A fine of $550,000,000 is a total joke. That is 3% of the GS bonus pool!!
How much "free" money does GS make daily by borrowing at the discount window and reinvesting in 10-year treasuries?
This is how it worked then.......... and now..........
1) GS fraudulently screws up our financial system and economy.
2) Deemed TBTF, The Fed tells GS to convert into a savings bank.
3) GS now borrows freely at the discount window and uses taxpayer $$$ to buy treasurys.
4) Obama DoJ sues GS for fraud.
5) GS settles with the government and pays the fine with $$$$$ it earned at 0% interest from taxpayers. All at zero
risk.
What a racket.
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