AP source: Criminal probe of Goldman under way
IB
(Senior Baboon, 203
Points)
on 4/30/10 at 1:51am
http://news.yahoo.com/s/ap/20100430/ap_on_bi_ge/us...
are they seriously fucked in this case?
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Just saw that. In short,
Just saw that. In short, yes. No securities firm has EVER survived indictment for criminal charges - I'd be shocked if GS were the first. It doesn't (yet) seem likely that they'll be charged with anything criminal (and any political pressure to charge them would undoubtedly backfire in a major way), but if they're charged, that will likely be the end of Goldman (and cleaning that one up will be a ton of fun).
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drexelalum11 wrote: Just saw
Just saw that. In short, yes. No securities firm has EVER survived indictment for criminal charges - I'd be shocked if GS were the first. It doesn't (yet) seem likely that they'll be charged with anything criminal (and any political pressure to charge them would undoubtedly backfire in a major way), but if they're charged, that will likely be the end of Goldman (and cleaning that one up will be a ton of fun).
What are you saying? Yes, they are in trouble, but doesn't seem likely they will be charged with anything criminal. But if they are, it's the end of Goldman. And why would a mistake on certain deals within a certain dept bring down the entire organization?
Goldman rules the world. It's
Goldman rules the world. It's not gonna happen.
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"I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcom
Seems to me you managed to
Seems to me you managed to understand what I was saying...
If Goldman made mistakes that are judged by the US Justice Dep't to be worthy of pursuing criminal charges, yes, it will bring down the entire organization. It's extremely doubtful it will get that far, both because it doesn't seem like the Justice Dep't has a case yet, and because GS will be desperate to settle.
For a quick rundown on what criminal charges do to a firm, take a gander at:
http://en.wikipedia.org/wiki/E.F._Hutton
http://en.wikipedia.org/wiki/Drexel_Burnham_Lambert
http://en.wikipedia.org/wiki/Arthur_Andersen
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well I guess the question now
well I guess the question now is whether the justice department will be able to charge them with anything. on the surface it seems that the SEC case was going no where, so they handed it off to the justice department to see if they could catch them in anything. this is almost comical, since I don't believe goldman is any more unethical than the other banks.
yea...i doubt they will find
yea...i doubt they will find anything criminal against GS...nonetheless, their stock's TANKING again.
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"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do NOT do that thing."
-Dwight Schrute, "The Office"-
Goldman = Illuminati The
Goldman = Illuminati
The news about SEC fraud charges and criminal charges are all a farse to lower the stock price. GS's political friends will jump in and buy millions at <$150 and retire in 6 months after charges are dropped and it goes to >$250.
Mostly joking... but not really :)
I don't think some people
I don't think some people here realize the implications if GS goes down... MS, CS, and all the other top banks will be next on the hit list. This isn't good for anyone who has a career or wants a career in banking
I disagree, look what
I disagree, look what happened when Anderson went down. They actually won on appeal, but it was to late for the firm. The other "Big Five" accounting firms, became the "Big Four" without missing a beat. I doubt that there will be a movement to take down all the banks. If the DoJ manages to nail Goldman, they will mount some heads on their wall, and the DoJ lawyers will be to busy preparing for their future political careers to bother with anyone else. It is like shooting an Elephant, sure bagging two would be a better story, but not by much. And how the hell are you then going to carry home everything you shot.
Best to just pack everything up and call it a day. Then you wait for another generation of lawyers to grow up and go hunting for themselves.
I say that if Goldman goes down, no one else will follow. It will simply be way to costly to mount two of these cases. One will be enough for the mob to be happy.
krypt wrote: Goldman =
Goldman = Illuminati
The news about SEC fraud charges and criminal charges are all a farse to lower the stock price. GS's political friends will jump in and buy millions at <$150 and retire in 6 months after charges are dropped and it goes to >$250.
Mostly joking... but not really :)
He knows our secret!!!! Don't worry, I'll call our praetor, Richard Simmons. He can fix anything. Bwahaha!
Work hard, play hard.