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GS "knowingly misled investors". This is worse than incompetence, it's outright fraud. It's less analogous to accidental customer data leaks and more analogous
by drewrv 11y ago
GS "knowingly misled investors". This is worse than incompetence, it's outright fraud.
It's less analogous to accidental customer data leaks and more analogous to running a phishing operation.
- spinlock 11y agoThey sampled rather than investigate every note. We all take those "short cuts."
- slg 11y agoSimilar things happen in the tech world. Ashley Madison had a feature that you could pay to have your data deleted from their database. Except they never deleted the data for those that paid. That is outright fraud as well. When their user data eventually leaked, it resulted in countless lives and relationships ruined and at least a handful of suicides. While civil lawsuits have been filed, I haven't seen any talk of criminal charges.
- adamnemecek 11y agoDude, you aren't actually comparing the two are you. Do you actually believe that tanking the global economy comes anywhere close to what you described? May I ask where you work? No one not working on/with ties to Wall Street would have this opinion.
- slg 11y agoI don't work anywhere close or on anything similar to Wall Street. But I do have a degree in econ and know that what "tanked the global economy" is a lot more complicated than Goldman Sachs lying to investors. But whatever, let's just lynch the bankers and their big bonuses and pretend that our industry is without flaws.
- jbdigriz 11y agoPeople need their totems and need for them to be simplistic and singular to classify them as black or white. No thought given to things like government MANDATING increased numbers of subprime loans to facilitate a populist agenda, nor the guilt of the vast majority choosing to live beyond their means knowingly. Instead, they want a boogey man everyone can point their blame towards. The degree of that folly will be apparent over the years to come