Goldman Reports Receipt Of Another SEC Wells Notice On February 24

Tyler Durden's picture


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.

From the 10-K:

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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Tue, 02/28/2012 - 19:12 | 2206094 Rainman
Rainman's picture

UBS will rat out the other big banks on the LIBOR criminal probe. They're turnin' !

Tue, 02/28/2012 - 19:34 | 2206146 HedgeAccordingly
HedgeAccordingly's picture

Giddy up- squid -

Tue, 02/28/2012 - 19:54 | 2206188 oogs66
oogs66's picture

They are Swiss

Tue, 02/28/2012 - 21:39 | 2206445 Ancona
Ancona's picture

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.


Tue, 02/28/2012 - 22:24 | 2206549 jedimarkus
jedimarkus's picture

Eric is running guns... very very busy...  please leave a message at the beep

Tue, 02/28/2012 - 19:13 | 2206099 Conrad Murray
Conrad Murray's picture

They don't follow the law, why should you? If you see a squid, cut its head off.

Tue, 02/28/2012 - 19:24 | 2206125 Gohn Galt
Gohn Galt's picture

Yes.  But beware the bureaucracy of Hydra, the heads regrow and multiply until you strike and kill the heart.

Tue, 02/28/2012 - 19:39 | 2206154 IndicaTive
IndicaTive's picture


"They don't follow the law, why should you? If you see a squid, cut its head off."

And then! The squid dance!

Tue, 02/28/2012 - 19:58 | 2206198 Crab Cake
Crab Cake's picture

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?

Wed, 02/29/2012 - 07:57 | 2207309 j0nx
j0nx's picture

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.

Wed, 02/29/2012 - 08:51 | 2207377 Howdan
Howdan's picture

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.


Tue, 02/28/2012 - 19:14 | 2206100 AC_Doctor
AC_Doctor's picture

I hope they all have to pay reparations. 

Tue, 02/28/2012 - 19:57 | 2206194 walküre
walküre's picture

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.

Tue, 02/28/2012 - 20:00 | 2206208 Crab Cake
Crab Cake's picture

If by reparations you mean being hung by the neck until dead then Im with you.

Tue, 02/28/2012 - 19:14 | 2206103 rosiescenario
rosiescenario's picture

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.

Tue, 02/28/2012 - 19:18 | 2206114 EscapeKey
EscapeKey's picture

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.

Tue, 02/28/2012 - 19:20 | 2206104 AbruptlyKawaii
AbruptlyKawaii's picture

nice get abc media ltd, theyd make prop desk doelarz monay if it wasn't for sum stoopid damn bloggerz


__\_\___               ___/_/__
   /_______ \___       ___/\_______\
           \_\  \/__/\_____/\__\/  /_/
                    \/_____\/                      __
                     \o | o/_____ ________________/\_\
                      \ | /_______\_______________\/
                       \_/        /                           |


choice = freedumb




Tue, 02/28/2012 - 20:26 | 2206263 Crab Cake
Crab Cake's picture

No. Choice does not always equal freedom, bitch.

Tue, 02/28/2012 - 19:15 | 2206107 Gringo Viejo
Gringo Viejo's picture

The SEC is a bad fucking joke.

Tue, 02/28/2012 - 19:16 | 2206112 EscapeKey
EscapeKey's picture

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.

Wed, 02/29/2012 - 00:32 | 2206908 Widowmaker
Widowmaker's picture

Its the G in G-mail.

Tue, 02/28/2012 - 19:28 | 2206135 Conman
Conman's picture

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.

Tue, 02/28/2012 - 19:30 | 2206138 eBuddha
eBuddha's picture

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?

Tue, 02/28/2012 - 19:33 | 2206144 shuckster
shuckster's picture

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

Tue, 02/28/2012 - 19:37 | 2206149 EscapeKey
EscapeKey's picture

How dare you say that? Goldman Sachs put their clients interests first. Everybody else get one shitty deal.

Tue, 02/28/2012 - 19:50 | 2206177 Chimerican
Chimerican's picture

Who gives a monkey shreeve. Is GS a good investment or not?

Tue, 02/28/2012 - 19:59 | 2206200 goldstandard
goldstandard's picture

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.

Tue, 02/28/2012 - 20:12 | 2206232 imapopulistnow
imapopulistnow's picture

Hey Goldman


........('(...´...´.... ¯~/'...')
..........''...\.......... _.•´

Tue, 02/28/2012 - 20:33 | 2206284 Racer
Racer's picture


No, more like a touch of a feather with backhanded stolen taxpayers money bonerses

Tue, 02/28/2012 - 20:33 | 2206286 Benjamin Glutton
Benjamin Glutton's picture

SEC restoring confidence for pennies on the stolen dollar.

Tue, 02/28/2012 - 20:52 | 2206324 Racer
Racer's picture

Bloody hell, when did they succeed with THAT massive clawback??

Tue, 02/28/2012 - 20:37 | 2206294 Kipper und Wipp...
Kipper und Wipperzeit's picture

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 ...")

Tue, 02/28/2012 - 20:38 | 2206297 SillySalesmanQu...
SillySalesmanQuestion's picture

I have some spare rope and a lampost....

Tue, 02/28/2012 - 20:43 | 2206310 non_anon
Tue, 02/28/2012 - 20:56 | 2206337 RiverRoad
RiverRoad's picture

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. 

Tue, 02/28/2012 - 21:41 | 2206449 Everybodys All ...
Everybodys All American's picture

Not a chance in hell though it would get my vote and btw I can't stand the Obama regime.

Tue, 02/28/2012 - 21:26 | 2206401 Downtoolong
Downtoolong's picture

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.

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.   

Tue, 02/28/2012 - 22:26 | 2206558 stickyfingers
stickyfingers's picture

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.

Tue, 02/28/2012 - 23:56 | 2206820 AmericanBulldog77
AmericanBulldog77's picture

Lookee over here while I distract you.

Lookee over here while I distarct you.


is 2 enough?

Tue, 02/28/2012 - 23:38 | 2206770 chunga
chunga's picture

Do us a favor SEC.

Clean out your desks and go to hell.

Tue, 02/28/2012 - 23:57 | 2206828 AmericanBulldog77
AmericanBulldog77's picture

SEC = Screwed Every Consumer

Wed, 02/29/2012 - 05:29 | 2207130 keeping appearances
keeping appearances's picture

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.....


Wed, 02/29/2012 - 08:57 | 2207392 overmedicatedun...
overmedicatedundersexed's picture

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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