WALL ST – Goldman Sachs has made a $5.1 billion settlement with the Feds over misleading investors during the mortgage crisis.That sounds like a lot of money. And it is. It’s so much money that if your misdeeds are big enough to warrant a 5 billion dollar fine, someone should go to jail.
But it doesn’t end there. Half of the settlement is tax deductible. Goldman earned $17.6 billion in 2007. In 2009, as the mortgage crisis progressed, they earned $20 billion. They’ve kept moving in the same direction since. And Goldman Sachs kept $2.9 billion in bailout funds intended AIG.
The scale of Goldman’s crimes are massive. And they’re been slapped on the wrist in response. Their CEO and their top executives should be thrown in jail. Otherwise they will continue their corporate crime spree.