It's a lot of money - except on Wall Street
Attorney General Martha Coakley has managed to wring $60 million out of Goldman Sachs for its role in subprime mortgage mess.
Ho hum.
I am sure it wasn’t easy, but don’t expect those Wall Street types to be running for cover.
Goldman, like other Wall Street firms, made a lot of money securitizing subprime loans and selling them to investors.
We all know how that worked out.
Anyway, while $60 million may be a lot to most normal people, it’s lunch money on Wall Street
Bloomberg puts it into perspective.
It’s about what Goldman Sach’s fixed-income currencies and commodities division made in a day and half back in 2006, the news service reports.
That same division raked in an astonishing $14.3 billion in revenue that year.
“Goldman Sachs is pleased to have resolved this matter,” said Michael DuVally, a spokesman for the firm in New York, told Bloomberg.
I am sure they are.
Still, it will mean some relief for about 700 Bay State homeowners struggling with subprime loans.
Some will see their monthly payments reduced by 35 percent.
That’s certainly something to cheer about, as far as I am concerned.
But then again, sympathy for homeowners stuck with some of these radioactive loans appears to be in short supply at times.
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