I also give out "incomplete information" to clients on certain deals.
In announcing the SEC’s settlement with Goldman Sachs last week, Division of Enforcement director Robert Khuzami said that the $550 million settlement should serve as a “stark lesson” to the bank and the rest of Wall Street. And while it’s rare for a settlement with the Commission to include an admission of having fucked up, Goldman’s conceded it’d “made a mistake,” and one that Lloyd Blankfein and Co “regret.” Having said that, finance professor Charles Geisst is keenly aware that this charade is a total crock and that by forcing LB and Gary Cohn to hand over whatever cash they had in their wallets on Thursday, the SEC is ensuring the bank will probably do it again, having learned nothing.
“It’s become pretty clear what Goldman has become, and this settlement is an outgrowth of it,” says Charles Geisst, a finance professor at Manhattan College and author of “Collateral Damaged,” a book on the financial crisis. “But a fine is not going to bother these people, quite frankly. A fine is like passing around the church collection plate and collecting a few extra bucks for sins.
Clearly Geisst knows that a fine ain’t gonna do shit. “These people” have so much money, it won’t mean anything. I think we all know what Bobby Khuzami would’ve sentenced Blankfein and his associates to if he’d really wanted to ensure they’d never do anything like this again, which he obviously doesn’t.
10 to life in the Whitney Dungeon?
Total Joke. The whole thing is a charade that would make a gypsy blush!
He’s got the analogy a bit screwed up. With government sitting in the congregation at the church of GS, the offering plate starts out full and ends up empty. It always will.
Is this going to affect our pnl?
~ Body of Christ Capital Sin Arbitrage Quant
Picture had me giggling like a school girl thanks Bess
finance professor at manhattan college is the new killin git
Killin git is the new killing it.
i guess this guy doesn’t eat a lot of soup?
foreclosure rate will skyrocket if they cap unemployment, just saying.
-from the guy who just likes to say things
It was an udderly ridiculous settlement. They really bought the farm on that one.
Let them eat cud.
- LB
@9 That’s good: Ruth will be able to get even more bang for her buck down in Boca.
is this a joke?
@10 – I couldn’t stomach reading it either. And I did try both stomachs.
Ooooh, that jerky old Geisst really taurus a new one.
This fine is not like a church collection plate; if it was, goldman boys would have taken the money from the basket and replaced it with structured vehicles that enabled worshippers to buy others’ good deeds or waterfront land in heaven