Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
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Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#2Not enough. 500B would be more accurate.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#3Can someone express this as a percentage of the claims themselves? The $5B figure is meaningless without knowing the size of Goldman's loot.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#4Let's just go through the docs and bring it all out.
>"We are pleased to have reached an agreement in principle to resolve these matters," said Lloyd C. Blankfein...
All you really need to know.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#5For context, that's about 3 months' profits. Not nothing, but not much compared to the damage they caused.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#6For context, that's about 3 months' profits. Not nothing, but not much compared to the damage they caused.
They made 8 bil in 2014 fiscal year. That's 5/8 of their profit. It might not make up for what they did, but its a big fine.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#7While this isn't trivial as far as settlement dollar figures are concerned, I can't help but think it represents a small fraction of Goldman's ill-gotten gains.
They've had eight years to literally make bank on the proceeds.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#8As a quick refresher, these guys sold CDOs that they knew weren't priced correctly, obfuscated the mispricing, and then profited on short positions against the securities. Took 7 years to settle for being straight up crooks. Still the Wild West out there.
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#9For context, that's about 3 months' profits. Not nothing, but not much compared to the damage they caused.
How about this:
"Two Goldman traders, Michael Swenson and Josh Birnbaum, are credited with being responsible for the firm's large profits during the crisis.[18][19] The pair, members of Goldman's structured products group in New York, made a profit of $4 billion by "betting" on a collapse in the sub-prime market, and shorting mortgage-related securities."[1]
Two tradesmen made this in less than one year. I wouldn't be surprised if it's an order of magnitude less that the whole firm made through the whole period of the crisis.
[1]: https://en.wikipedia.org/wiki/Goldman_Sachs#Actions_in_the_2...
Re: Goldman Sachs Will Pay $5B to Settle Financial-Crisis Claims
#10I guess I'm cynical but I'm worried that Goldman's takeaway here is to make the financial products, transactions, and their position more complex/opaque in the future.