By REED ALBERGOTTI
After a year-long investigation, the Justice Department said Thursday that it will not bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis.
In a statement released Thursday, the Justice Department said “the burden of proof” couldn’t be met to prosecute Goldman criminally based on claims made in an extensive report prepared by a U.S. Senate panel that investigated the financial crisis.
via U.S. Won’t Pursue Goldman Charges – WSJ.com.
Question is: Should GS be allowed to get away with it? Can they be broken up? Are their other measures that could serve as a deterrent in the future?
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.
Didn’t Goldman Sachs take commissions on sup-prime mortgage backed securities during the housing bull market and then make billions by effectively shorting the same products during the housing bear market? Sounds like insider trading to me. Maybe I’ve got all wrong.