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DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe

 
Treyfish
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08/09/2012 09:06 PM
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DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Aug 9, 2012 8:38pm

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.

The investigative report by the Senate’s Permanent Subcommittee on Investigations, chaired by Levin, found that Goldman Sachs “used net short positions to benefit from the downturn in the mortgage market, and designed, marketed, and sold CDOs in ways that created conflicts of interest with the firm’s clients and at times led to the bank’s profiting from the same products that caused substantial losses for its clients.”

A statement from the Justice Department issued late on Thursday evening noted, “Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report.”

“The department and its investigative partners conducted an exhaustive review of the report and its exhibits, independently gathered and scrutinized a large volume of other documents, and tenaciously pursued potential evidentiary leads, including conducting numerous witness interviews,” the Justice Department’s statement continued. “While the department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not...
[link to abcnews.go.com]
Anonymous Coward
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08/09/2012 09:07 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
I'm shocked.

Truly
OverSoul

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08/09/2012 09:08 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
[link to i360.photobucket.com]
Treyfish (OP)

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08/09/2012 09:09 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
I'm shocked.

Truly
 Quoting: Anonymous Coward 21597997


Iknow. Fucked up ochange
Anonymous Coward
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08/09/2012 09:09 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
cruise
Anonymous Coward
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08/09/2012 09:10 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
laugh
Treyfish (OP)

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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Justice Dept. says it won’t prosecute Goldman Sachs or its employees in financial fraud probe

Thursday, August 9, 8:52 PMAP


WASHINGTON — The Justice Department said Thursday it won’t prosecute Wall Street firm Goldman Sachs or its employees in a financial fraud probe.

In a written statement, the department said it conducted an exhaustive investigation of allegations brought to light by a Senate panel investigating the 2008-2009 financial crisis.

“The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the department said.

But the department added that if additional or new evidence were to emerge, it could reach a different conclusion about prosecuting Goldman if warranted.

A Senate subcommittee chaired by Sen. Carl Levin, D-Mich., in April 2011 found that Goldman marketed four sets of complex mortgage securities to banks and other..
[link to www.washingtonpost.com]
Anonymous Coward
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08/09/2012 09:12 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
gwdanceogrrrdubya

bushtard


gdub
Anonymous Coward
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08/09/2012 09:13 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
gwdanceogrrrdubya

bushtard


gdub
 Quoting: Anonymous Coward 21624113


Yup

Same shitheads, different day.
Superfly4444

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08/09/2012 09:14 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Really? No investigation? I'm in disbelief! Actually, it makes sense since the DOJ's resources are limited due to suing their own states on various instances that hurt the current's administrations chances of getting a paycheck for another 4 years!!!
Treyfish (OP)

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08/09/2012 09:17 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Goldman switches donations to GOP
Updated: August 9, 2012 - 7:37 PM

Goldman Sachs Group employees have changed to red from blue. Four years ago, employees of New York-based Goldman gave three-fourths of their donations to Democratic candidates and committees, including then-nominee Barack Obama. This time, they're showering 70 percent of their contributions on Republicans. That's the biggest switch among the 25 companies whose employees have given the most to candidates and parties since 1989, said data compiled by Bloomberg from the Center for Responsive Politics. Employees of just four of the top 25 companies, Time Warner, Pfizer, Comcast and Microsoft, continued to give a majority of their donations to Democrats.

[link to www.startribune.com]


Thanks for the pin hf
Anonymous Coward
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08/09/2012 09:19 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Why would they punish their employer? That would be wrong.
mrroy

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08/09/2012 09:24 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Has anyone noticed yet that they are all jewish people?
we're here to go
Anonymous Coward
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08/09/2012 09:25 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
I'm shocked.

Truly
 Quoting: Anonymous Coward 21597997


I'M NOT
Treyfish (OP)

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08/09/2012 09:27 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
No Charges Against Goldman Sachs



James Joyner · Thursday, August 9, 2012

A long investigation into possible fraud by Goldman Sachs has ended with insufficient evidence for criminal charges.

WSJ (“U.S. Won’t Pursue Goldman Charges“):


After a year-long investigation, the Justice Department said Thursday that it will not bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis.

In a statement released Thursday, the Justice Department said “the burden of proof” couldn’t be met to prosecute Goldman criminally based on claims made in an extensive report prepared by a U.S. Senate panel that investigated the financial crisis.

“Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report,” the statement read.

The Justice Department reserved the right to bring charges in the future if new evidence emerges.

So, what is it that Goldman is supposed to have done? Recall this rather damning Christian Science Monitor report from April 2010:

A Senate investigative panel Saturday released e-mails showing that Goldman Sachs executives discussed profiting from the subprime mortgage crisis in 2007.

“Sounds like we will make some serious money,” one manager e-mailed. “Yes we are well positioned,” his colleague responded, referring to the fact that the investment firm had bet against the mortgage..

[link to www.outsidethebeltway.com]
Anonymous Coward
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08/09/2012 09:31 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Justice Dept. says it won’t prosecute Goldman Sachs or its employees in financial fraud probe

Thursday, August 9, 8:52 PMAP


WASHINGTON — The Justice Department said Thursday it won’t prosecute Wall Street firm Goldman Sachs or its employees in a financial fraud probe.

In a written statement, the department said it conducted an exhaustive investigation of allegations brought to light by a Senate panel investigating the 2008-2009 financial crisis.

“The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the department said.

But the department added that if additional or new evidence were to emerge, it could reach a different conclusion about prosecuting Goldman if warranted.

A Senate subcommittee chaired by Sen. Carl Levin, D-Mich., in April 2011 found that Goldman marketed four sets of complex mortgage securities to banks and other..
[link to www.washingtonpost.com]
 Quoting: Treyfish


They mention LIBOR at the bottom of this article, is this the same LIBOR case that James Holmes's dad was working on?
Anonymous Coward
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08/09/2012 09:33 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
They are all just going through the motions to satisfy the public. The common folks lose again.
ruxpin

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08/09/2012 09:33 PM

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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Big surprise. Since the government and Wall St. are in bed together, would you expect any different? Half of Bush's and Obama's cabinets were/are made up of Wall St. exec's and insiders. They scratch each other's backs, lick each other's balls and line their respective pockets.
I only believe half of what I read and even half of that is bullshit.
Anonymous Coward
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08/09/2012 09:36 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
us gov = terrorists & gangsters
Anonymous Coward
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08/09/2012 09:39 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Pretty obvious it's a us versus them mentality. Everywhere you look they get a pass and the peeps get hammerd.
Treyfish (OP)

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08/09/2012 09:42 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Pretty obvious it's a us versus them mentality. Everywhere you look they get a pass and the peeps get hammerd.
 Quoting: Anonymous Coward 19790295


ouncsam
TOMMY B

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08/09/2012 09:44 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
I wonder how many people who work or used to work for Sach's,now are working for the gov, and were in on this. Steal $500. and go away for 7yrs, steal billions and go have a good time, and steal more.
Anonymous Coward
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08/09/2012 09:47 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
They are getting real good at saying this - just replace "Goldman Sachs" with "New Black Panther Party" !
wisc_natureboy

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08/09/2012 09:52 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
...

A statement from the Justice Department issued late on Thursday evening noted, “Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report.”
...
 Quoting: Treyfish


“Based on the law ... as they exist"

Nothing the courts can do when the criminality is legislated.
.
-
.

We all breathe the same air.
.-.. --- ...- . / .- .-.. .-..
(love/all)
Anonymous Coward
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08/09/2012 09:55 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
golman sachs owns the gov....here and in europe, nothing gets done without their approval.
TheDude99

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08/09/2012 10:17 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Why would they punish their employer? That would be wrong.
 Quoting: Anonymous Coward 10924528


rofl

So true!
Anonymous Coward
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08/09/2012 10:21 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
fox clears fox in henhouse massacre
mrroy

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08/09/2012 10:25 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Thank you GLP for deleting my post and not banning moi.
we're here to go
Anonymous Coward
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08/09/2012 10:27 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
This isn't really surprising
NowUNoIT
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08/09/2012 10:37 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
At least they are consistent!

Thread: Obama Admin Has Brought *****ZERO (0)******* Charges Against Wall St. (Bush 43 = 1300+ / Clinton = 1800 w/1000+ to Jail)

"REVEALED: Corzine’s MF Global Was Client of Eric Holder’s Law Firm

At least 65 members of Congress have already signed a letter to Attorney General Eric Holder requesting that he appoint a special prosecutor to investigate MF Global’s collapse and the loss of $1.6 billion in customer money. What’s more, even progressives have begun to wonder whether Holder’s Covington & Burling connection explains why the Department of Justice has not charged, prosecuted, or jailed a single Wall Street executive after the biggest financial collapse in American history.


As Richard Eskow of the Huffington Post recently wrote:
More and more Washington insiders are asking a question that was considered off-limits in the nation's capital just a few months ago: Who, exactly, is Attorney General Eric Holder representing? As scandal after scandal erupts on Wall Street, involving everything from global lending manipulation to cocaine and prostitution, more and more people are worrying about Holder's seeming inaction -- or worse -- in the face of mounting evidence."


source - chasvoice.blogspot.com (link to this story in above thread source in this post
MuayThai

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08/09/2012 10:47 PM
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Re: DOJ Will Not Prosecute Goldman Sachs in Financial Crisis Probe
Only the average Joe gets the book thrown at them in our society. Surely everyone knows this to be true by now. Money and influence can get away with financial crimes more than they get caught.

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