Goldman Sach crashed the US/world economy. They performed this dispicable act through the sale or securitized derivatives designed to fail. Gambling to you and me, against a stacked deck, but good business to them.
Thing is they admitted to it this week, and no one noticed.
Well almost no one, there were lots of things going on NAACP calling out the tea parties, BP finally capping a blow out, goodnes knows what from the GOP in congress (no new regs!!!). It was a busy news week, during which Goldman quietly settled their case with the SEC and made sure that no one noticed.
For those who have not seen the result check out the link
http://www.sec.gov/...
basically Goldman paid $550 million but addmitted no liability in the abacus matter. A huge fine, or one weeks proffit, paid to the government and those who they defrauded to cover Goldman's criminal activity. Goldman, amongst others, crashed the financial markets through to their bogus CDOs, they just paid $550 million to avoid admitting that they commited a criminal action.
To me payment of $550 million is in its self an admission of guilt, remember Blankfen in front of congress "we did nothing wrong"
http://www.politico.com/...
he kept telling everyone that they would fight this to the bitter end. I guess the bitter ent is buying out for $550 million.
let me say that again:
Goldman did "nothing" wrong but paid $550 million to make "nothing" go away.
its not over. its not over bu a long way but Goldman have just paid $550 million
$550,000,000
becasue they did nothing wrong. After all they still have jobs and rediculous bonuses underwritten by the US tax payer.
I need a pitchfork.