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The SEC filed civil, not criminal, suit named Fabrice Tourre, "the fabulous Fab," (GS's 31-year old VP involved in creating junk investments), charging fraud. GS, in turn, called the accusations "completely unfounded in law and fact (and would) vigorously contest them and defend the firm and its reputation" - indeed so with all the legal talent billions in ready assets can buy, and no shortage of top tort attorneys willing to line up and take it.
Watch for more suits to follow, but is Goldman sacked? Don't bet on it in what for sure will be long drawn out proceedings, including appeals that will drag on for years.
Case in point, among others - the notorious Exxon Valdez incident after the March 24, 1989 spill, ravaging Alaska's Prince William Sound and Lower Cook Inlet, ruining the livelihoods of area fishermen and residents. Lawsuits followed:
-- In September 1994, $287 million in compensatory damages and $5 billion in punitive ones were awarded;
-- In December 2002, the Ninth US Circuit Court of Appeals reduced the latter to $4 billion.
-- In December 2006, after more appeals, the same court cut another $1.5 billion; and
-- In June 2008, the US Supreme Court reduced punitive damages to $500 million - the equivalent of about 1.5 days profit from ExxonMobil's first quarter 2008 operations. No company executive went to jail for perhaps the worst environmental crime in history. It was whitewashed for 10 cents on the dollar after nearly 20 years of litigation.
SEC Charges
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