Goldman Sachs Accused of Civil Fraud - PeachParts Mercedes-Benz Forum

retmil46 · #1 04-17-2010, 12:07 PM

Haven't had the chance to read all the details yet, but IMHO, after their part in helping speculate oil up to nearly $150/barrel a couple years ago, couldn't happen to a nicer bunch of guys.

Just the announcement alone seems to have given the financial community the jitters - stock market dropped just over 1%, price of oil dropped $2.25/barrel, and the plunge in Goldman's stock price cost them over $14 billion in company value.

strelnik · #2 04-17-2010, 12:16 PM

Hmm, maybe, as their price goes down, it would be ironic to buy their stock, let it go up, make money off them, then watch their stock go down as everyone sells off to make a quick profit off them, lol...

Jim B. · #3 04-17-2010, 02:56 PM

In my opinion, the only way this kind of thing will be stopped is by criminal convictions, stiff sentencing with strict and complete restitution, along with with stiff, no-frills (ie, NOT like "club fed" facilities) custodial penalties in a "general population" medium level prison.

Come to think of it, out of that, might even come some good prison reform suggestions.

#4 04-17-2010, 03:10 PM

It's a civil suit, not criminal.

Jim B. · #5 04-18-2010, 02:51 AM

Quote:

Originally Posted by Craig

It's a civil suit, not criminal.

I understand that.

My proposal was about how to STOP that behavior.

Carleton Hughes · #6 04-18-2010, 08:17 AM

There is nothing civil about fraud.

strelnik · #7 04-18-2010, 09:31 AM

Quote:

Originally Posted by Craig

It's a civil suit, not criminal.

Agreed, BUT if criminal wrongdoing is discovered in the course of a civil suit, it can become a criminal trial.

Why do you think so many companies settle out of court? It's because they got caught, can't wiggle out, then WILL get convicted, so they bribe their way out.

I knew an accountant named Dave Bazzetta at Chrysler who was fired when he uncovered bribery by the Germans, so they fired him. He sued for wrongful dismissal, then the whole thing got settled out of court when it was discovered he had details and proof of bribery, which was the crux of his case: dutifully reporting a crime.

The Germans and Americans, esp the Americans, fearing a more serious situation, settled out of court for 50 years' worth of silence.

Curiously enough, there were other leaks by other people and the bribery wet forward after it was proved he didn't know about the OTHER bribery.

That's the good thing about some criminals, they commit more than one crime.

Who needs fiction when you got truth? lol

#8 04-18-2010, 09:42 AM

Very true, if they find sufficient evidence that individual(s) committed a crime they may choose to prosecute. Most companies cooperate with these investigations to get them over quickly and to avoid any appearance of interfering with the investigation or hiding information. They just want to pay the fine and move on.

Jim B. · #9 04-18-2010, 12:32 PM

Quote:

Originally Posted by Craig

Very true, if they find sufficient evidence that individual(s) committed a crime they may choose to prosecute. Most companies cooperate with these investigations to get them over quickly and to avoid any appearance of interfering with the investigation or hiding information. They just want to pay the fine and move on

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Read more: http://www.thedailygreen.com/living-green/blogs/recycling-design-technology/toyota-ads-recalls-460210#ixzz0lTCy0UBM

SwampYankee · #10 04-19-2010, 09:06 AM

Quote:

Originally Posted by Jim B.

In my opinion, the only way this kind of thing will be stopped is by criminal convictions, stiff sentencing with strict and complete restitution, along with with stiff, no-frills (ie, NOT like "club fed" facilities) custodial penalties in a "general population" medium level prison.

Come to think of it, out of that, might even come some good prison reform suggestions.

That threat doesn't keep people from killing, beating, stealing or raping. I suspect there will always be those who think they can get away with it. Drawn and quartered maybe...

Jim B. · #11 04-19-2010, 10:07 AM

"Death penalty for parking tickets" !!!

~~Steve Martin (comedian)

dynalow · #12 04-19-2010, 12:42 PM

A good read into what was going on at GS.

http://www.msnbc.msn.com/id/36636484/ns/business-the_new_york_times//

Question: Can they "nolo condendere" themselves out of this with a loot of cash in the bargain?

JollyRoger · #13 04-19-2010, 01:03 PM

You can't nolo a civil suit.

Reading the above, this looks like the financial equivalent of taking out a life insurance policy on a friend and then murdering him.

dynalow · #14 04-19-2010, 01:33 PM

Quote:

Originally Posted by JollyRoger

You can't nolo a civil suit.

Reading the above, this looks like the financial equivalent of taking out a life insurance policy on a friend and then murdering him.

Well, then I guess the lawyers will make asbestos claims look penny ante.
After reading about the school district in Minnesota that has or will file suit against GS, I am reminded of the stick man explanation of this mortgage crisis. The only difference is that the injured party was a small villgage iin Denmark or Norway. That was pretty funny then and surely apt today.

Found it.....
http://www.youtube.com/watch?v=q8hjUei-Nwo&feature=related

JollyRoger · #15 04-19-2010, 01:38 PM

Quote:

Originally Posted by dynalow

Well, then I guess the lawyers will make asbestos claims look penny ante.
After reading about the school district in Minnesota that has or will file suit against GS, I am reminded of the stick man explanation of this mortgage crisis. The only difference is that the injured party was a small villgage iin Denmark or Norway. That was pretty funny then and surely apt today.

Found it.....
http://www.youtube.com/watch?v=q8hjUei-Nwo&feature=related

With a little luck, this will lead to their break up. They are just plain bad for this country in their current state.