Music City Center financier among the "10 Most Hated Companies in America"by S-townMike, enclave-nashville.blogspot.com
January 18th 2012
Despite their rank reputation for ill-gotten gains at the expense of ordinary people, Nashville Mayor Karl Dean no doubt sees Goldman as golden:
Goldman Sachs’ ... poor reputation was cemented when the government sued it for fraud in 2010. The firm settled with the government for $550 million, but this was viewed as little more than a slap on the wrist because of the bank’s immense wealth. And the fraud accusations have not stopped — they have actually accelerated. Goldman faces a set of suits over mortgage instruments it sold worth a total of $15.8 billion. The Federal Housing Finance Agency in September accused Goldman of misrepresenting the quality of $11.1 billion worth of residential mortgage-backed securities. In the cases in which Goldman has settled claims, the press has not always been favorable. According to a Wall Street Journal report, Goldman agreed to forgive 25% of principal balances on 143 mortgage loans to borrowers in New York, or $13 million of a total principal balance of $52 million. The $13 million is less than a senior banker at Goldman might make in a year. Perhaps those homeowners are part of the Occupy Wall Street protests against big banks, for which Goldman is the poster boy.
Shared from Read It Later