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GS makes around $10 billion a year, are you saying that the profits for the last 10 years or more came purely from sales of MBS? I know no one has been impriso
by tma-1 11y ago
GS makes around $10 billion a year, are you saying that the profits for the last 10 years or more came purely from sales of MBS?
I know no one has been imprisoned over the financial crisis mess, but settlements like these truly show that the justice department and the SEC are doing a pretty good job at penalising the banks. Combined, the fines probably add up to hundreds of billions, my personal opinion is that this is way more than the banks did from selling these securities.
- bogomipz 11y agoI'm not following you. I don't understand your point. This fraudulent practice went on for the better part of a decade. You think that the SEC and DOJ are doing a good job? You are in an extremely small minority then. Not only is this settlement a slap on the wrist its also "engineered" courtesy of the warm and friendly relationship Washington and Wall Street have. Please read this: http://www.nytimes.com/2016/04/12/business/dealbook/goldman-sachs-to-pay-5-1-billion-in-mortgage-settlement.html http://www.nytimes.com/2016/04/12/business/dealbook/goldman-...
- ChrisLomont 11y ago>I'm not following you. I don't understand your point. You claimed Goldman made "hundreds of billions of dollar[sic]". Their entire profit for a year is around 10 billion. Are you claiming their entire profit for multiple decades came solely from MBS? It did not.