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Goldman-Sach’s will probably settle with the SEC soon…..

APGoldman Sachs CEO Lloyd Blankfein may turn camera shy when it comes to fighting the SEC’s charges.

[ Goldman Sachs CEO Lloyd Blankfein may turn camera shy when it comes to fighting the SEC’s charges. ]

After all the hype…..

All the Congressional tongue lashing…..

AND MEDIA ATTENTION!

The Securities Exchange Commission and Goldman-Sach’s will probably settle the case and move ahead…

All the stuff about criminal investigations will quietly go away…

There is an election coming up in November and two years from now….

Politician’s are going to need donations from Wall Street fat cats……

And Goldeman -Sachs employs a lot of them……

And this stuff is just the price of doing business…..

Goldman Sachs may soon settle its fraud case with the Securities and Exchange Commission, opting to end the legal fight rather than endure a repeat of the public flogging it received Tuesday in Washington, sources familiar with the matter told The Post.

After 11 hours of accusations by members of the Senate Subcommittee on Permanent Investigations, people close to the bank said Goldman is mulling closing the SEC fraud-case chapter on the belief the firm’s reputation, already damaged, might not endure a street fight with the Wall Street watchdog.

It’s almost a certainty that there will be a settlement,” said a source.

As another person put it, the SEC has an “unlimited supply of ammunition” in the form of e-mails and records that it could release, and Goldman officials would like to avoid having those documents fired back at them the way they were on Tuesday.

A Goldman spokesman declined to comment.

The SEC on April 16 announced that it had sued the Wall Street giant on charges it misled investors about the details of a mortgage-securities deal in which billionaire hedge fund king John Paulson influenced some of the collateral used in the transaction and then bet against its performance.

The SEC also sued Goldman mortgage trader Fabrice Tourre, who’s been accused of concealing Paulson’s involvement when marketing the deal to investors.

Up to now, Goldman, which has endured a withering fusillade of criticism from the public and politicians, has declared that the SEC’s case against it and Tourre has “no basis in fact.”

However, the growing view inside the firm is that Goldman may not be able to afford going toe-to-toe with the SEC in the court of public opinion…….
More……..

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April 29, 2010 Posted by | Blogs, Breaking News, Government, Law, Media, Men, Other Things, PoliticalDog Calls, Politics, Polls, The Economy, Updates | , , | Leave a comment

Goldman-Sach's will probably settle with the SEC soon…..

APGoldman Sachs CEO Lloyd Blankfein may turn camera shy when it comes to fighting the SEC’s charges.

[ Goldman Sachs CEO Lloyd Blankfein may turn camera shy when it comes to fighting the SEC’s charges. ]

After all the hype…..

All the Congressional tongue lashing…..

AND MEDIA ATTENTION!

The Securities Exchange Commission and Goldman-Sach’s will probably settle the case and move ahead…

All the stuff about criminal investigations will quietly go away…

There is an election coming up in November and two years from now….

Politician’s are going to need donations from Wall Street fat cats……

And Goldeman -Sachs employs a lot of them……

And this stuff is just the price of doing business…..

Goldman Sachs may soon settle its fraud case with the Securities and Exchange Commission, opting to end the legal fight rather than endure a repeat of the public flogging it received Tuesday in Washington, sources familiar with the matter told The Post.

After 11 hours of accusations by members of the Senate Subcommittee on Permanent Investigations, people close to the bank said Goldman is mulling closing the SEC fraud-case chapter on the belief the firm’s reputation, already damaged, might not endure a street fight with the Wall Street watchdog.

It’s almost a certainty that there will be a settlement,” said a source.

As another person put it, the SEC has an “unlimited supply of ammunition” in the form of e-mails and records that it could release, and Goldman officials would like to avoid having those documents fired back at them the way they were on Tuesday.

A Goldman spokesman declined to comment.

The SEC on April 16 announced that it had sued the Wall Street giant on charges it misled investors about the details of a mortgage-securities deal in which billionaire hedge fund king John Paulson influenced some of the collateral used in the transaction and then bet against its performance.

The SEC also sued Goldman mortgage trader Fabrice Tourre, who’s been accused of concealing Paulson’s involvement when marketing the deal to investors.

Up to now, Goldman, which has endured a withering fusillade of criticism from the public and politicians, has declared that the SEC’s case against it and Tourre has “no basis in fact.”

However, the growing view inside the firm is that Goldman may not be able to afford going toe-to-toe with the SEC in the court of public opinion…….
More……..

April 29, 2010 Posted by | Blogs, Breaking News, Government, Law, Media, Men, Other Things, PoliticalDog Calls, Politics, Polls, The Economy, Updates | , , | Leave a comment

FiveThirtyEight on the SEC going after Goldman-Sachs……

Hale “Bonddad” Stewart over @ FiveThirtyEigth gives us a rundown on the SEC compliant……

First, the document filed by the SEC is a complaint. The purpose of this document is to define the issues for trial. Usually, the person filing the complaint has done a lot of investigation before filing the document — so much so that they can more or less anticipate what the defendant will do.

Then goes over the specifics…..

a) Use of interstate commerce for purpose of fraud or deceit….to wit……..

It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange—

He then makes Seven more points……

Then gives this analogy on why the SEC should win the case……


Let me add this personal thought. I have very high hopes that the SEC wins this case. As I mentioned above, they have a good case. But the real reason is best illustrated by a story. This year my wife and I went to opening day at Wrigley Field (which should be a national holiday). While we were walking around the streets that surrounded Wrigley we saw a group of four cops — and I mean cops. All I could think of when I saw these guys was one of them saying to a someone, “don’t make me.” My guess is at least two of them were ex-football players. They were standing in a group talking and basically making their presence quietly felt. At this point I knew nothing bad was going to happen on that street. Why? Because of this group of cops — they would make sure nothing bad happened. In essence, you felt this quiet law enforcement presence on the street. That’s what the SEC needs to do — or more importantly, needs to establish. Right now, there is no law enforcement presence on Wall Street at all. Wall Street needs to know there is a cop on the beat to deal with excesses in the system.

For the whole Post…..and the numerous comments…..

The Dog still thinks Goldman-Sachs will still be proudly standing after this whole thing is all over…for those you who want to read another Goldmen-Sach caper…..

Dig this.…….

April 26, 2010 Posted by | Blogs, Breaking News, Counterpoints, Government, Law, Media, Men, Other Things, PoliticalDog Calls, Politics, The Economy, Updates | , , , , | 1 Comment