Goldman’s 20-Year RAP Sheet of Illegal Behavior Reviewed as it Reveals its Plans for Targeting Main Street
By Better Markets
Goldman Sachs is holding its very first investor meeting in New York today where it is expected to disclose its business plans for targeting Main Street consumers and investors in the coming years. We thought this was an appropriate time to detail Goldman’s 20-year breathtaking record of illegal conduct, which includes more than 36 major legal actions that have resulted in over $9.8 billion in fines and settlements. That does not include the Justice Department’s expected settlement of Goldman’s shocking, years-long, wide-ranging involvement in the 1MDB global criminal enterprise, which was detailed in a prior report: Goldman Sachs’ 1MDB “Four Monkeys” Defense and CEO Solomon’s Golden Opportunity.
Those facts demonstrate that Goldman Sachs is a too-big-to-fail, too-big-to-jail, too-big-to-regulate and too-big-to-manage Wall Street bank. That has enormous implications for the bank, investors, taxpayers, the financial system, and the economy, and Goldman Sachs’ CEO and other executives should be pointedly questioned about
- the bank’s years-long, wide-ranging and repeated illegal conduct; plus, the costs of that conduct to the bank and its shareholders;
- the utter lack of executive accountability for that illegal conduct, including the failure to impose penalties on its executives;
- why those executives have done nothing to stop that illegal behavior or why what they may claim to have done has failed so miserably; and
- what those executives are going to do differently in the future to actually stop such illegal conduct and stop the hemorrhaging of shareholder wealth while the executives enrich themselves, all at the expense of the firm’s reputation and its financial stability.