Goldman Sachs: Getting away with grand larceny, lies and lying about it all

It's been widely reported now that Goldman Sachs is, indeed and in fact, getting away with theft--large scale theft, at that:

Goldman Sachs Won't Be Prosecuted In Fraud Probe

A Senate panel found last year that Goldman Sachs marketed four sets of complex mortgage securities to banks and other investors, but failed to tell clients the securities were very risky. The Justice Department said the "burden of proof to bring a criminal case" could not be met.

And while this should surprise no one, however much it dissappoints us, the following has to be acknowleded:

First, Goldman Sachs is in the White House and has been for some years. Timothy Geithner, the Treasury Secretary, comes from there as former CEO, no less, in one of the worst examples and there are plenty of others.

Second, it's an election year and this president--and all candidates for that office--want and need the big Wall Street firms on their side, if not also putting money in their campaign coffers. It seems clear nothing was going to happen here, no matter what the SEC found.

That said, perhaps the people examining this huge firm should go back and read even just some of writer Matt Taibbi's articles and columns over at Rolling Stone. It seems there's enough evidence in them alone to indict the company in general and specific employees of the firm. (See links below).

Forget that Goldman Sachs paid a $550 million fine (that's a little over one-half billion dollars, folks) to the SEC in 2010 for fraud in the subprime mortgage debacle. Forget that. That doesn't really mean they're guilty, right?

As if this all isn't enough to make you cynical, get this, from the New York Times: "News of the settlement sent Goldman’s shares 5 percent higher in after-hours trading, adding far more to the firm’s market value than the amount it will have to pay in the settlement."

So not only did Goldman steal millions of dollars from people and not only did they then also lie about it but when their fine of $550 million dollars was handed out, since it was such a small share of the $13.35 billion profits they made the previous year, their stock actually went up on that news.

They won.

They won big and they keep winning.

Why wouldn't you keep winning when, after all, you virtually--if not actually--own the government?

We have to also forget that the financial collapse that Goldman Sachs and Countrywide Mortgage and Citibank (or Sh*ttybank, as Bill Maher refers to them, rather appropriately) and others nearly brought the nation--and the world, actually--to very near total financial collapse back in 2008 with their lies and theft. Forget that.

The government says we don't have enough to prosecute.

Right.

Got it.

Links: http://www.npr.org/2012/08/10/158547458/business-news

http://en.wikipedia.org/wiki/Timothy_Geithner

http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511

http://www.nytimes.com/2010/07/16/business/16goldman.html

http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405