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Annals of the 0.01%: Fraud is legal if you are GS - Redneck Clubhouse - Of, By and For Rednecks!

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Old June 16th, 2014, 03:29 PM
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Default Annals of the 0.01%: Fraud is legal if you are GS

http://www.bloomberg.com/news/2014-0...t-in-n-y-.html
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Goldman Wins Dismissal of $450 Million Mortgage-Bond Suit

Goldman Sachs Group Inc. (GS) won dismissal of a suit over $450 million in residential mortgage-backed securities, with a New York judge saying that the firms that bought the bonds should have done more research beforehand.

State Supreme Court Justice Charles Ramos dismissed the claims against Goldman Sachs today, saying the investors only reviewed data presented in offering documents for the securities and never asked to review files for the underlying loans.

“The true nature of the risk being assumed could, admittedly, have been ascertained from reviewing these loan files and plaintiffs never asked for them,” Ramos wrote.
Has there ever been a more obvious case of laws are for the little people? Goldman Sachs is now officially exempt from false representation. But you, dear little dude, had better not sell dug turds as grade-A chocolate, claiming the customers should have checked your product labels before they bought.
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Old June 16th, 2014, 04:04 PM
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Never mind checking labels, this is the equivalent of having to check their suppliers for the quality of their materials, not the just the final product. Egads.
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Old June 17th, 2014, 05:16 AM
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Well, yes. Normally we assume that if someone is selling what they claim is lemonade, they can't actually sell toxic industrial process waste instead. Well, they can, but the state will come down on them. This, after all, is the textbook example of the necessity of public regulations and why a anarcho-libertarian regime would never do.

President Goldman Sachs indeed. As an aside, who thinks it is entirely an happenstance that the judge who overturned two millennia of Roman-derived law in general and 500 years of common English law in particular is named Gomez as opposed to, say, Putnam?
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Old June 17th, 2014, 09:12 AM
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I won't dismiss a libertarian approach to this, as it never proceeded as it should have with a judge dismissing a case that should have been decided by the facts and a jury in a fairly clear case of fraud.

So is Gomez and Clinton or Obama appointee? Could also be a Bushie you know.
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“I think it’s unfair. We voted for Hillary Clinton, but it is Trump who won. It is unfair,” Heloïse said.
Gentlemen, he said I don't need your organization, I've shined your shoes
I've moved your mountains and marked your cards
But Eden is burning either brace yourself for elimination
Or else your hearts must have the courage for the changing of the guards.
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Old June 17th, 2014, 02:19 PM
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Gomez is probably a representative of the Mexican judicial tradition. That would be largest bribe wins.
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