Federal authorities ended two investigations into the actions of Goldman Sachs during the financial crisis, handing a quiet victory to the bank after years of public scrutiny.
In a statement late Thursday, the Justice Department said there was “not a viable basis to bring a criminal prosecution” against Goldman or its employees after a Congressional committee asked prosecutors to examine if the bank had been involved with any illegal acts related to several mortgage deals.
The Senate’s Permanent Subcommittee on Investigations had examined troubled mortgage securities that Goldman sold to investors, who later sustained steep losses during the crisis. The subcommittee also suggested prosecutors investigate whether the chief executive of the bank, Lloyd Blankfein, had misled lawmakers during public testimony.
Separately, Goldman Sachs announced early Thursday that the Securities and Exchange Commission had ended an investigation into a $1.3 billion subprime mortgage deal, taking no action. The move was an about-face for the commission, which notified the bank in February that it planned to pursue a civil action.
“We are pleased that this matter is behind us,” a bank spokesman said Thursday.
The moves closed a difficult chapter for the bank, whose missteps became emblematic of Wall Street’s excess. But for all the public criticism of the bank, the only law enforcement case to have surfaced against Goldman was a civil case that the bank settled for $550 million in 2010 over a mortgage investment that investigators said had been intended to collapse."
Too big to prosecute. God damned ridiculous.
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