Heid quotes Goldman Sachs5 Mar 2023 17:57
Neither could lie straight in bed.
This from an article about the Prime Mortgage debacle and the 2008 financial crash.
Goldman Sachs to pay $5bn for its role in the 2008 financial crisis
The settlement holds the bank accountable for its ‘serious misconduct’ in falsely assuring investors that securities it sold were backed by sound mortgages
Goldman Sachs will pay $5.06bn for its role in the 2008 financial crisis, the US Department of Justice said on Monday. The settlement, over the sale of mortgage-backed securities from 2005 to 2007, was first announced in January.
Goldman Sachs, like other banks, had a tough year in 2015 due to plummeting oil prices, China’s economic slowdown and worries over the US interest rate hike.
Goldman Sachs profit drops after $5bn mortgage-backed bond settlement
“This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” acting associate attorney general Stuart Delery said in a statement.
In January, Goldman said it expected the agreement to reduce its earnings for the fourth quarter by about $1.5bn after tax. According to the Wall Street bank, the settlement will consist of a $2.385bn civil monetary penalty, $875m in cash payments, and $1.8bn in consumer relief.