immediate injunction from violating anti-fraud provisions" forehad slap, GO!
Matias Faint (new release) - Last Breath: http://www.youtube.com/watch?v=6wHXbqlaPUo
In America, you get all the justice you can afford. Too bad if you are not smart enough to have as much money as the Squid. Now stop your whining and get back to work, slave.
Haha...sad but true
Justice is blind for the rich and has 20-20 for the rest of us.
On the day the "investigation" was announced, the charges were utilized as an excuse to sell gold off by $30. Any chance that the $30 will be put back on tomorrow???
What a manipulated, fucking joke.
This is a joke.
GS just took a shit in my lunch and said "enjoy bitch".
I am tired of typing "fascist corporate oligarchy" over and over.
I guess tomorrow will be the day where Goldman Sachs announce they will acquire the SEC in an all-cash transaction deal.
Yep, fine + to 3.4% of 2009 bonus pool.
Maybe they wrote it themselves like they write the bills in congress.
what a coincidence that the spill is capped, gs vindicated, and fin reg all happens with hours of each other. what perfect timing. witness the mega marriage of convenience. no more just sleeping together - it's legal now!
I understand this is a finance website, but you cannot straddle both side of the legal argument here. That is to say, when this civil action was filed there were a few posts here claiming that Goldman did nothing wrong in their role as a market maker and that the SEC's filing was just a PR stunt by a bunch of unsophisticated hacks. If that is/was your position fine, whatever. But then to argue, as you just did, that the settlement is a reflection of an injust and unfair legal system, (because I infer that you mean Goldman got off the hook), well, that is what us lawyers call "arguing out of both sides of your mouth."
This is neither here nor there, but I hereby confer upon you a gold star for using "infer" properly. Idiots would have used "imply".
A further gold star is awarded for "loquacious" in your nick.
Good lord, it is a pleasure to see the King's (? Queen's) English properly used. It happens so seldom that I get all warm and fuzzy upon its appearance ;-)
just my observation cracko - macrocosmically speaking, i meant the horseman can no longer command the horse because he turned the horse into an ass. no one wins.
SEC and GS "settled out of court", so the legal system per se was not implied in this res.
Hey, what about the DOJ "criminal" probe? I'm picturing Eric Holder, pants at his ankles, bent over with Lloyd sticking a baseball bat up his ass.
"You want probe, I'll give you probe!!!"
+1000 ;-)
We seem to have a phantom shitter, uh junker, lurking about. Obviously some dumbass who works for Goldman or the gubment or ... wait, what the hell is the difference ?
To the phantom shitter -- we gonna burn your house too -- all in due time.
BTW, Fab Tourre is still on the hook. Goldman sold that fucker out!
$550 million? Just a minor adjustment in somebody's entertainment expense account.
Nice timing. Let's see, when is OpEx?
these weren't mom-and-pop buyers. their clients are PhD's and other finance gurus who have their own positions hedged. the fact that they were trying to get 75bps more on a mortgage bond vs somewhere else is just what these guys do. customers paid for it. like shorting T-30 you can go broke being right. paulson was an inflection point. many people went broke shorting internet trash from 1997-2000. the 550M was extortion because politically, someone needed to scalp a goldman--- they make too much money. now all done. excess profits tax on oil companies is coming next "for the social good"
Goldman's fine virtually paid for itself with today's stock price gain. With insiders holding roughly 5% of the approximately 500 million in outstanding shares (per Yahoo), and with the stock price rocketing $13 this afternoon into the after hours, that's about $325 million (25 million insider shares x $13). Another $7 per share gain and it's a done deal. Shouldn't be too hard for Goldman to engineer that. Brilliant!
Typo - another $9 (not 7) needed. Still - piece of cake.
THE SQUID LIVES ON!!!
Not even a billion stinking dollars??? Unbelievable. That fine won't hardly even make a dent in their bonus pool.
We, in turn, regret that America no longer has a fair and just legal system
No surprise, TD.
Fuck it man, let's go bowl.
World class justice. Third World, that is.
Both the SEC and GS were right and wrong. What is to be done in these types of situations? Bend GS over for $550M, (one wonders how much of it comes from insurance,) provide the usual language about being wrong, but do not admit to a fraud and go on with business as usual.
If this case ever had any merit, there would already have been several others announced. As posters on this site have noted, Deutsche Bank, Citibank and Mother Merrill ALL had very similar deals. Where is the SEC on these deals? Considering the amount of money the SEC just collected, one wonders why there aren't multiple cases in settlement talks.
It should also be noted that similar abuses were alleged with respect to backdating stock options during the go-go days of tech stocks...remember growth stocks? A handful of cases were pursued, with (I think,) thousands of similar cases. What happened? Nothing. Who even remembers the issue?
There is so much for the Helen Keller's at the SEC to work on now with Fin Reg. that all these Enforcement drones will go back to doing what they normally do, botch prosecutions, let the big guys off at the expense of the small players and obvious wins.
The SEC is far and away the worst regulator EVER. Yet they came out a winner on Dodd/Frank. Has the planet gone mad?
The real question is what happens when we get hit with the next financial crisis, which, according to the Fed Minutes will probably occur before we emerge from the current deflationary markets.
the legal system most of the time has been quite unfair. which rock were You hiding under?
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