Tuesday, July 20, 2010

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Letters from our readers: Columnist’s claim is not quite right

July 20, 2010

Wall Street vs. Main Street

Goldman Sachs agreed to pay $550 million to resolve a civil fraud lawsuit over selling a mortgage investment that was set up to fail. The penalty is only one-twentieth of the $10 billion in bonuses the firm handed out last year.

If you defraud somebody off the street for $1,000 or $50,000, you’re going to jail. It’s not like you just have to pay the money back and you can go on your merry way. But on Wall Street, if you commit a massive crime and steal a billion dollars, you get to walk away from it.

Ted Rudow III,MA
Menlo Park

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