Urge the Justice Department to Prosecute Goldman Sachs
  • Petitioned Denis J. McInerney

This petition was delivered to:

Chief, Fraud Section, Department of Justice
Denis J. McInerney

Urge the Justice Department to Prosecute Goldman Sachs

    1. Sponsored by

      <span>CREDO Action</span>

When you break laws, defraud taxpayers, and openly gloat about it in emails to colleagues, you should be criminally prosecuted. And when you lie about it before a Congressional committee, you should definitely be prosecuted. 

To date, the Department of Justice (DOJ) has successfully prosecuted just one lender for the mortgage fraud that led to the 2008 global economic collapse. 

The St. Louis Dispatch noted in a recent editorial, "There have been civil charges, settled with tepid non-admissions and fines levied against institutions, not individuals. Even "Fabulous" Fab Tourre, the Goldman Sachs trader who boasted in e-mails about his role unloading securities he knew to be dogs, has escaped prosecution." For that, Goldman paid a $550 million fine.

Sen. Carl Levin's 650-page subcommittee report "Wall Street and the Financial Crisis: Anatomy of a Financial Collapse" is a staggering indictment of the people on Wall Street. Levin's report - which has been submitted to the Justice Department - also suggests quite plainly that Goldman Sachs executives brazenly lied to Congress while under oath. Goldman CEO Lloyd Blankfein said: 

 "Much has been said about the supposedly massive short Goldman Sachs had on the U.S. housing market. The fact is, we were not consistently or significantly net-short the market in residential mortgage-related products in 2007 and 2008. We didn't have a massive short against the housing market, and we certainly did not bet against our clients."

But according to reports, Goldman's own internal memoranda says the exact opposite. (Read Matt Taibi's investigative report in Rolling Stone.)

Sen. Levin told the Justice Department last month, "In my judgement, Goldman clearly misled their clients and they misled the Congress." At a bare minimum, the Justice Department can press criminal charges for perjury while under oath. What are we waiting for? It's time to bring Goldman Sachs to justice.

 

Recent signatures

    News

    1. Reached 17,500 signatures
    2. Goldman CEO hires high-profile attorney

      Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter.

    3. Reached 12,500 signatures
    4. Why Prosecutors Don't Go After Wall Street

      NPR looks into why the Justice Department doesn't pursue criminal prosecutions for members of Wall Street who knowingly and willingly violated the law.

    5. Reached 5,000 signatures
    6. Goldman Sachs, Libya and Allegations of Bribery

      The U.S. Securities and Exchange Commission is examining whether transactions with Libya’s sovereign fund may have violated bribery law. Once again it must be asked, where is the Justice Department?

    7. Reached 4,000 signatures
    8. Goldman Sachs Flexes Lobbying Muscle

      Goldman Sachs' lobbying team spent $4.6 million lobbying the federal government last year, more than any other company in the securities industry. Facing increased scrutiny by the Justice Department, one wonders what exactly they're paying for.

    9. SEC Chair Answers Questions about Goldman Sachs Investigation

      Says SEC Chair Mary Schapiro: "We don't have criminal prosecution authority. That resides with the states and the Justice Department; we work closely with them on a lot of those issues. But we have a pretty full pipeline of post-crisis cases."

    10. Goldman Sachs Helped Hide Billions of Dollars of Debt for Greece

      Did you know that Goldman Sachs is also involved in Greece's economic collapse? Yep. According to reports, Goldman helped Greece obscure its debt from Brussels.

    11. Federal Agency Threatened to Sue Goldman Sachs

      According to a Wall Street Journal report, the National Credit Union Administration threatened to sue Goldman Sachs over mortgage-bond sales. Still not a peep from the U.S. Justice Department, though.

    12. Where is the Justice Department?

      The SEC launched a probe against ratings agency Moody's. "If I were the defendants, I would prefer to be sued by the SEC than the Department of Justice--even civilly," said John Coffee.

    13. The forces supporting Goldman Sachs are battling back. One analyst says "a terrible wrong" has been done to the company. Don't let the Justice Department be bullied by the rich & powerful - share this campaign with friends & family!

    14. Reached 1 signatures
    15. The feds are investigating Goldman's dealings with Libya. What more will it take for the Department of Justice to press charges?

    16. Former Senator Ted Kauffman (D-DE) writes, "Goldman Sachs is supposed to look out for the interests of its customers. Yet Goldman sold customers mortgage investments called collateralized debt obligations (CDOs) without disclosing that at the same time they were betting against the CDOs by selling them short." He continues, "Investigations...must be carried out so we can penalize those who committed fraud and put this behind us." Read more:

    17. More news this weekend on civil fraud claims against Goldman Sachs executives - but where are the criminal charges?

    18. Did Goldman Sachs break bribery laws, too? The Wall Street Journal reports:

    19. The Manhattan District Attorney and New York state have subpoenaed Goldman Sachs. But where is the U.S. Justice Department? Read more at The Atlantic:

    20. Reached 500 signatures
    21. A Florida newspaper asks the Justice Department to prosecute Goldman Sachs. "Given the abuses that have been amply documented by news coverage, and then nailed down by investigators with the Senate subcommittee, it will be outrageous if some of these people don't end up in court."

    22. "If an alleged violation is identified during a Goldman investigation, we expect a reasoned response from the Justice Department. In a worst case environment, we would expect a 'too big to fail' bank such as Goldman to be offered a deferred-prosecution agreement, pay a significant fine and submit to a federal monitor in lieu of a criminal charge," wrote analyst Brad Hintz in a letter to clients. It's time to remind the DOJ that no one - not an executive at Goldman Sachs - is above the law.

    23. Reached 250 signatures
    24. Investors question Goldman Sachs risk-taking:

    25. Goldman Sachs calls Levin report "unfair" but doesn't offer evidence.

    Supporters

    Reasons for signing

    • Janet Coutts TRENTON, MI
      • about 3 years ago

      Sign my petition: "Make Home Owners Whole." This country is ripe for a revolt! Where is our justice?

      REPORT THIS COMMENT:
    • Miriam snyder NOVI, MI
      • about 3 years ago

      If I had defrauded anyone the way so many big businesses have done--INCLUDING Goldman Sachs--I would have been prosecuted and jailed. Why is a company and its CEO any different? Its bullshit. You can't pick and choose WHEN to uphold the law. You are the Department of Justice. It is your DUTY to uphold the law. Against. ANYONE. If you can't do it, perhaps you should sign your position over to someone who CAN.

      REPORT THIS COMMENT:
    • Frank Schrader LONGMONT, CO
      • about 3 years ago

      Hope the evidence is enough to press charges but Goldman Sachs has been in the news for many questionable practices and apparently get off the hook all the time or get even rewarded by receiving bail-out dollars. If DOJ just diggs deep enough in Golman Sachs they should be successful to find the evidence they'll need.

      REPORT THIS COMMENT:
      • about 3 years ago

      This needs to stop!

      REPORT THIS COMMENT:
    • Suzanne Denson LEAGUE CITY, TX
      • about 3 years ago

      What transpired in the 2008 collapse was caused by high crimes and treason motivated by greed.

      REPORT THIS COMMENT:

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