Jim Hightower: Crime Can Pay if It’s Big Enough

[eridani]

http://www.nationofchange.org/news/2016/05/01/crime-can-pay-big-enough/

Wow, $5 billion.

That’s the stunning amount Goldman Sachs has agreed to pay to settle federal criminal charges over its shameful financial scams, which helped wreck America’s economy in 2008. That’s a lot of gold, even for Goldman.

Yet the Wall Street powerhouse says it’s “pleased” to swallow this sour slug of medicine. Is that because its executives are contrite? Oh, come on — banksters don’t do contrite.

Rather, they’re pleased with the settlement. Thanks to backroom dealing with friendly prosecutors, it’s riddled with loopholes that may eliminate nearly $2 billion from the publicized punishment.

For example, the deal calls for the felonious bank to put a quarter-billion dollars into an affordable housing program. But generous federal negotiators put incentives and credits in the fine print that will let Goldman escape with paying out less than a third of that.

Also, about $2.5 billion of the settlement is to be paid to consumers hurt by the financial crisis. Yet the deal lets the bank deduct almost $1 billion of this payout from its corporate tax. That means you and I will subsidize Goldman’s payment.

[silvershadow]

1. Our country is a literal shell of its' former self...and we had a lot of corruption all along.

Biggest difference I see is we no longer investigate or prosecute anyone for anything. Steadily the institutions have tried to shift the goalposts if you will, to where nothing is ever admitted to, and no on goes to jail. Fines for major wrongdoing do not cut it, and they are not nearly enough. Criminality cannot continue to be swept under the rug through regulatory actions. The revolving door protects them all.

[mdbl]

2. But they are all patriots!

They luv merika and are against abortion, so all the other acts are overlooked.

[Enthusiast]

4. You certainly nailed that.

One would think people would consider it a cause for alarm. I mean, it's just our fucking country we're talking about. Can't we go back to the days when the Soviet Union and Red China were all we had to worry about. Jeez.

[silvershadow]

5. Thank you. nt

[Enthusiast]

3. K&R! This post deserves hundreds of recommendations.

[URL=.html][IMG][/IMG][/URL]