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Goldman Pays Fine For Causing 2008 Crisis As “The Rest of the World Faced Financial Armageddon”

James Corbett
January 19th, 2016
TheInternationalForecaster.com
Comments (55) Read by 3,429 people

globalcrisis

This article was written by James Corbett and originally published at TheInternationalForecaster.com

Editor’s Comment: It’s funny how some criminals – whose actions affect perhaps a handful of people at the most – get the book thrown at them. In fact, so do speeders and code violators and other low level offenders.

But when the criminals loot the whole system, and effect everyone’s livelihood, it is somehow incomprehensible to deal out justice at all, no matter how swiftly. These bankers have all but announced that they are “too big to jail,” even as they work WITH the people running things and prepare to destroy the economy and all that rides with it. Hopefully there’s a special place in hell…

Government Sachs Gets Golden Wrist Slap For Global Financial Crisis

by James Corbett

Historians of the future will note Yellen’s smiling press conference in December of 2015 to announce the long-awaited rate hike as the beginning of the end for the dead cat bubble of the Global Financial Crisis. In some ways this has been a 20 year long Fed bubble that leads in a straight line from the “irrational exuberance” of the Dot Com bubble to the Dot Com bust and 9/11 to the Greenspan bubble and the subprime housing run-up to the Global Financial Crisis to QE1/2/3 and ZIRP to the rate hike to today. And what do we have today?

And on and on. You get the picture. But I bet you wish you didn’t.

Ironic, then, that in the midst of this beginning-of-the-end of the 8 year long QE re-leveraging heroin binge we have news that seems to put a bow on the 2008 crisis: Goldman Sachs has announced that it has reached a $5.1 billion settlement as its wrist slap for participating in the wholesale swindle that was the subprime mortgage meltdown. The settlement breaks down into $2.385 billion in civil monetary penalties, $875 million in cash payments and $1.8 billion in consumer relief.

Here’s the kicker: the settlement is the largest in the bank’s history, but still small potatoes compared to some of its cohorts in crime who have already reached their settlements, such as Bank of America ($16.6 billion) and JPMorgan Chase ($13 billion).

For those who don’t remember the subprime mortgage meltdown and Goldman’s role in it (along with the other big banks), they intentionally blew up the housing bubble by creating Structured Investment Vehicles to keep mortgage backed securities and other risky investments off their main books. This allowed them to raise money on the commercial paper market at low interest rates and earn high interest rates by buying toxic subprime mortgage securities. Then they paid off the ratings agencies to AAA certify their toxic mortgage CDO garbage.

Then (and here’s the psychopathic genius of it) knowing that it was all going to melt down sooner or later, they pawned the subprime-backed derivative garbage on their customers at the same time as they secretly bet against it. Internal emails released in subsequent investigations show they referred to their own CDOs as “sh***y deals” and called their customers “muppets” for buying them.

The end result? Goldman had its most profitable year to date in 2007 as the market started to turn with a staggering $17.6 billion profit. By 2009, in the depths of the crisis that they helped bring about and as the rest of the world faced total financial armageddon, they did even better, netting just shy of $20 billion profit.

So, just to recap: Goldman makes tens of billions by selling the very toxic assets they were secretly betting against and in the end they pay a $5 billion penalty.

…Oh, and (needless to say) the Injustice Department practically fell over themselves to announce at the earliest possible opportunity that no one would even be prosecuted for this fraud (let alone go to jail).

…Oh, and poor Goldman will make a slightly smaller profit this year as a result of this golden wrist slap, equivalent to one measly fiscal quarter of profit for the banking behemoth.

All hail Government Sachs, surely a Vampire Squid if ever there was one. And now that their last engineered crisis has been finally covered up for good, it’s time to live through the next one. Happy 2016!

Check out James Corbett’s other work and steady stream of insightful videos at CorbettReport.com

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Author: James Corbett
Views: Read by 3,429 people
Date: January 19th, 2016
Website: http://theinternationalforecaster.com/

Copyright Information: This content has been contributed to SHTFplan by a third-party or has been republished with permission from the author. Please contact the author directly for republishing information.

55 Comments...

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  1. KY Mom says:

    62 People Have More Wealth Than Half The World, Top 1% Have More Than Everyone Else

    “The global inequality crisis is reaching new extremes.”

    “The richest 1% now have more wealth than the rest of the world combined. Power and privilege is being used to skew the economic system to increase the gap between the richest and the rest,” Oxfam asserts, adding that “the current system did not come about by accident, humanity can do better than this.”

    “In only five years, those 62 billionaires saw their wealth grow 44% — an increase of $542 billion — to a whopping $1.76 trillion. And, of course, the flip side of this concentration of money at the top meant “the wealth of the bottom half fell by just over a trillion dollars in the same period — a drop of 41%.”

    Half of all global wealth accrued just since the year 2000 ended up in the hands of the 1%, while the poorest half of the planet’s population split a meager 1% of that increase. In nearly 25 years, Oxfam further revealed, the income of the world’s poorest 10% has risen by less than a single cent per day — an increase of less than $3.00 each year.”

    http://www.zerohedge.com/news/2016-01-19/62-people-have-more-wealth-half-world-top-1-have-more-everyone-else

  2. Stolz Vorfahren says:

    Fine for the J-House of the blood sucking criminals? How about the 62 people mentioned in this article being exterminated along with their entire families and supporters so the human race can survive.

  3. PO'd Patriot says:

    Chump change for Sachs. The main under the table payment went to the politicians.

  4. Kevin2 says:

    “An uneducated man robs a train” ;”An educated man steals the railroad”.
    President Theodore Roosevelt

  5. Infidel-2 says:

    62 people=== TPTB!!!! They control it all. Get ready as best as you can the end is near.

    We The Few!

    • grandee says:

      wonder where we could find the names of those 62 folks

    • grandee says:

      wonder where we can find the names of those 62?

      • Makemyday says:

        Grandee:

        Just google the 80 richest people in the world.

        Forbes also lists who they are yearly.

        35 of the richest people in the world live in America with a combined wealth of $941B.

        Together in 2nd place are Russia and Germany with 7 mega rich people.

        Let your fingers do the walking.

      • They keep a pretty low profile. It can be done. The Koch brothers maintained a low profile until the liberals outed them. Now everyone knows they own the RNC. I about laughed my head off when all the Republican candidates went to twirl their skirts to the KochMachine. There is a funny video put out by some libbers… they played it at the Metropolitan right when the Koch were attending a formal event.
        Goldman et al. are buying both sides, Cruz and Clinton. They already got the next heist through before the election.

  6. slingshot says:

    Nothing going to be done about it. As to the predictions made, maybe things will get so bad, people will do what needs to be done. But people are stupid and the criminals will continue to do what they do and laugh their ass off at us.

    As long as people get the loans for cars and houses. People don’t care.

    Nothing short of a Greece Experience will get Johnny Jerk Off pissed enough. Then I still have some doubt.

  7. WarHorse says:

    Not to worry mates, their graves will be the same size as ours, but the eternal residence will keep them in agony without end.

  8. Sgt. Dale says:

    Yep! They paid the fine with the money we gave them in the first place. May they all burn in HELL!

    We need some tall trees and short ropes, PERIOD!!!!!!

    Paid a fine my ASS!!!!!

    When they do it again they will tell all of us out here to bend over!!!!!!!!

    Sgt.

  9. HumbleAmerican says:

    Henry Paulson should be in prison with all his bank buddies. I can picture him running down the congress hall with one piece paper that said, $700 Billion is going to the banks.

    And!

    According to the FCIC: The total was for proprietary trade. Unlike the $14 billion received from AIG on trades in which Goldman owed the money to its own counterparties, this $2.9 billion was retained by Goldman. Most of the $2.9 billion came soon after AIG got its $182 billion taxpayer bailout.Jan 27, 2011

  10. slingshot says:

    Do you remember when that rich kid started harassing people on an airplane. Calling people Peasants and could get people fired. Not one person got up to restrain that fucker even as he posed a threat to the aircraft.
    He told us all what the rich think of us. Yes sir, want the truth about what people think. Get Them Drunk!

    How we forget so soon.

  11. SmokinOkie says:

    There ain’t much worse than a tooth ache on Saturday night, but this comes close. Why aren’t these rascals dangling from the end of a rope? Because the majority of the POPULACE is too ignorant and distracted to be concerned about it. Only when the cold, the hunger, and the FEAR for day-to-day survival comes knocking on their own door will they care. By then, it will be too late for most of them.
    Jesus loves me, and He died for me. And I know I’m supposed to show compassion, but I find it increasingly difficult to care much about the dumb masses.
    Pity? I ran out of pity for fools a long time ago….
    .
    .
    Y’all keep stacking.

  12. ponomo says:

    A rope cinched tight for most of Goldman sucks.

  13. Makemyday says:

    Ponomo:

    And ropes for their bought and paid for lackeys in the MSN, politicians, and anyone else helping to cover up the truth of who/what is ailing America and the world.

  14. aljamo says:

    Yeah, everybody knows warmongering is a crime also, a crime American’s are conditioned to accept as necessary despite their opposition against war. War is the problem that controls the people and their future. Stop the warmongers and the enablers and America will be reborn. It is our duty as humans to speak out against war to everyone. Until that happens things will continue declining for the worst. Power to the People!

  15. Anonymous says:

    Goldman”the fixer”Sachs. Also part of the gold fix.

  16. Anonymous says:

    The longer one gets away with something the worse the end result is. This behemoth is absolutely no exception.
    Happy 2016.

  17. swinging richard says:

    The bankers run this country and we have let them solidify their position thru our indifference. They own and control the system. Audit the Fed and start the process of reclaiming our country.

  18. There’s no chance of auditing the fed, or eliminating the federal reserve. Their grip is so tight, that (3) presidents were assassinated that had the intention of doing so. JFK being the last.!!!