Goldman to pay $550M to settle civil fraud charges - Yahoo! Finance: "Goldman Sachs & Co. has agreed to pay $550 million to settle civil fraud charges that accused the Wall Street giant of misleading buyers of mortgage-related investments."
/*** It should be noted that for the three month period ending March 31, 2010, GS's net income was $3,456 Million Dollars. Thus GS is paying about 16% of its quarterly earnings or 4% of its one-year earnings (on a pro-rated basis) for its misdeeds...in the grand scheme of things, a small price to pay for allegedly "misleading" buyers ***/
"This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing," said Robert Khuzami, the SEC's enforcement director.
/*** If Khuzami things that 4% of one year earnings is a heavy price to pay, he is living in a fool's paradise. This is just a tap on the wrist. ***/
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