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08-10-2012, 09:58 AM #1
Of course they won't. Of course they won't.
The Justice Department has decided it will not prosecute Goldman Sachs or its employees for their role in the financial crisis, following an investigation by senators Carl Levin (D-MI) and Tom Coburn (R-OK). The congressional investigation found problems with the credit rating agencies and poor oversight from regulators, and highlighted abuses by Goldman Sachs and other large investment banks. Senator Levin sent a formal referral to the Justice Department for a criminal investigation in April 2011.
08-10-2012, 10:01 AM #2
Especially on elections year. They need money from companies like them. As always, it pays off to have money and be powerful. ANy other person would have been in jail by now.
08-10-2012, 11:01 AM #3
What crimes were alleged to have been committed? I know that a lot of people want to see someone go to jail over the financial crisis, but for what reason?
08-10-2012, 11:07 AM #4
it was found that they did nothing wrong, so what is the issue?
08-10-2012, 11:20 AM #5
If America had any conscience these guys would be in jail...oops.
08-10-2012, 12:40 PM #6
We all know that when major corporations break the law nothing really happens, so I am not suprised. Both Obama and Romney have received quite a bit of money from Goldman's Sachs as well, hmmm... Most people are against big business and banks and the other is against big government and most people don't see that both of them are the evil ones.When some wild-eyed, eight-foot-tall maniac grabs your neck, taps the back of your favorite head up against the barroom wall, and he looks you crooked in the eye and he asks you if ya paid your dues, you just stare that big sucker right back in the eye, and you remember what ol' Jack Burton always says at a time like that: "Have ya paid your dues, Jack?" "Yessir, the check is in the mail."
08-10-2012, 01:23 PM #7
If they were used car salesmen they would have committed a crime, but in the financial world I guess it's okay to sell known crap.
08-10-2012, 02:02 PM #8
wickabee, it is the exact opposite. unlike yourself, we don't need to place the blame on just anyone, just the ones who actually did something.
08-10-2012, 02:23 PM #9
There is plenty of bank fraud to choose from, but somehow most of leaders think that no laws were broken. Seems like there are lots of alternative on this list.
Max Keiser ~ Here are some recent improprieties by the big banks:
- Laundering money for drug cartels. See this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis)
- Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Detailshere, here, here, here, here, here, here, here, here, here, here and here
- Charging “storage fees” to store gold bullion … without even buying or storing any gold. And raiding allocated gold accounts
- Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)
- Pledging the same mortgage multiple times to different buyers. See this, this, this,this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
- Cheating homeowners by gaming laws meant to protect people from unfair foreclosure
- Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
- Engaging in insider trading of the most important financial information
- Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
- Charging veterans unlawful mortgage fees
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.
Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.
But at least the big banks do good things for society, like loaning money to Main Street, right?
- The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)
- The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this
- A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies