A former Connecticut securities broker has been sentenced to four years in federal prison for stealing about $1.7 million from his clients.But the big dogs,the ones who led the firms whose financial shenanigans pumped up the housing bubble and then brought it down, so they made shiploads of money at both ends, well, nothing is ever going to happen to them.
A judge in Bridgeport on Monday also ordered Gregory Buchholz of Bridgewater to serve three years of supervised release. The 46-year-old had pleaded guilty to wire fraud.
Goldman Sachs Group (GS.N) tripled Chief Executive Lloyd Blankfein's base salary and awarded him $12.6 million (7.9 million pounds) of stock, even after the bank's net income plunged last year.Because, after all, he is "doing God's work", or so he says.
Blankfein is receiving base pay of $2 million effective Jan 1, up from $600,000, the company said in a filing.
Goldman Sachs was the trickiest of the banksters, because not only did they make money from both pumping up the housing bubble and then betting on its collapse, they were also able to let everyone else hold the bag when the economy imploded. Their "alumni" (also known as "unindicted co-conspirators") populate much of the upper levels of both this administration's and the last one's economic teams. All to make certain that the really big crooks never see the inside of a courtroom.
But the littlest banksters, oh, they'll go to jail, because they only stole from identifiable victims. They didn't rip off an entire nation.
Big money buys good lawyers, little money not so much.
ReplyDeleteNo money ur goin to jail.
Eck!
-- I'm finishing up "All the Devils Are Here". It's hard to believe anybody would put their money with Goldman Sachs after they used their inside position to screw their clients
ReplyDeleteBut people do. Smart people who know what happened.
And then it really hits you just how depraved this whole thing is.
Don Brown