Do you agree with this statement from the SEC, about the Goldman settlement?

[metapunditedgy]

From the SEC PR:

Robert Khuzami, Director of the SEC's Division of Enforcement "This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing."

http://www.sec.gov/news/press/2010/2010-123.htm

--------------

I think the lessons learned by the banksters are quite different:

1) The price for fraud is small. (GS probably spends more than $500M on call girls annually.)
2) Fraud is profitable.
3) Don't brag to your girlfriends about your fraudulent activities.
4) Kiss enough ass and stockpile dirt so the corporation doesn't throw you up for a fall guy.
5) You are unstoppable.

[msongs]

1. plus it's probably a tax write off :-) nt

[metapunditedgy]

2. Actually, a quick google search says it's not, although

"The Hill" was not quoting their source.

[The Magistrate]

3. Not Really, Sir: The Fine Was Was Far Too Small To Rate As A 'Stark Lesson' Or 'Heavy Price'

[Tierra_y_Libertad]

4. Slap meets wrist. K&R

[Bluenorthwest]

5. $500 million is chump change

Running money.

[truedelphi]

6. This is a very pertinent and revealing episode of "On the Edge" With Max Keiser

As Keiser suggests, real justice for the American People would include DOJ doing a RICO indictment against Goldman Sachs, and went after the top people at AIG, Goldman and government enablers.(Oh but then, Obama's good buddy Timmy would probably be in jail if that happened - no one enabled the AIG and GS happenings the Fall of 2008 more than Geithner in his role at the New York Fed. Well, maybe Bernanke, but Obama has always given Bernanke a free pass as well.)

Also, Max and his guest discuss how likely it is that the American bankers, as repayment to We the People for the generosity we have shown them, will soon be revealing how another 20 Trillion bucks in failed derivatives is still on the books and needs to be cleaned up. Social Security Privatization? Anyone?

The episode is here:

http://maxkeiser.com/2010/05/02/ote52-on-the-edge-with-max-keiser-david-degraw/

[truebrit71]

7. That was chump change. GS execs must have been laughing their asses off when the saw it..

..Remember, this is the same agency that couldn't figure out what Bernie Madoff was up to after SIX separate investigations.

SIX.

Besides, who would run the Treasury Dept in 10-15 years if Government Sachs got put out of business...

It's a bullshit drop in the bucket.

The SEC just made themselves an even bigger joke than they already are..

Want to stir up the Street? Fine them 5 BILLION...that might get their attention..it would at least make the SEC look like they were trying to do their job..:eyes:

[glitch]

8. They are laughing at their alleged "regulators" according to Frederick Kaufman this am on

http://www.democracynow.org/

[metapunditedgy]

9. Thanks for that. Taibbi said it all. There has been a pattern of fines much smaller than

the fraudulent profits. Then a settlement with no guilt admitted or charged.

If that's regulation, I'd hate to see what enablement looks like.

[glitch]

10. No kidding!

That was an excellent democracy now (even more excellent than normal) Kaufman and Taibbi nailed them most efficiently.