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Goldman Reports Receipt Of Another SEC Wells Notice On February 24
Looks like the SEC is not done with Goldman Sachs, already the subject of the largest civil fine levied by the SEC on a Wall Street firm, aside for that whole Robosettlement farce of course - which still is not available to the general public, and is back for more wristslaps. Per Reuters: "The U.S. Securities and Exchange Commission notified Goldman Sachs Group Inc that it may file a civil case against the bank related to a $1.3 billion offering of subprime mortgage securities, Goldman said in a regulatory filing on Tuesday. Goldman received the "Wells notice" on Feb. 24 related to the bond deal, which was underwritten by Goldman in 2006, according to the 10-K filing. A Wells notice indicates that SEC staff plans to recommend that the Commission take legal action, and gives a recipient a chance to mount a defense. The bank said it will be making a submission to SEC staff "and intends to engage in a dialogue" with them to address their concerns." Our only question is how will Goldman pin this one entirely on Fabrice Tourre who may or may not be still in the employ of the 200 West headquartered firm.
On February 24, 2012, the firm received a “Wells” notice from the staff of the SEC with respect to the disclosures contained in the offering documents used in connection with a late 2006 offering of approximately $1.3 billion of subprime residential mortgage-backed securities underwritten by GS&Co. The firm will be making a submission to, and intends to engage in a dialogue with, the SEC staff seeking to address their concerns.
The firm expects to be the subject of additional putative shareholder derivative actions, purported class actions, rescission and “put back” claims and other litigation, additional investor and shareholder demands, and additional regulatory and other investigations and actions with respect to mortgage-related offerings, loan sales, CDOs, and servicing and foreclosure activities. See Note 18 for further information regarding mortgage-related contingencies.
Cue Carl Levin and more accusations of shitty deals and what not. Yet for all the bank scapegoating, when will one politician - just one - take the witness stand next to Blankfein or Viniar? Or were they all perfectly ignorant of what they were enabling and legislating?
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UBS will rat out the other big banks on the LIBOR criminal probe. They're turnin' !
http://www.reuters.com/article/2012/02/28/us-libor-probe-idUSTRE81R1ZG20120228
Giddy up- squid - http://hedge.ly/gFWVSm
They are Swiss
These pussy fascist cocksuckers need to go to JAIL!!! Where is fucking Eric Holder on this shit!?!?!?!?!
WHY have there been NO prosecutions?!?!?!
Fuck these son-of-a-bitches!
I am sick to fucking death of hearing any sort of news about fucking bankers that doesn't include information about their fucking arraignment.
WHAT THE FUCK HAPPENNED TO THE RULE OF LAW!!!!!!!
Eric is running guns... very very busy... please leave a message at the beep
They don't follow the law, why should you? If you see a squid, cut its head off.
Yes. But beware the bureaucracy of Hydra, the heads regrow and multiply until you strike and kill the heart.
"They don't follow the law, why should you? If you see a squid, cut its head off."
And then! The squid dance!
http://www.youtube.com/watch?NR=1&feature=endscreen&v=mn2_PzmggSM
Largest civil fine....
Fuck Goldman, the SEC, the Fed, and the federal government.
Civil penalties? If I had done a millionth of what GS is guilty of Id be in prison getting ass raped.
These people should be hung publically; end of story. Traitors and usurers.
I have no faith of equality under the law, and I am not represented. I would, and am, within my natural rights to declare revolution.
We are in a Republic turning to fascism. In fact we are already there... What are you going to do?
I don't know about you guys but ima watch American Idol and get all crunked up on this 40oz schlitz - Average American's outlook on these crimes.
Well said CrabCake! This is what I don't understand - WHY are the likes of GS allowed to get away with simply brushing these terrible economic crimes/MASSIVE frauds under the carpet by paying measly fines, while an ordinary person who commits a millionth of what they've done gets a terribly draconian prison sentence??!!!
And while we're at it - While the SEC have been going for the easy prey (Insider trading in HF's like Rajaratnam), why has no big bank executive or CEO (like Angelo Mozilo) been prosecuted and jailed for the heinous crime they are alleged to have committed?
The whole "Justice" system stinks to high heaven and is rotten to the core, just like the financial industry.
I hope they all have to pay reparations.
To whom?
SEC will not share their "fruits of labour" with anyone.
You know that KGB let Russian Mafia run their business and Russian Mafia paid KGB "protection".
So once in a while, SEC is looking for ways to shake down the tree.
Are they any different? Corruption is corruption, no matter who executes at what time.
If by reparations you mean being hung by the neck until dead then Im with you.
O'Bummer got the SEC to put the squeeze on Goldmun...once they come over with a few more "donations" for his campaign, the SEC will back off.
There's no fucking difference between the GOP and the democrats. Had McCain been elected, the situation would have been the same, with the name changed.
Monied interests have controlled US elections since 1881.
nice get abc media ltd, theyd make prop desk doelarz monay if it wasn't for sum stoopid damn bloggerz
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choice = freedumb
...bichezzz
No. Choice does not always equal freedom, bitch.
The SEC is a bad fucking joke.
The SEC could save money by outsourcing their email servers to Goldman Sachs.
Or has that already happened? I guess with their Chinese walls there's nothing to worry about.
Its the G in G-mail.
Whats the point? SEC has already said the most the will do is fine them and have them overhaul the compliance department. oooo, scary. Carry on with the sham bankers, hopefully you will all be slugs in the next life. Buddah told me so.
from 6 years ago?
how about a timely prosecution?
i'm no fan of GS but, come on - how long is the witch hunt going to take?
If you lend your gun to someone, there's always the chance they'll shoot you with it when you come ask for it back
How dare you say that? Goldman Sachs put their clients interests first. Everybody else get one shitty deal.
Who gives a monkey shreeve. Is GS a good investment or not?
SEC going after Goldman? Maybe their just trying to deflect the 3.75 trillion lawsuit against them for short selling CMKX diamonds. Who's got the money is what share holders are asking, as is their Atorney Al Hodges.
http://www.free-press-release.com/news-cmkx-cmkm-diamonds-inc-hodges-fil...
Hey Goldman
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Wristslaps?
No, more like a touch of a feather with backhanded stolen taxpayers money bonerses
SEC restoring confidence for pennies on the stolen dollar.
Bloody hell, when did they succeed with THAT massive clawback??
I'm sure there's some "dialoguing" going on with the SEC investigators alright ("well ,now that we're finished with that, we've got this opening, you seem like the perfect candidate ...")
I have some spare rope and a lampost....
Max Keiser has a good one on sweet Mary
http://maxkeiser.com/2012/02/28/kr255-keiser-report-weed-out-wall-st-crooks/
Looks like Goldman's being moved into position to be slaughtered on the altar of Obama's reelection. Watch as they bring this thing in 4,3,2.....right on the nose.
Not a chance in hell though it would get my vote and btw I can't stand the Obama regime.
I’m seeing a great niche job opportunity as a professional rogue trader. For $10 million in consulting fees any financial firm can blame me for all their mistakes, losses, and lawlessness (plus fines and expenses of course). I’ll subcontract all the backdated trade records and employment documents to one of the many Madoff feeder funds still operating out there, so, you know it will be solid. But, if I have to do jail time that’s an extra $25k per day.
already the subject of the largest civil fine levied by the SEC on a Wall Street firm
Couldn't have been that big, they're still in business.
Lookee over here while I distract you.
Lookee over here while I distarct you.
is 2 enough?
Do us a favor SEC.
Clean out your desks and go to hell.
SEC = Screwed Every Consumer
I'm sure Goldman Sachs will pay a small fine in terms in how much they stole, and Mary Schapiro will insist they don't admit or deny guilt because that would be bad for morale in the Obama Administration. Holder will be out playing golf with Blankfien and Obama will be having dinner with the other men about town laughing how the rich screwed the poor... I wonder if America will ever wake up to the SEC, CFTC and the other Federal Grifters who are getting paid off by the Too big To Fail primary dealers.....
it's a corzine world why has no judge or AG taken action..because it's a corzine world. better we all just take long walks and turn every media off, justice will not be served at this eatery.
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