Wednesday, March 20, 2013

Accounts Payable

A little good news on the banking front:

(Reuters) – Goldman Sachs Group Inc suffered a defeat on Monday as the U.S. Supreme Court let stand a decision forcing it to defend against claims it misled investors about mortgage securities that lost value during the 2008 financial crisis.

Without comment, the court refused to consider Goldman’s appeal of a September 2012 decision by the 2nd U.S. Circuit Court of Appeals in New York.

That court’s action lets the NECA-IBEW Health & Welfare Fund, which owned some mortgage-backed certificates underwritten by Goldman, sue on behalf of investors in certificates it did not own, but that were backed by mortgages from the same lenders.

I still think that the banks and the people who cratered the economy five years ago should be sweating bullets about ending up in the joint.  But if they can’t do jail time, at least we should be able to sue the crap out of them.

2 barks and woofs on “Accounts Payable

  1. I totally agree. Those rats like Richard Fuld who got away with hundreds of millions should have done jail time and that money given to the investors.

  2. “(S)ue the crap out of them”…and they’d raise the money by cheating us again. Too cynical? Nope, realistic.

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