Finally: Justice for those who caused the financial crisis

[Exterous]

The Republicans had no interest in calling anyone to task for crimes committed but fortunately the hard nosed Democrats, lead by Obama, sicced a crack team of Obama appointed and re-confirmed SEC commissioners on the issue. As the statue of limitations for crimes committed during\leading to the financial crisis draws near the tough as nails SEC team has finally caught the perpetrator behind the financial crisis:

A former Goldman Sachs trader nicknamed "Fabulous Fab" has been found liable of six fraud claims in one of the most high-profile cases related to the credit crunch.

Its good to see them going after such high level executives:

He moved to London in late 2008 and became an executive director, a title that belied his relatively junior position in the bank.

And they certainly went after the ones who profited from the mess:

The manoeuvre ended up making $1bn for Paulson and Co and its wealthy president, John A Paulson, and millions of dollars in fees for Goldman.

Well, at least, the fines made up for their ill-gotten gains right?

Goldman Sachs escaped with a then-record $550m fine to settle SEC charges in 2010, without admitting or denying guilt.

Its good that we have sent a strong message to the banks:

"If you break a shit ton of regulations and screw people out of a shit ton of money we will come after you with half hearted interest. We will let you sacrifice some lowly underling and let you off the hook without admitting wrongdoing while letting you keep most of the money you made by screwing people over"

Yep - its a strong message - but not one most Americans would like to send. Its good to see both the Republicans and the Democrats stand by while middle and lower class Americans get screwed. IMO the Democrats are the worst offenders here. At least with the Republicans you know they don't care about the middle and lower class. I thought the Democrats were supposed to be the advocates for us? Guess they are too busy spying on Americans looking for signs we broke the law to go after the ones who already broke it

http://www.theguardian.com/business/2013/aug/01/fabulous-fab-tourre-guilty-fraud

 

[Double Trouble]

I thought the Democrats were supposed to be the advocates for us?

You thought wrong.

Neither the democrats nor republicans give a crap about you, the middle class, lower class, or any other class. What they care about is getting elected and getting as much money as possible in their pockets. Whoever helps them make that happen is who they have an allegiance to.

Anyone who thinks their representatives actually cares about them is a naive fool.

 

[Matt1970]

The financial crisis was caused by ONE former Goldman Sachs trader? Excellent. Problem solved.

 

[Slew Foot]

Are they hanging froma tree yet? Nope? Then justice hasnt been served.

 

[Exterous]

You thought wrong.

Neither the democrats nor republicans give a crap about you, the middle class, lower class, or any other class. What they care about is getting elected and getting as much money as possible in their pockets. Whoever helps them make that happen is who they have an allegiance to.

Anyone who thinks their representatives actually cares about them is a naive fool.

That was more of a snide remark than an actual belief on my part

 

[Darwin333]

The financial crisis was caused by ONE former Goldman Sachs trader? Excellent. Problem solved.

Nope. Hundreds, probably thousands, of banksters that broke black letter law have gotten away scott free and got to keep all of their ill-gotten gains. Frankly, neither Obama's Justice department nor Bush's Justice department have done a damn thing about enforcing the rule of law on the financial elite.

 

[piasabird]

Just because someone is rich it does not make them a Republican. Kerry's wife was pretty rich.

 

[gloom111]

The finacial crisis was brought about by the 1999 Financial Services Modernization Act which allowed consolidation among banks, brokerage firms, and insurance companies. It also repealed the Glass-Steagall Act of 1933 and portions of the 1956 Bank Holding Act, which had kept banks out of the securities and insurance industries.

I won't argue that their wasn't corruption in business, their always is, but it was made largely possible because of this legislation. This legislation also made possible the existence of so called banks that were to large to fail. There were a handful of other legislation's passed in the Clinton era that contributed to the collapse, but this is one of the big ones. To attribute the collapse to any one person, party or policy is unrealistic.

 

[Darwin333]

The finacial crisis was brought about by the 1999 Financial Services Modernization Act which allowed consolidation among banks, brokerage firms, and insurance companies. It also repealed the Glass-Steagall Act of 1933 and portions of the 1956 Bank Holding Act, which had kept banks out of the securities and insurance industries.

I won't argue that their wasn't corruption in business, their always is, but it was made largely possible because of this legislation. This legislation also made possible the existence of so called banks that were to large to fail. There were a handful of other legislation's passed in the Clinton era that contributed to the collapse, but this is one of the big ones. To attribute the collapse to any one person, party or policy is unrealistic.

Fraud is a crime. Misrepresenting a product is fraud. We have a metric fuckload of proof that the banksters, both the ones packaging and the ones selling, severely and very purposefully for the sole reason of financial gain misrepresented a metric fuckton of the products they sold. So...... is it not fraud when the banksters, and only the banksters, do it? I know they got congress to pass a law which makes accounting fraud legal for them but I missed the legislation that allowed them to dip dogshit in chocolate and then sell it as 100% pure godiva because on the outside thats what it looks like.

It really is that simple.

 

[gloom111]

Fraud is a crime. Misrepresenting a product is fraud. We have a metric fuckload of proof that the banksters, both the ones packaging and the ones selling, severely and very purposefully for the sole reason of financial gain misrepresented a metric fuckton of the products they sold. So...... is it not fraud when the banksters, and only the banksters, do it? I know they got congress to pass a law which makes accounting fraud legal for them but I missed the legislation that allowed them to dip dogshit in chocolate and then sell it as 100% pure godiva because on the outside thats what it looks like.

It really is that simple.

There is a difference between acting unethically and criminal action. Something is only criminal if their is a law prohibiting it and it falls within our sovereign rights to act upon it. I won't argue that laws weren't broken, or that fraud didn't happen, rather I would argue that in the wake of the passing of the 1999 Financial Services Modernization Act the necessary protections required to prosecute the violators was lacking. How many people escaped justice after Enron because the Sarbanes-Oxley Act didn't exist at that time? Laws are very rarely retroactive, and almost always reactionary.

I find it typical and insulting when a solitary scape goat is presented as the primary violator in a massive failure. The focus shouldn't be on finding a fall guy, it should be on fixing the problem. I am also not excusing unethical behavior simply because it falls inside the boundaries of the law, or our governments failure to prosecute those who blatantly violated the law. Ultimately, Congress enabled the financial crisis through their action, inaction, and self interest, so it isn't really that simple. If it was that simple, there would be more people up on charges and going to jail.

 

[DucatiMonster696]

Congratulations, a upper middle-management guy was taken down and those he worked for were allowed to distance themselves from him and continue on their merry way. /golfclap. Hehehe.

 

[Double Trouble]

That was more of a snide remark than an actual belief on my part

Sorry, my sarcasm meter must need recalibration

 

[BlueWolf47]

While its hardly justice for the financial crisis it is a step in the right direction. The fines on the banks have been mere slaps on the wrists.

 

[Naeeldar]

The Republicans had no interest in calling anyone to task for crimes committed but fortunately the hard nosed Democrats, lead by Obama, sicced a crack team of Obama appointed and re-confirmed SEC commissioners on the issue. As the statue of limitations for crimes committed during\leading to the financial crisis draws near the tough as nails SEC team has finally caught the perpetrator behind the financial crisis:



Its good to see them going after such high level executives:



And they certainly went after the ones who profited from the mess:



Well, at least, the fines made up for their ill-gotten gains right?



Its good that we have sent a strong message to the banks:

"If you break a shit ton of regulations and screw people out of a shit ton of money we will come after you with half hearted interest. We will let you sacrifice some lowly underling and let you off the hook without admitting wrongdoing while letting you keep most of the money you made by screwing people over"

Yep - its a strong message - but not one most Americans would like to send. Its good to see both the Republicans and the Democrats stand by while middle and lower class Americans get screwed. IMO the Democrats are the worst offenders here. At least with the Republicans you know they don't care about the middle and lower class. I thought the Democrats were supposed to be the advocates for us? Guess they are too busy spying on Americans looking for signs we broke the law to go after the ones who already broke it

http://www.theguardian.com/business/2013/aug/01/fabulous-fab-tourre-guilty-fraud

You did see JPMC is paying a small fine for manipulating the energy markets recently right? So they will pay 500 million on something they made billions on. Sounds like they should continue breaking hte law to me.

 

[Lithium381]

Well, it was probably because of a youtube video on the internet that caused the crash, or one or two "rouge" agents manipulating the numbers but it doesnt go any higher than that! This is just another phony scandal.

 

[Exterous]

You did see JPMC is paying a small fine for manipulating the energy markets recently right? So they will pay 500 million on something they made billions on. Sounds like they should continue breaking hte law to me.

Yep. Whats the downside for them? They get huge bonuses, get to keep the money they earned, the company makes huge profits and while only paying a pittance in fees. Those at the top get to keep all of the money they gained. Maybe some underling takes the fall but theres always at least someone they don't mind seeing take the fall if they get to keep millions individually and the company keeps hundreds of millions if not billions.

 

[Naeeldar]

Yep. Whats the downside for them? They get huge bonuses, get to keep the money they earned, the company makes huge profits and while only paying a pittance in fees. Those at the top get to keep all of the money they gained. Maybe some underling takes the fall but theres always at least someone they don't mind seeing take the fall if they get to keep millions individually and the company keeps hundreds of millions if not billions.

My point is this is not a republican or democrat issue it's a goverment issue. Neither of them are really doing anything at all. Period.