agreed, but the problem is the sec has no case. This is yet another sec disaster that will play-out with them being incompetent fools. The only reason it's getting positive play right now is becuase GS is the current "bad guy" poster-child in the media and any stern action against them is considered "reform". I've read the suit - any half-way decent lawyer is going to demolish the SEC's case. Seriously, this whole thing is a joke that will shortly become a fiasco. GS lost around 90 million USD on the deal the SEC is suing them for. If GS did something wrong, the other counter-parties that lost money would have already sued GS.
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SEC charges GS with fraud
- Thread starter nitro
- Start date
agreed, but the problem is the sec has no case. This is yet another sec disaster that will play-out with them being incompetent fools. The only reason it's getting positive play right now is becuase GS is the current "bad guy" poster-child in the media and any stern action against them is considered "reform". I've read the suit - any half-way decent lawyer is going to demolish the SEC's case. Seriously, this whole thing is a joke that will shortly become a fiasco. GS lost around 90 million USD on the deal the SEC is suing them for. If GS did something wrong, the other counter-parties that lost money would have already sued GS.
GS's problems are about its reputation. Helping Greece hide its debts obviously didn't help either.
They also have investigators crawling over them like ants now.
They also are becoming the butt of jokes ("Don't GS me!")
Lloyd has got to be wondering how long they are going to keep him around.
They also have investigators crawling over them like ants now.
They also are becoming the butt of jokes ("Don't GS me!")
Lloyd has got to be wondering how long they are going to keep him around.
Quote from nitro:
"Blankfein: Suit Against Goldman Will âHurt Americaâ "
http://www.nakedcapitalism.com/2010/04/blankfein-suit-against-goldman-will-hurt-america.html
The man is delusional. America will be better off.
Quote from krazykarl:
agreed, but the problem is the sec has no case. This is yet another sec disaster that will play-out with them being incompetent fools. The only reason it's getting positive play right now is becuase GS is the current "bad guy" poster-child in the media and any stern action against them is considered "reform". I've read the suit - any half-way decent lawyer is going to demolish the SEC's case. Seriously, this whole thing is a joke that will shortly become a fiasco. GS lost around 90 million USD on the deal the SEC is suing them for. If GS did something wrong, the other counter-parties that lost money would have already sued GS.
Another GS employee!!! Do you think there are not any lawsuits against GS or other pieces of crap houses? Fraud is Fraud the law suits are being filed but the type of instruments that were invented the last 5 years takes a few lawyers to figure it out! Hope your unemployment check is enough to live off! Where is the outrage!!!
financialmarket
Guest
If SEC is charging GS with fraud than they might as well shut down the stock market or wall street alltogether.
Did GS know that the securities sold to investors were worthless thus shorting it.?
It is whether your broker is liable for selling securities that have risk? in the client agreement,,clients are responsible for doing their own due deligence..GS know as much about the risk as the client or the SEC
your broker isn't liable for risk of products purchased by clients.
Did GS know that the securities sold to investors were worthless thus shorting it.?
It is whether your broker is liable for selling securities that have risk? in the client agreement,,clients are responsible for doing their own due deligence..GS know as much about the risk as the client or the SEC
your broker isn't liable for risk of products purchased by clients.
"...the type of instruments that were invented the last 5 years takes a few lawyers to figure it out! "
Forget it. The lawyers will never figure it out. Lawyers are concerned with law not finance, hence the SEC is full of lawyers and can't describe how to short a stock.
How's that Obama guy ranting about P/E's (whoopsie missed getting that right) way back in march of the year 0 something and now he's on his way to Wall Street for a meet and greet.
Volker burps VAT and Obama has a new hero.
Forget it. The lawyers will never figure it out. Lawyers are concerned with law not finance, hence the SEC is full of lawyers and can't describe how to short a stock.
How's that Obama guy ranting about P/E's (whoopsie missed getting that right) way back in march of the year 0 something and now he's on his way to Wall Street for a meet and greet.
Volker burps VAT and Obama has a new hero.
Quote from wmb:
Another GS employee!!! Do you think there are not any lawsuits against GS or other pieces of crap houses? Fraud is Fraud the law suits are being filed but the type of instruments that were invented the last 5 years takes a few lawyers to figure it out! Hope your unemployment check is enough to live off! Where is the outrage!!!
You know what? No one put a gun to these people's heads and said "you must buy these products!" If it takes a few lawyers to figure them out, then the buy-side SHOULD NOT HAVE PURCHASED THEM. If they bought something they didn't understand, then that's their fault.
I've been burned by options spreads that went against me becuase of something I didn't see coming at the time - should I sue my counter-parties? Grow the fuck up and learn how to take your lumps, admit you made a mistake and move on. Traders don't get mulligans. This wasn't fraud - this was incompetence on the part of the purchasing parties.
Quote from krazykarl:
You know what? No one put a gun to these people's heads and said "you must buy these products!" If it takes a few lawyers to figure them out, then the buy-side SHOULD NOT HAVE PURCHASED THEM. If they bought something they didn't understand, then that's their fault.
I've been burned by options spreads that went against me becuase of something I didn't see coming at the time - should I sue my counter-parties? Grow the fuck up and learn how to take your lumps, admit you made a mistake and move on. Traders don't get mulligans. This wasn't fraud - this was incompetence on the part of the purchasing parties.
These clients are not traders, they bought a fund that GS said they were buying. However they didnt know that the "traders" from GS were shorting what their brokers were buying, that is a fundamental illegal move on any trading floor any where and always has been. LEt alone push it on your clients! It is fraud and its unethical. IF you dont understand that that is the point of all this! Many Americans dont get the unethical behavior we are all exhibitng in the name of "F..K You I'm making money".IT is what took down many companies and the SEC is inundated with boatloads of claims! Growing up means having some morals, values ehtics, and money!