Goldman Sachs agree to record $550 million fine; stock soars up.

[DMX7]

http://www.cnbc.com/id/38267132

Just a drop in the bucket... Another day, another dollar. We're sorry. And it will never ever happen again. :)

[boutons_deux]

From bankrupt, tax-payer-owned AIG, GS got 100 cents on the $, for $12B of taxpayer money.

another one:

"GlaxoSmithKline Plc agreed to pay about $460 million to resolve a majority of lawsuits alleging the company’s Avandia diabetes drug can cause heart attacks and strokes, people familiar with the accords said."

http://www.bloomberg.com/news/2010-07-13/glaxosmithkline-is-said-to-pay-460-million-to-settle-avandia-damage-suits.html

maimed people, diseased people, dead people, $Bs in fines don't negate the many more $Bs in profits. Just the cost of doing business. AND THEY WILL DO IT AGAIN.

[RandomGuy]

The obvious solution is less regulation, you silly socialists.

[Cant_Be_Faded]

less regulation != selective regulation

[Winehole23]

The fine was the largest against a financial company in SEC history. Goldman earned $3.3 billion in the first quarter of this year. It earned $13.4 billion in 2009.

[Winehole23]

The settlement also requires Goldman to review how it sells complex financial mortgage investments. Goldman acknowledged in a court filing that its marketing materials for the deal at the center of the charges omitted key information for buyers.

But Goldman did not admit any legal wrongdoing.

The investments were crafted with input from a Goldman client who was betting on them to fail. The securities cost investors close to $1 billion while helping a Goldman client—hedge fund billionaire John Paulson—capitalize on the housing bust.

[boutons_deux]

The fraud of these kinds of deals is that the perpetrator is never said to be "guilty".

Here Goldman only says it made a "mistake" in hiding the fact that the Paulsen-designed investment was designed to fail, that Goldman knowingly put together a pile of shit and sold it for $1B.

That's fucking fraud and theft.

When human "persons" do that, they go to jail, and are pursued their entire life by the govt and investors for the total amount and penalties, and barred for life from the securities industry.

When corporate "persons" do that, a wrist slap that doesn't amount to the total stolen, and skate free to commit fraud and steal another day.