I absolutely believe that a court case is necessary in this situation for a few reasons. The first is to actually legally confront Goldman Sachs for their unethical practices, which contributed in the crippling of our nation, and several of our allied nations as well. Another reason I believe a court case is necessary if to provide closure for the American people. American's have felt wronged, hurt and violated by the bankers that they trusted. Regardless of the verdict of guity or not guilty, this case can be put to rest at its conclusion. On that note I would like to say that I doubt these charges will hold up in a court of law. I think what they did was immoral and highly selfish, but I do not believe there is enough prove to hold the charges in a court of law. Even if Goldman Sachs if proven guilty, they will probably get a slap on the wrist, and hit with a fine (that can easliy be afford by such a large company). This article makes me look forward to my White Collar Crime class that I will be taking in the Fall, so that I may better know what improvements are being made to correct this huge hole in our criminal justice system.
In our criminal justice and criminology class what have we learned about the rich? Even if Goldman Sachs was found guilty how much will they pay? Will it be a slap on the wrist or a fine that will never amount to anything or jail time and still come out as rich as they went in. The common people are the majority. What roll do you think we need to play to help stamp out corruption? One way is to go to the poles and let the politicians know that if they are not for our best interest we will vote them out of office. We as a people need to read and be aware of what is going on in our society and government. The government can only do so much. Goldman Sachs is laughing all the way to the bank.
I’ve been observing the situation with Goldman Sachs fairly closely, and Ill be interested to see if their behavior incites any new legislation regarding upper-tier white-collar crime. Given the dire state of our nation’s economy, we repeatable hear news of federal bailouts, huge unemployment rates, and foul practices instigated by corrupt and greedy CEOs. Given the state of our country, it would not be surprising to me of Goldman Sachs faces some manner of prosecution from basically stealing money from people in invests that they knew would fail. However, the power lies in the money and Goldman Sachs has quite a bit of it. It is despicable how they could profit of the financial destruction of middle-class investors and also send their own company spiraling into chaos with the expectation that the federal government will save them. We are witnessing the largest fault of a capitalist society, an unbridled economy that pursues self-interest and greed at the expense of every man and women in the country. We are dieing because of wall-street and their games, and the Federal Government is as inept and corrupt as the companies they should be prosecuting. If America was ever doomed by anything, it is by the unprecedented greed and incompetence that represents the most extreme aspects of a capitalistic society.
Corporate America Strikes again. Goldman Sachs followed the guidelines in which they made the contracts with the investors. The investors really cannot say they were miss lead, simply because every investment is a gamble. Sachs just took a calculated risk that these mortgages were to become toxic. The ones at fault should be Congress. Congress is supposed to regulate these corporate giants, but it’s very hard for Congress to do this. Reason being most Congress members have received some type of contribution, from these powerhouses. I seriously doubt Goldman Sachs will receive any type of punishment. The only thing that will change is guidelines in which investments are made. FYI Corporate America is already one step ahead.
I was in banking during the late 1980’s real estate crisis. 2008 was just the same song, second verse. The Securities and Exchange Commission screamed just like the Banking Commission did then, and yet very little got changed, it just moved from the banks to Wall Street. My problem is the fact that the Administrative Agencies that are empowered by the legislature to protect the investors has done little to create a way to stop “greed” (SEC, Banking Commission). The “greed” is on all sides; the investors wanting to make a profit and the purchaser borrowing beyond their means. Little is said about the negligence of the borrower when they only make $30,000 a year; yet think they can make payments on a mortgage of $150,000.00, because they will be able to sell it and make a profit before the interest rates escalate. Where are the controls on the lender, how did this mortgage ever get approved in the first place, much less make it to Wall Street? The American dream missed the part about being responsible for their debt and making wise decisions. The “dreamers” wanted it all, except the consequences. Yes I hate the crime, but “the government must show that executives were actually committing fraud and not simply doing their best to manage the worst financial crisis in decades”. After all, the government laid the building blocks to enable this crisis, just like 20 years ago, but it would be hard to find fault within themselves. And after all is said and done, the lawyers will be the only ones making any money….
In today’s society the criminal justice need to reorganize the way crime data is reported. Clearly the UCR and the NVCS needs to include white collar crime into its report. If the purpose of the UCR is to report to serious crime activity then why are these activities included in the report. If the purpose of the UCR Data report is to provide data on the number of serious crimes than the FBI should include white collar crime in their statistics category. These are serious crimes committed by individuals that were rational and willing to weigh the risk to seek the rewards. According to this practice the suspects would fall into a category know as choice theories. I wander how much reasonable suspicion existed before the federal department made the connection to fraudulent behavior. Is this a case where the federal justice system only had the belief of guilt and could not issue an arrest warrant on the guilty parties? Who is in charge of the case and who has the jurisdiction? I wander why Congress is even involved in the criminal process here. It seems that this would be a FBI investigation and would fall under their jurisdiction. Closing it is amazing that white collar crime can be interwoven with financial institutions.
I remember this in the news. I was shocked I thought maybe the criminals that caused the housing market to fail would stand justice. Then I remembered that I live in America where the rich go free but the college kids with a sack of weed goes to prison for three years. Having lost half of my homes value because of the faulty loans asshole like this made.
I absolutely believe that a court case is necessary in this situation for a few reasons. The first is to actually legally confront Goldman Sachs for their unethical practices, which contributed in the crippling of our nation, and several of our allied nations as well. Another reason I believe a court case is necessary if to provide closure for the American people. American's have felt wronged, hurt and violated by the bankers that they trusted. Regardless of the verdict of guity or not guilty, this case can be put to rest at its conclusion. On that note I would like to say that I doubt these charges will hold up in a court of law. I think what they did was immoral and highly selfish, but I do not believe there is enough prove to hold the charges in a court of law. Even if Goldman Sachs if proven guilty, they will probably get a slap on the wrist, and hit with a fine (that can easliy be afford by such a large company). This article makes me look forward to my White Collar Crime class that I will be taking in the Fall, so that I may better know what improvements are being made to correct this huge hole in our criminal justice system.
ReplyDeleteIn our criminal justice and criminology class what have we learned about the rich? Even if Goldman Sachs was found guilty how much will they pay? Will it be a slap on the wrist or a fine that will never amount to anything or jail time and still come out as rich as they went in. The common people are the majority. What roll do you think we need to play to help stamp out corruption? One way is to go to the poles and let the politicians know that if they are not for our best interest we will vote them out of office. We as a people need to read and be aware of what is going on in our society and government. The government can only do so much. Goldman Sachs is laughing all the way to the bank.
ReplyDeleteI’ve been observing the situation with Goldman Sachs fairly closely, and Ill be interested to see if their behavior incites any new legislation regarding upper-tier white-collar crime. Given the dire state of our nation’s economy, we repeatable hear news of federal bailouts, huge unemployment rates, and foul practices instigated by corrupt and greedy CEOs. Given the state of our country, it would not be surprising to me of Goldman Sachs faces some manner of prosecution from basically stealing money from people in invests that they knew would fail. However, the power lies in the money and Goldman Sachs has quite a bit of it. It is despicable how they could profit of the financial destruction of middle-class investors and also send their own company spiraling into chaos with the expectation that the federal government will save them. We are witnessing the largest fault of a capitalist society, an unbridled economy that pursues self-interest and greed at the expense of every man and women in the country. We are dieing because of wall-street and their games, and the Federal Government is as inept and corrupt as the companies they should be prosecuting. If America was ever doomed by anything, it is by the unprecedented greed and incompetence that represents the most extreme aspects of a capitalistic society.
ReplyDeleteCorporate America Strikes again.
ReplyDeleteGoldman Sachs followed the guidelines in which they made the contracts with the investors. The investors really cannot say they were miss lead, simply because every investment is a gamble. Sachs just took a calculated risk that these mortgages were to become toxic. The ones at fault should be Congress. Congress is supposed to regulate these corporate giants, but it’s very hard for Congress to do this. Reason being most Congress members have received some type of contribution, from these powerhouses. I seriously doubt Goldman Sachs will receive any type of punishment. The only thing that will change is guidelines in which investments are made. FYI Corporate America is already one step ahead.
I was in banking during the late 1980’s real estate crisis. 2008 was just the same song, second verse. The Securities and Exchange Commission screamed just like the Banking Commission did then, and yet very little got changed, it just moved from the banks to Wall Street.
ReplyDeleteMy problem is the fact that the Administrative Agencies that are empowered by the legislature to protect the investors has done little to create a way to stop “greed” (SEC, Banking Commission). The “greed” is on all sides; the investors wanting to make a profit and the purchaser borrowing beyond their means. Little is said about the negligence of the borrower when they only make $30,000 a year; yet think they can make payments on a mortgage of $150,000.00, because they will be able to sell it and make a profit before the interest rates escalate. Where are the controls on the lender, how did this mortgage ever get approved in the first place, much less make it to Wall Street? The American dream missed the part about being responsible for their debt and making wise decisions. The “dreamers” wanted it all, except the consequences.
Yes I hate the crime, but “the government must show that executives were actually committing fraud and not simply doing their best to manage the worst financial crisis in decades”. After all, the government laid the building blocks to enable this crisis, just like 20 years ago, but it would be hard to find fault within themselves. And after all is said and done, the lawyers will be the only ones making any money….
In today’s society the criminal justice need to reorganize the way crime data is reported. Clearly the UCR and the NVCS needs to include white collar crime into its report. If the purpose of the UCR is to report to serious crime activity then why are these activities included in the report. If the purpose of the UCR Data report is to provide data on the number of serious crimes than the FBI should include white collar crime in their statistics category. These are serious crimes committed by individuals that were rational and willing to weigh the risk to seek the rewards. According to this practice the suspects would fall into a category know as choice theories. I wander how much reasonable suspicion existed before the federal department made the connection to fraudulent behavior. Is this a case where the federal justice system only had the belief of guilt and could not issue an arrest warrant on the guilty parties? Who is in charge of the case and who has the jurisdiction? I wander why Congress is even involved in the criminal process here. It seems that this would be a FBI investigation and would fall under their jurisdiction. Closing it is amazing that white collar crime can be interwoven with financial institutions.
ReplyDeleteI remember this in the news. I was shocked I thought maybe the criminals that caused the housing market to fail would stand justice. Then I remembered that I live in America where the rich go free but the college kids with a sack of weed goes to prison for three years. Having lost half of my homes value because of the faulty loans asshole like this made.
ReplyDelete