When is a 5.1 Billion Dollar settlement, really only a 1.5 Billion in reduction in Quarterly Revenues — after those white-collar Tax Deductions???
When you’re Goldman Sachs — that’s when — finally paying back society a fraction of what you really owe them …
Goldman Sachs agrees to tentative $5.1B mortgage settlement
by Kevin McCoy, Kaja Whitehouse and Paul Davidson, USA TODAY — Jan 14, 2016
Goldman Sachs Group (GS) has reached a nearly $5.1 billion tentative settlement of a federal and state investigation of the investment banking giant's handling of mortgage-backed securities before the national financial crisis, the bank said Thursday.
The New York City-based bank will pay a $2.4 billion civil monetary penalty, make $875 million in cash payments and provide $1.8 billion in consumer relief — including mortgage principal forgiveness for underwater homeowners and distressed borrowers, forecloseure prevention, support for debt restructuring and other programs.
Goldman said the settlement would reduce the bank's fourth-quarter 2015 earnings, scheduled to be announced Wednesday, by approximately $1.5 billion on an after-tax basis.
[...]
"We are please to have reached an agreement in principle to resolve these matters," Goldman Chairman and CEO Lloyed Blankfein said in a statement announcing the deal.
Goldman’s stock fell 0.4% in after-hours trading to $161.39. [...]
Nice ‘bang for the buck’ if you can get it — especially considering that the equity loss by average Americans was in the Trillions. Thanks to the illegal actions of too many Bankers.
There have been other “settlements in works” too — pennies on the dollar, to stay out of Jail:
[...] Two others on Clinton's speaking roster — Bank of America and JPMorgan Chase — agreed to pay $16.6 billion and $13 billion, respectively.
A pittance really, considering their ultimate takes.
THIS is why it matters.
link to video trailer
link to the Trailer, with plot Footnotes by the Washington Post.
…..
A truly “American” story ...