Wall Street giant Goldman Sachs has agreed to pay $550 million to the Securities and Exchange Commission in hopes of settling the fraud suit levied on the company back in April. The settlement is pending approval by a federal judge; if approved, it would be the largest penalty ever assessed against a financial firm in the SEC's history.
We talk with Louise Story, finance reporter for our partner The New York Times. Story's reporting was integral to the SEC's initial investigation into the firm. Now that her reporting comes full circle, we discuss whether or not this settlement was in reality, little more than a slap on the wrist for the company. She says that the one major thing the settlement accomplishes is protecting Goldman Sachs from class-action lawsuits.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
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Comments [3]
550M is a utter joke. We expect BP to take care of the damage it has caused, and to be responsible for all future cost of clean ups and so on, what about GS? Are they not expected to pay for damages that their actions have caused?
Let's see where this takes us. If SEC settles, or is being forced to settle, it is only sending out a message that one does not have to be responsible for his or her actions.
FYI Today is not the day after Bastille Day. Bastille Day is July 14.
It is just a slap on the wrist for Goldman Sachs.
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