 The Wild Wild World of Wealth |
Yesterday, Goldman Sachs settled fraud charges associated with Abacus CDOs for $550 million. Not surprisingly, the settlement excluded Fabrice P. Tourre, who will no doubt be hung out to dry as the Tourre de Toxic winds to a close.
Personally, I think the government just got pimp-slapped. Here are five reasons why:
I’ve been extremely critical of Goldman Sachs. The bonuses, funded by taxpayer bailouts, teed me off. And back on January 2, I asked, What does $22 billion in Goldman bonuses buy? Now, I have a different concern:
Is the prosecution of Goldman Sachs going too far?
In the Senate chamber yesterday, our elected officials grilled reps from Goldman Sachs. The Senators illustrated, I think, the outrage felt by Americans over bailout dollars that turned into banker bonuses. Even if—Senator Carl Levin trash-talked with the kind of language that triggered FCC fines of shock-jock Howard Stern:
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Jimmy Cusack is the tough kid from a blue-collar neighborhood who made good on Wall Street. Well, almost. After a sterling start to his career, things have soured. His hedge fund has collapsed. The bank is foreclosing on his condominium. And his wife is three months pregnant. That’s the good news.
From Publisher's Weekly -
