Goldman Sachs CEO is "personally outraged" at criminal behavior in his bank

Goldman Sachs CEO David Solomon is shocked, shocked, by such disreputable behavior in his bank.
Here is his reaction.

“I am personally outraged that any employee of the firm would undertake the actions spelled out in the government’s pleadings,” the firm’s chief executive officer said in a voicemail left with employees on Wednesday. “The behavior of those individuals is reprehensible and inconsistent with the good work and integrity that defines work that 40,000 of you do every day.”

The bank’s stock has suffered since prosecutors implicated a trio of Goldman Sachs bankers in a multibillion-dollar Malaysian fraud early this month. On Monday -- when the country’s finance minister said he would seek a full refund of all the fees it paid for 1MDB deals -- Goldman’s shares tumbled the most in seven years.

Ah, yes. Goldman Sachs is famous for their "good work and integrity".

The US Department of Justice (DOJ) has said about $4.5 billion was misappropriated from 1MDB, including some money that Goldman Sachs helped raise, by high-level officials of the fund and their associates from 2009 through 2014.

US prosecutors filed criminal charges against 2 former Goldman Sachs bankers earlier this month. One of them, Tim Leissner, pleaded guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act.

I'm sure it was just a "few bad apples", like Goldman Sachs’s Ex-CEO Lloyd Blankfein, who was personally involved in the transaction.
You might remember Lloyd from his doing "God's Work".

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dystopian's picture

I guess he thinks his god is a real greedy thief that would screw people for a dollar.

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We cannot solve our problems with the same thinking we used when we created them.
Look deep into nature, and then you will understand everything better.
both - Albert Einstein

@dystopian
link

Banks have been fined a staggering $243 billion since the financial crisis, according to a tally released Tuesday.

Most of these fines have been assessed for misleading investors about the underlying quality of the mortgages they packaged into bonds during the housing bubble.

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republican-jesus.jpg

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@gjohnsit

Feb. 10, 2010.
Obama Says He Is Cool With Jamie Dimon's And Lloyd Blankfein's Bonuses

Between both savvy bidnessmen, their companies needed $51 BILLION to bail them out.

A month later.

March 10, 2010.
Obama angers union officials with remarks in support of R.I. teacher firings

President Obama voiced support Monday for the mass firings of educators at a failing Rhode Island school, drawing an immediate rebuke from teachers union officials whose members have chafed at some of his education policies.

Speaking at an event intended to highlight his strategy for turning around struggling schools by offering an increase in federal funding for local districts that shake up their lowest-achieving campuses, Obama called the controversial firings justified.

"If a school continues to fail its students year after year after year, if it doesn't show signs of improvement, then there's got to be a sense of accountability," he said

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@MrWebster
Because that's what happened with the bankers after they crashed the economy.

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EdMass's picture

@dystopian

Published in 1843. Crikey!

"Business? Mankind was my business. The common welfare was my business; charity, mercy, forbearance, benevolence, were all my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!”

Nothing ever changes?

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8 users have voted.

"I'd love to change the world
But I don't know what to do
So I'll leave it up to you"

Alvin Lee - Ten Years After

Stop the War!

“Reputationally, it is a disaster for Goldman,” Oppenheimer & Co. analysts led by Chris Kotowski said in a note to clients Wednesday. “Goldman clearly is at risk of significant charges with significant penalties in this case.”

Great sarcasm there. Banks consider these fines a cost of doing business. Not only that, but....

It’s important to note that the banks don’t just send a check for their fines to federal and state governments. Many times they get credit by making loans and supporting debt restructuring. For example, a Goldman Sachs GS, -0.10% commitment for $1.8 billion of loan forgiveness and financing for affordable housing was considered as part of a $5.1 billion “fine” the bank had to pay.....

And despite the size of the fines, banks have been aggressively returning money to shareholders through stock buybacks and dividends. Even Wells Fargo WFC, +0.23% said it was looking to give more money back to shareholders after the Federal Reserve said it wouldn’t allow the San Francisco bank to grow any more after a wave of customer scandals.


https://www.marketwatch.com/story/banks-have-been-fined-a-staggering-243...

During the Obama administration, I remember a story to the effect that JP Morgan had just been hit with a huge fine. The price of its shares immediately increased. Do we expect something less favorable to banks during the Trump administration?

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@HenryAWallace

“Reputationally, it is a disaster for Goldman,”

After you posted this I did a Google search, and guess what I found?

'Great vampire squid' no longer — Goldman Sachs has finally rehabbed its reputation, 10 years after the financial crisis

That's literally the headline of the article. No tongue-in-cheek.

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GreatLakeSailor's picture

@HenryAWallace

an article about a guy from California that got 15 months for kiting $5k worth of checks - all of which, IIRC, he hadda pay back.

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The only reason the 1% are rich is because the 99% have agreed to it.

What my dog hears when being scolded:
“BLAH BLAH BLAH! Blah blah blah blah blah blah Kevin.”

TBTF bank CEO speak translates to:
“Those stupid fucks know better! First rule: DON’T GET CAUGHT!!!

“Now I’m left swinging and have to fall back on the second rule: DENY DENY DENY! You’re not caught until you stop lying.

“Idiots! Didn’t they know shit like this might make my bonus smaller than that moron at Citi Corp? Ungrateful sods.....”

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@vtcc73

Heh. "Money talks".

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If I'm wrong, it's the first time I'm happy to be confused. -Don Van Vliet

dystopian's picture

@pindar's revenge money doesn't talk, it swears. - Bob Dylan

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We cannot solve our problems with the same thinking we used when we created them.
Look deep into nature, and then you will understand everything better.
both - Albert Einstein

@dystopian @dystopian

“Those stupid fucks know better!"

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4 users have voted.

If I'm wrong, it's the first time I'm happy to be confused. -Don Van Vliet

Raggedy Ann's picture

I cannot believe there are people in banks that are dishonest and trying to cheat us. That's a difficult pill to swallow. All these years - feeling secure in the banking industry - knowing they were there to protect me and my money. Now to hear this. Shattering.

I don't know if I can continue today........

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22 users have voted.

"If there is not justice for the people, let there be no peace for the government." Emiliano Zapata

It's all those penalties...gotta pay for them somehow. See! it's all the governments fault. They made the banks do it.

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zoebear's picture

When robbing people of their pensions and their homes doesn't mean the same thing it used to.

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Soldier: What? Ridden on a horse?
King Arthur: Yes!
Soldier: You're using coconuts!
King Arthur: What?
Soldier: You've got two empty halves of a coconut and you're bangin' 'em together.

dystopian's picture

I got it figured out. Blankfeins god is the Great Vampire Squid!

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4 users have voted.

We cannot solve our problems with the same thinking we used when we created them.
Look deep into nature, and then you will understand everything better.
both - Albert Einstein