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DateDoc

07-15-2010 05:08 PM

Goldman to pay $550M to settle civil fraud charges

$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? :321GFY

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 (Post 17338735)

Don't worry - the govt response will be, "We won one for the people." While Goldman's response will be sitting there doing this -> :1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh

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

:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh
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... :thumbsup

.

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!

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Coup	07-15-2010 08:11 PM

Quote:

Originally Posted by DateDoc (Post 17338724)

The SEC will get $300M of that

this is the best part. :1orglaugh

marketsmart

07-15-2010 08:17 PM

Quote:

Originally Posted by Coup (Post 17339086)

this is the best part. :1orglaugh

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

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