Another bank fined billions for fraud, yet nobody goes to jail

Discussion in 'Politics, Religion, Social Issues' started by VulchR, Apr 12, 2016.

  1. VulchR, Apr 12, 2016
    Last edited: Apr 15, 2016

    VulchR macrumors 68020

    VulchR

    Joined:
    Jun 8, 2009
    Location:
    Scotland
    #1
    The US government has just negotiated with Goldman Sachs a $5.1 billion fine (sort of) for fraudulently misleading investors about real estate bonds sold during the sup-prime mortgage bubble. To quote the NY Times article (link above) about this:

    When an outside analyst wrote a positive report about Countrywide’s stock in April 2006, the head of due diligence at Goldman wrote in an email: “If they only knew.”
    Well, we know now, and yet so far as I can tell nobody's gone to jail for this. Indeed, even the NYT article does not mention the name of the diligence officer to which the above quote is attributed. Meanwhile, some poor person engages in petty theft and gets jail time. When will we as voters insist on personal accountability for bankers and financiers? #BankersLivesMatterMost
     
  2. FieldingMellish Suspended

    Joined:
    Jun 20, 2010
    #2
    White collars should roll for this. It should be the fine, plus jail time.
     
  3. mrkramer macrumors 603

    mrkramer

    Joined:
    Jul 11, 2006
    Location:
    Somewhere
    #3
    Corporations are people so let's put the bank in prison...
     
  4. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #4
    Lets not forget that much of this $5 billion fine is also tax deductible. This president is a ****ing corporatist through and through, as with any of the GOP hopefuls and the presumptive front-running Clinton.

    America's Corporatocracy became undeniable in 2016.
     
  5. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

    Joined:
    Jun 4, 2008
    #5
    There should be a minimum 15yr prison term for any willful misleading.
     
  6. throAU macrumors 601

    throAU

    Joined:
    Feb 13, 2012
    Location:
    Perth, Western Australia
    #6
    So is the 5.1 billion more than they were given in bail outs or even anywhere near the profits they took by crashing the market?

    Nope?

    Didn't think so.

    Iceland had the right idea, screw the bailouts, jail the bankers. It worked. Their economy recovered just fine.
     
  7. thermodynamic Suspended

    thermodynamic

    Joined:
    May 3, 2009
    Location:
    USA
    #7
    With Iceland, it's a bit more complex than that:

    http://www.forbes.com/sites/traceyg...y-is-a-surprising-success-story/#4aa92c037def

    Homeowners got bailed out and the benefits trickled back up. That probably helped just a teensy weensy tiny microscopic bit, too...




    --- Post Merged, Apr 12, 2016 ---
    In which case, the college industry in the US would add to the prison population instead of pitiful drug addicts (whereas the despicable dealers are the ones that should be rotting, the addicts just need mental health issues addressed - unless they are habitual repeaters where people get hurt...)
     

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