Feds won't charge Goldman for infamous trades

WASHINGTON -- Neither Goldman Sachs Group Inc nor its employees will face U.S. criminalcharges related to trades they made during the financial crisis that were highlighted in a 2011 U.S. Senate report, the Justice Department said on Thursday.

The unusual announcement not to prosecute criminally came in an unsigned statement attributed to the department.

Few expected the bank to face criminal charges, but in April 2011, U.S. Senator Carl Levin asked for a criminal investigation after the subcommittee he leads spent years looking into Goldman.

Levin's subcommittee held televised hearings as part of its inquiry, which centered on a subprime mortgage product known as Abacus. He said Goldman misled Congress and investors.

Goldman employee Fabrice Tourre still faces a civil complaint from the U.S. Securities and Exchange Commission. He has denied any wrongdoing and was the only person accused.

Goldman itself settled with the SEC for $550 million in July 2010 without admitting wrongdoing.

The statement from the Justice Department said that officials there "have determined that, based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report" from Levin's subcommittee.

Justice Department investigators and prosecutors worked on their inquiry for "more than a year," the statement said.

Those working on the inquiry included officials in the department's Criminal Division and in the U.S. Attorney's Office in Manhattan, the statement said.

They "ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time," the statement continued.

"If any additional or new evidence emerges, today's assessment does not prevent the department from reviewing such evidence and making a different determination, if warranted," the statement said. 

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  • Great pic, FW. As for Karma catching up to them, I don't think so in this life maybe the next. Its up tot he people of the world to break down and big Banksters into small pieces and put all the CEO's in jail, giving them fines and slapping the wrists just won't work. the govt' are just taking a slice of the pie , of the stolen money they took from us the people. And so far hardly any of them have been arrested, some just quite or get fired or moved around and they continue there games of taking over the world and putting in the DC-NWO, and were out of time.Adonai

  • I  think these people will hang thierselves. I've seen that happen all my life. People who are like this are not happy. If we just keep our eyes open and they know we are. Then they won't last. Besides the world is on the rise in spite of them.

  • What a pity there isn't a "like" button in the comments section.......cos Feather Winger...I sure do like your comment!!!

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