“As shown by this verdict, we proved that Mr. Tourre, as a Goldman Sachs Vice President, put together a complicated financial product that was secretly designed to maximize the likelihood that it would fail, and marketed and sold it to investors without appropriate disclosure.”
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Andrew Ceresney, the SEC’s co-director of enforcement
So there’s one guy who was convicted for the stuff leading up to the meltdown. His career is probably dead, but he won’t go to jail—because it’s all civil penalties. So, uh, chalk one up for justice?
Or, I mean, chalk one up for whatever you chalk one up for when one rich person gets in trouble for defrauding other rich people.
(via squashed)