It is way past the time we need to start prosecutions regarding financial crimes but Wall Street. Fines aren’t paid for by the guilty party. They are paid by the customers and shareholders.
A pioneering twist on third-world corruption might be the biggest scandal the Vampire Squid has ever faced.
By Matt Taibbi and cross-posted from Rolling Stone
Goldman Sachs, which has survived and thrived despite countless scandals over the years, may have finally stepped in a pile of trouble too deep to escape.
There’s even a Donald Trump angle to this latest great financial mess, but the outlines of that subplot – in a case that has countless – remains vague. The bank itself is in the most immediate danger.
The company’s stock rallied Thursday to close at 165, stopping a five-day slide in which the firm lost almost 12 percent of its market value. The company is down 35 percent for the year, most of that coming in the past three months as Goldman has been battered by headlines about the infamous 1MDB scandal.
Just before Christmas, Malaysian authorities filed…
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