Monday, April 18, 2016

Danielle Park Weekly Market Update
Canada's interviews Danielle Park on recent developments in the world economy & markets .. 23 minutes

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Anonymous said...

No consequences, no justice in Goldman Sachs settlement

By Phil Angelides

Special to The Bee

The U.S. Department of Justice last week announced with great fanfare a settlement under which Goldman Sachs would ostensibly pay out more than $5 billion for misconduct related to its sales of mortgage securities to investors in the run up to the 2008 financial crisis.

It’s now clear from a review of the settlement that Goldman Sachs likely will pay much less in penalties than the Justice Department claims, due to special credits included in the deal and, unbelievably, tax deductions Goldman Sachs will receive for payments it makes under the settlement.

Disturbing as this may be, what’s most troubling is that this settlement agreement – like previous deals between the Justice Department and big financial institutions – contains no consequences for the executives who drove or condoned wrongdoing. As a result, it will not deter future financial lawbreaking and will further undermine the public’s faith in the fairness of our legal system.

How is it possible that banks engaged in such massive misconduct, but no banker was involved? Is it possible that we have witnessed an immaculate corruption? It defies common sense.