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.
