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Record $550 Million dollar Wall Street fine = just 2 weeks profits.

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Mugsy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-16-10 12:06 PM
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Record $550 Million dollar Wall Street fine = just 2 weeks profits.
 
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Posted on YouTube: July 16, 2010
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Posted on DU: July 16, 2010
By DU Member: Mugsy
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The SEC levied the largest fine in history, $550M, against Goldman-Sachs for deceptive trade practices. Not only did Goldman not have to admit wrong-doing, but after making over $13B in profit in 2009, the $550M fine works out to less than 2 weeks profit.

Do you think Wall Street will change its ways as a result? Me neither.
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Overseas Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-16-10 12:40 PM
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1. K&R. I was wondering what part of one quarter's profits that fine would be. /nt
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freethinker2 Donating Member (96 posts) Send PM | Profile | Ignore Fri Jul-16-10 12:46 PM
Response to Original message
2. What a joke!
Edited on Fri Jul-16-10 12:47 PM by freethinker2
$550 Million? That isn't a punishment, but a gift! If you can
cheat and steal 500Billion and pay a fine of 550million where
is the punishment in that?
I would pay that with a smile if I was them.
I guess its better then nothing.
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