Sanders: Goldman Settlement Shows Their Business Is ‘Rigged’
The Justice Department announced a $5 Billion settlement with Goldman Sachs for their role in trading mortgage-backed securities they knew to be toxic assets and led to the financial crash of 2008.
Vermont Senator Bernie Sanders had some harsh words about this, as this settlement touches on his key issue of Wall Street malfeasance.
“What they have just acknowledged to the whole world is that their system … is based on fraud,” he said at a New York rally.
He also complained that a lack of any criminal charges against the company or the individuals involved showcased the “corruption of our criminal justice system.”
The Hill reports:
Sanders, who has built his presidential campaign in large part on big bank bashing, said the settlement proves his point.
Monday’s settlement addressed charges that Goldman Sachs continued to sell bonds loaded with subprime mortgages, even after internal concerns emerged about the reliability of those investments. The government claimed, and Goldman acknowledged, that the bank failed to highlight the risks in those investments before selling them off in the years leading up to the financial crisis.