Goldman to pay $550M to settle civil fraud charges - GoFuckYourself.com

DateDoc · 07-15-2010, 05:08 PM

$550M sounds like a lot but that is 14.3 days worth of earnings for Goldman! The SEC will get $300M of that and the rest goes to pay defrauded investors who lost $1B+. Goldman shares opened at around $140/share this morning and is now at $152. With about 515M outstanding shares the company's worth increased $6.2B today. Sounds fair, right?

Quote:

WASHINGTON ? Goldman Sachs & Co. has agreed to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.
The settlement was announced Thursday by the Securities and Exchange Commission hours after Congress gave final approval to the stiffest restrictions on banks and Wall Street since the Great Depression.

The deal calls for Goldman to pay the SEC fines of $300 million. The rest of the money will go to compensate those who lost money on their investments.

http://news.yahoo.com/s/ap/20100715/...us_sec_goldman

PornMD · 07-15-2010, 05:14 PM

I was honestly shocked in how LOW the amount was. First off, I doubt the loss they caused was anywhere close to as low as that, plus what about PUNITIVE damages so these fucking investment firms don't do this shit in the future? Just ridiculous...more evidence that companies like them own this fucking country.

DateDoc · 07-15-2010, 05:17 PM

Quote:

Originally Posted by PornMD

I was honestly shocked in how LOW the amount was. First off, I doubt the loss they caused was anywhere close to as low as that, plus what about PUNITIVE damages so these fucking investment firms don't do this shit in the future? Just ridiculous...more evidence that companies like them own this fucking country.

Don't worry - the govt response will be, "We won one for the people." While Goldman's response will be sitting there doing this ->

DateDoc · 07-15-2010, 05:19 PM

The defrauded investors are looking at recouping about 20 cents on the dollar!

epitome · 07-15-2010, 05:20 PM

Last year they profited $12 billion. Chump change for them. They're only paying out 1 out of every 24 dollars of profit from just last year for the years of funny business they played.

marketsmart · 07-15-2010, 05:21 PM

fucking hilarious...

they lost billions of dollars of clients net worth while making money on fees and reverse selling the same investments they were telling clients to put money into....

i pray everyday that some disgruntled investor either kills one or more executives for these companies or they roll up to congress with an ak-47 as congress is letting out and i am not religious...

.

Joshua G · 07-15-2010, 05:23 PM

the vampire squid can afford the loss, just like an oil company can afford to dump 200,000,000 gallons of oil into the gulf.

What a country!

fatfoo · 07-15-2010, 07:33 PM

Defrauded investors lost $1 billion.
Money is easy to collect for a public company?
Maybe I should try selling shares.

L-Pink · 07-15-2010, 07:53 PM

14.3 days of earnings ....... Fuck Me!

.

Coup · 07-15-2010, 08:11 PM

Quote:

Originally Posted by DateDoc

The SEC will get $300M of that

this is the best part.

marketsmart · 07-15-2010, 08:17 PM

Quote:

Originally Posted by Coup

this is the best part.

exactly and i would love to see where that money is spent....

.

07-15-2010, 05:14 PM	#2
PornMD Mainstream Businessman Industry Role: Join Date: Jan 2007 Location: San Diego Posts: 9,291	I was honestly shocked in how LOW the amount was. First off, I doubt the loss they caused was anywhere close to as low as that, plus what about PUNITIVE damages so these fucking investment firms don't do this shit in the future? Just ridiculous...more evidence that companies like them own this fucking country. __________________ Want to crush it in mainstream with Facebook ads? Hit me up.

07-15-2010, 05:19 PM	#4
DateDoc Outside looking in. Industry Role: Join Date: Feb 2005 Location: To Hell You Ride Posts: 14,243	The defrauded investors are looking at recouping about 20 cents on the dollar! __________________

07-15-2010, 07:33 PM	#8
fatfoo ICQ:649699063 Industry Role: Join Date: Mar 2003 Posts: 27,763	Defrauded investors lost $1 billion. Money is easy to collect for a public company? Maybe I should try selling shares. __________________ Send me an email: [email protected]

07-15-2010, 05:20 PM	#5
epitome So Fucking Lame Industry Role: Join Date: Jun 2009 Location: St. Petersburg, FL Posts: 12,156	Last year they profited $12 billion. Chump change for them. They're only paying out 1 out of every 24 dollars of profit from just last year for the years of funny business they played.

07-15-2010, 05:21 PM	#6
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	fucking hilarious... they lost billions of dollars of clients net worth while making money on fees and reverse selling the same investments they were telling clients to put money into.... i pray everyday that some disgruntled investor either kills one or more executives for these companies or they roll up to congress with an ak-47 as congress is letting out and i am not religious... .

07-15-2010, 05:23 PM	#7
Joshua G dumb libs love censorship Industry Role: Join Date: Jul 2008 Posts: 8,198	the vampire squid can afford the loss, just like an oil company can afford to dump 200,000,000 gallons of oil into the gulf. What a country!

07-15-2010, 07:53 PM	#9
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	14.3 days of earnings ....... Fuck Me! .