The US Federal Reserve has launched a probe into investment bank Goldman Sachs .

[Hawkowl]

Source: "The Telegraph" United Kingdom

The Fed said the "enforcement action" would:

Quote ...address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing LP.

Goldman joins 10 other banks including Bank of America, Citigroup and JP Morgan which are currently being investigated under similar circumstances.



Read more: http://www.telegraph.co.uk/finance/financialcrisis/8720479/Debt-crisis-live.html

[dmosh42]

1. They'll get a 'stern' letter over defrauding the USA!

[Yavin4]

11. Stern Letter? Ha!

At worst, the boys at Goldman will have to pay for a round at the gentleman's club.

Now, if you're thinking WTF? Understand drinks in the VIP lounge can get pricey.

[Yo_Mama_Been_Loggin]

2. Maybe that's why Ron Paul and Governor Goodhair hate the Fed.

[AngryAmish]

3. This is good news

I have decided that I want to buy some GS stock and this will drive down the price.

GS owns the government. Might as well get in on the graft.

THis investigation will go nowhere.

[Nuclear Unicorn]

4. Maybe they should ahve done that BEFORE we gave them hundreds of billions of dollars

Maybe the SEC officials should have been watching/investigating instead of watching porn so there never was a blow-up in the first place.

It's like closing the barn door after the horse has run out, been hit by a truck and sold to a glue factory.

[Hawkowl]

5. Barn door

I have found that that analogy doesn't always hold true in reality! Early this year I had a horse undo her gate and promptly trot out the barn door into the night. I knew it would be futile to chase after her in the dark to try and catch her. So, I simply went to the door and yelled "Stay out all night!" and promptly, and loudly, closed the door.

Three minutes later I went and opened the barn door, and she sheepishly walked back inside to her stall!

So, how you fit my anecdote with reality is anybody's interpretation.

[Nuclear Unicorn]

8. Dunno if it fits but I'll toast you all the same

:toast:

[watajob]

6. Great idea!

Send the loan sharks to investigate the bookies. *SIGH*

[Blue Hen Buckeye]

7. Hopefully it is anal

[McCamy Taylor]

9. W. would have given Goldman-Sachs a Congressional Medal of Honor

[Nuclear Unicorn]

13. "You're doing a heckuva job, Goldie." n/t

[Yavin4]

10. Because I Speak Banker, Allow Me To Translate The Phrase "Launched a Probe"

What that really means is a salary, bonus, and perk negotiation between Goldman Sachs and the Fed's "Investigators".

See, when the SEC, CFTC, Fed, or any regulatory body "investigates" a Wall Street bank, what's really going to happen is that the "investigators" will suspend the investigation contingent upon a job offer from Goldman.

[GeorgeGist]

12. Goldman Sachs Will Sell Litton Loan Servicing

to Ocwen for $264 Million.

http://www.bloomberg.com/news/2011-06-06/goldman-sachs-agrees-to-sell-litton-unit-to-ocwen-for-264-million-in-cash.html

[goforit]

14. LOL!!!........ Hilarious! All talk and no action.

[fascisthunter]

15. I'm Sure they will get to the bottom of this

more like sweep shit under the rug.

[BR_Parkway]

16. I thougth that meant they'd be checking what's on the menu in the executive

lunchroom next week

For all the good it will do to "probe" them, checking out the menu is probably just as effective