Posted by Giancarlo Barrera.
Goldman Sachs was infamously named “The Wolf of Wall Street.” Goldman created, convinced, and sold mortgage investments that had been designed to fail in the first place.corruption at its finest. It was corruption at its finest. Goldman even went as far as betting against the same derivatives it was promoting and selling to their own clientele. Goldman accepted that it misled investors the wrong way, but did not admit to any scheming or wrongdoing.
In July 2010, Goldman paid an enormous SEC fine of 550 milion dollars. It was one fine after another. Then in April 2012, Goldman paid a fine of 22 million dollars for allowing insider trading of non-public information to Goldman’s clients and traders since 2007. On the link, the story goes into further detail of how much fraud and dishonesty was played under the table and behind the backs of its own clients, who the company was supposed to help invest their money in the first place.
Business is business.
Giancarlo is an economics and finance major at Montclair State University, Class of 2016.