Goldman Sachs and the Financial Crisis
As of August 9, 2012 Goldman Sachs is free of charges. After more than two years of allegedly having played a role in the financial crisis which almost sent the world into another depression, the U.S Justice Department is no longer going to prosecute the company. They have come to the conclusion that under the law there is no basis to prosecute Goldman Sachs with the allegations for which they were to be charged. These allegations included the mistreatment and deception of numerous investors for the company’s own personal gain. They would intentionally mislead their investors to buy securities which they would bet against themselves. As well, the culture of the firm, according to a former employee, was horrible. The company is more interested in making money than with the satisfaction and fair treatment of their clients. Although they could not be charged, what Goldman Sachs did was completely unethical. In the article “Goldman Sachs, Not Criminal, Just Deceptive and Immoral” the author used U.S Senator Carl Levin’s statement: “whether the decision by the Department of Justice is the product of weak laws or weak enforcement, Goldman Sachs’ actions were deceptive and immoral.” This statement outlines the governments own perception of the company’s actions. Hopefully, in the future, Goldman Sachs can learn from its mistakes and become an ethical company that values its clients and investors.
Sources:
http://business-ethics.com/2012/08/14/10074-goldman-sachs-not-criminal-just-deceptive-and-immoral/
