Quote:
Originally Posted by roachboy
before everything goes skittering off down some private-language rabbithole, pivoting on some imaginary conflict between ace's wholesale erasure of the notion of fraud and reality, maybe this little summary will be useful:
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Your comment directed to me was not necessary. I initially posted my thoughts on this subject and I then responded to a question with a direct answer and further elaboration of my view.
Regarding the bullet points in your post:
The first one has the word "misled" - people who invest billions of dollars or "sophisticated" investors don't get "misled". Professionals have to be held to a high standard, "misled" is another way to question competence. We can not judge these people on the "reasonable man" standard in my view.
The second included the vague concept of "failure to disclose", good luck with an objective understandable standard for that. If you do not have all of my knowledge, I failed to disclose - if that is true what value does any expertise or intellectual property have?
Looking at this from a big picture point of view, it should be of concern to everyone. Goldman was a major benefactor of the financial bailout, they made record profits during the worst financial crisis in the history of the human race (if you believe Obama and his team), the paid record bonuses at a time when populism was against Wall St. fat cats, and they are smarter than the people who regulate them - now the government wants a pound of flesh. This matter is purely political and has nothing to do with justice in my opinion. It is humorous seeing so many try to rationalize our government's behavior.