Friday, August 10, 2012

SEC Will Not Prosecute Goldman Sachs
Re: Subprime Mortgages And MBSs

From Ben Protess and Azam Ahmed at NY Times:

In a rare statement late Thursday, the Justice Department said there was “not a viable basis to bring a criminal prosecution” against Goldman or its employees after a Congressional committee asked prosecutors to investigate several mortgage deals at the bank. ...

The Senate’s Permanent Subcommittee on Investigations had examined troubled mortgage securities that Goldman sold to investors, who later sustained steep losses during the crisis. ...

Separately, Goldman Sachs announced early Thursday that the Securities and Exchange Commission had ended an investigation into a $1.3 billion subprime mortgage deal, taking no action.  ...

“We are pleased that this matter is behind us,” a bank spokesman said Thursday.

No doubt they are pleased. Clearly the fix is in. Prosecution of financial misdeeds is for lesser mortals, not for the MOTU. And Golden Sacks clearly qualifies for the royal treatment.
Tong Thung (Golden Sacks)
(Looking at those makes me hungry. Hungry, not greedy.)

(Respelled from "Tung Thong" to "Tong Thung" because it seems more prevalent on the web. I don't know which transliteration is correct. Mother Google suggests "tong thong.")


  1. Super Rich Stash At Least $21 Trillion In Secret Tax Havens
    (At least $21 trillion of unreported private financial Wealth was owned by wealthy individuals via tax havens at the end of 2010.
    This sum is equivalent to the size of the United States and Japanese economies combined.
    There may be as much as $32 trillion of hidden financial assets held offshore by high net worth individuals (HNWIs), according to our report The Price of Offshore Revisited1, which is thought to be the most detailed and rigorous Study ever Made of financial assets held in offshore financial centres and secrecy structures.)

  2. Enfant - what a thought to contemplate, that literally half the world's wealth is in the hands of a few thousand people. I've heard rumors about international conspiracies since I was a college student and dismissed them as ridiculous; it would serve me right if one of them turned out to be true. If it is true, it's probably a 1984-style situation, in that there is no way out. That brings chills, doesn't it!



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