Fabulous Fab

Discussion in 'Wall St. News' started by nutmeg, Jul 12, 2013.

  1. "One of the biggest issues is this: ACA, which the S.E.C. has portrayed as a victim of Mr. Tourre’s fraud, was not considered a victim when the government divided the $550 million Goldman Sachs settlement that had been set up to repay victims.

    The government excluded ACA completely from the list of investors that were paid from the Goldman settlement. How can ACA be a victim for the purpose of Mr. Tourre’s case, but not be for the purpose of the recompense?

    The S.E.C. says the victim list from the fund is irrelevant.

    Payments are “entirely discretionary and involve policy judgments that do not necessarily reflect any decision about whether a particular entity or institution was actually victimized as a result of a defendant’s fraud,” the S.E.C. said in a legal brief."

    cont on link..

  2. I'll paraphrase, "We get to decide who steals, how much they steal AND we determine who the 'victims' are!"