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Forum Post: Goldman Sachs Will Pay $12 Million in SEC Pay-to-Play Case

Posted 1 year ago on Sept. 30, 2012, 6:54 p.m. EST by GirlFriday (21783)
This content is user submitted and not an official statement

Sept. 27 (Bloomberg) -- Goldman Sachs Group Inc. will pay about $12 million to resolve U.S. regulatory claims that a former banker made improper campaign contributions to the state treasurer of Massachusetts while seeking underwriting business from his office.

The campaign work by Morrison, 38, disqualified Goldman Sachs from engaging in municipal underwriting business with certain Massachusetts issuers for two years after the contributions, the SEC said. Nevertheless, the New York-based firm participated in 30 prohibited underwritings, earning more than $7.5 million in improper fees, according to the agency.

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15 Comments

15 Comments


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[-] 3 points by shadz66 (17988) 1 year ago

"Skimming Profits Off Bad Loans : Bankers And Their Dirty Tricks", by Mike Whitney :

"And that’s not all the banks are up to. They’re also fighting “risk retention” rules because they don’t want to pony-up the small amount of capital (5 percent of the loan’s value) on high-risk mortgages that go into securitizations. It’s like an insurance company refusing to keep money on hand to pay off claims. If you think that’s fair, then you should probably be a banker".

radix omnium malorum est cupiditas ...

[-] 3 points by Builder (4202) 1 year ago

Lots of slaps on the wrist.

You naughty, naughty bankers.

Play nice, people.

[-] 2 points by GirlFriday (21783) 1 year ago

I know, right? It is rather silly at this point.

[-] 3 points by Builder (4202) 1 year ago

You'd be aware of Goldy Sucks ripping off Libya's leader before he got assassinated?

[-] 2 points by GirlFriday (21783) 1 year ago

1.3B

[-] 3 points by Builder (4202) 1 year ago

It's all a game when dealing in other people's money.

[-] 4 points by GirlFriday (21783) 1 year ago

It's funny that you said that. I was just thinking this must be nothing more than Monopoly: the crack version.

[-] 3 points by Builder (4202) 1 year ago

I've been a gambler in a past life.

To know that you can risk it all without fear of losing would be a gambler's dream.

[-] 2 points by ZenDog (20477) from South Burlington, VT 1 year ago

Are the prisons so full of violent offenders that we can't even warehouse one or two white collar criminals for a year? Six months even?

WTF . . .

[-] 2 points by Builder (4202) 1 year ago

Too full of drug-war victims.

[-] 1 points by ZenDog (20477) from South Burlington, VT 1 year ago

oh, I get it. 0ver three quarters of a million incarcerated on drug offenses, but not one cell for criminals from Goldman Sux . . .

[-] 2 points by Builder (4202) 1 year ago

War on Drugs. War on Terror.

Soundbytes.

If there's ever going to be a war on banksters, I'm guessing it will have to be instigated by the people.

[-] 1 points by ZenDog (20477) from South Burlington, VT 1 year ago

candlelight vigil outside their homes - when you have documentary evidence of criminal behavior - demand justice.

[-] 1 points by Builder (4202) 1 year ago

Rough justice?

Money rules in courts of law.

The international war tribunal is powerless against these criminals.

You've heard of a Kangaroo Court?

[-] 1 points by ZenDog (20477) from South Burlington, VT 1 year ago

We should be able to manage something with popular support that doesn't entail vigilanti justice. But ultimately that is what is at stake - if the legal system is no longer blind, then what recourse do the people have?