Perfect illustration of the inequity in our justice system. A poor man without political connections gets sent up the river while a criminal from a favored industry or company receives the equivalent of 3 minutes per $1,000 stolen.
I am a free market advovate who is sickened by our justice department and President who will not prosecute the donor class.
Administrator
Author
March 19, 2016 6:57 pm
Fed Employee Gets Measly $2K Fine For Stealing Secrets and Giving Them to Goldman Sachs
Claire Bernish March 19, 2016
A former Fed employee received less than a slap on the wrist for sharing confidential documents from the Federal Reserve Bank of New York with a friend working for — wait for it — Goldman Sachs.
After pleading guilty to the misdemeanor charge of “theft of government property,” Jason Gross was ordered by U.S. Magistrate Judge Gabriel Gorenstein to pay a $2,000 fine and complete 200 hours of community service while on probation for one year. The disproportionate punishment “disappoint[ed] prosecutors who said his leaking of confidential documents to a friend at Goldman Sachs Group Inc … justified time behind bars,” noted Reuters.
If you ever required proof of the incestuous revolving door between government and the Big Banks, Gross’ measly sentence should suffice nicely.
Prosecutors, who had sought a six to twelve-month prison term, appear to be flummoxed, as Gross had admitted in November “to providing confidential information to Rohit Bansal, his former supervisor at the Federal Reserve Bank of New York who had left to work at Goldman Sachs,” Reuters reported.
That ‘confidential information,’ once in Bansal’s possession, made its way to other employees at Goldman with the simple caveat: “Please don’t distribute.” Some Fed documents Gross handed over to Goldman pertained to an examination of another bank Goldman was advising at the time.
Gross’ attorney, Bruce Barket, laughably downplayed the magnitude of his client’s culpability in court. Barket claimed Gross simply thought he was “doing a favor for a friend who had already seen” those documents.
“I don’t think he thought much of it,” Barket explained.
But as ZeroHedge noted, the leak of confidential information to Goldman had been taken far more seriously in 2014 — though, it and another unrelated scandal involving the same Fed bank quickly disappeared from headlines.
As the New York Times reported at the time, “From his desk in lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government.
“The banker came to Sachs through the so-called revolving door, the symbolic portal that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed.”
As became apparent through an investigation, the “banker” turned out to be Bansal and the “colleague,” Gross.
“When Goldman hired the former New York Fed regulator,” the Times continued, “it assigned him to advise the same type of banks that he once policed.”
This whopping conflict of interest and the confidential document leak led Goldman to fire Bansal and a more senior employee, as well as notify regulators of the situation. The Fed also fired Gross.
In October 2015, Goldman Sachs agreed to a “related” $50 million settlement with the New York Department of Financial Services — yet another useless slap on the wrist. Charges were brought against Gross shortly after that.
While Iceland — and now Ireland — imposed actual, tangible punishments for their criminal bankers over the 2008 financial crisis, the U.S. continues to look the other way. Though Gross’ misbehavior was unrelated to the crisis, it evidences the pattern of excusing bankers for virtually any criminal behavior they can dream up. When even corporate news outlets call out the Wall Street-Washington revolving door — both Reuters and the Times did so, in this case — the severity of the problem is quite clear.
To be fair, Mr Allen should serve 450 million years or Mr Brown a nanosecond. Better yet, hang the judge.
Francis Marion
March 19, 2016 9:48 pm
“Better yet, hang the judge.”
I think you just redefined the term “Hanging Judge”. Well done.
EL Coyote
March 19, 2016 9:55 pm
Don’t feel bad for the homeless man, he has a place to sleep and eat now.
Old Clarence Darrow said that when times are tough, men find a way to get into prison for 3 squares and a cot.
Anyway, if your big fish, you go to club fed, a minimum security prison with 4′ high fences.
Which reminds me, that’s about how high the Iska wall will be if it ever gets built.
Gator
March 19, 2016 10:45 pm
I’m im no way defending a 15 year sentence for the homeless guy, but the judge may not have had a choice in the matter. Mandatory minimum laws may have tied his hands if the guy had prior convictions. These are a big problem, along with the so called “three strikes laws” which are often the reason you hear about people getting caught with small amounts of marijuana getting decades long prison sentences.
Again, the judge may well be the reason for this, the whims of an authoritarian on the bench, but it’s even more likely that you can blame Clinton and the republican congress for passing these laws in the first place.
Suzanna
March 19, 2016 10:45 pm
People don’t really care about any of this disparity do they?
They will care when the bankers steal their deposits from
their savings accounts. “Unsecured lenders.” Yet, if you want
cash from the bank? Look out. “Structuring” withdrawals can get
your money confiscated and YOU in jail. My husband’s colleague
had to threaten the bank with closing his accounts B4 he could get
the 5K he needed to pay his contractor. We are threatened that “the banks”
will take our savings to pay for their losses…and the cops visit people
for cash withdrawals, confiscate the $ from small business owners also.
It would be good to know where these criminals hang out…one could toss a rotten
egg at their feet in protest. I think that would be included in ‘free speech.”
Oh wait…goofed…that would be 15 to life. Can’t insult a banker.
Pauncho
March 19, 2016 10:56 pm
Audit the Fed? Can’t. It’s a private entity. Steal from the Fed? Now it’s a government agency.
I get it. Like Bruce Jenner, it can be whatever it wants to be. I like this concept. I’m changing
my tax return status to single, black, mother of 15. Can’t wait to get my earned income refund.
Oh, since the Fed is now a government entity, does anyone out there wish to file a freedom of
Information request?
Negatron
March 19, 2016 11:29 pm
@suzzana wow you got it !! major upvote to you ma’am .
@Admin , interesting , I cant get a FOIA from the fed reserve , due to it is not a part of the so called incorporated federal government , lol , I laugh at that inconsistency I just typed omg !
Will look that case up tho .
so many things are fucked up completely , thank you for not banning my sometimes way the fuck offensive rants , upvote for admin )
I’m trying hard not to attack some toons on your various threads , for basic stupidity , lol , but , but , ……….
As Kahn said in on of those star trek movies , They Task me , they task me ,lol
Whatever 🙂
whatever 🙂
EL Coyote
March 20, 2016 12:17 am
Negatron, She’s mine, not that I’m trying to cock-block you.
I’m livin’ in a Les Miserables world.
Perfect illustration of the inequity in our justice system. A poor man without political connections gets sent up the river while a criminal from a favored industry or company receives the equivalent of 3 minutes per $1,000 stolen.
I am a free market advovate who is sickened by our justice department and President who will not prosecute the donor class.
Fed Employee Gets Measly $2K Fine For Stealing Secrets and Giving Them to Goldman Sachs
Claire Bernish March 19, 2016
A former Fed employee received less than a slap on the wrist for sharing confidential documents from the Federal Reserve Bank of New York with a friend working for — wait for it — Goldman Sachs.
After pleading guilty to the misdemeanor charge of “theft of government property,” Jason Gross was ordered by U.S. Magistrate Judge Gabriel Gorenstein to pay a $2,000 fine and complete 200 hours of community service while on probation for one year. The disproportionate punishment “disappoint[ed] prosecutors who said his leaking of confidential documents to a friend at Goldman Sachs Group Inc … justified time behind bars,” noted Reuters.
If you ever required proof of the incestuous revolving door between government and the Big Banks, Gross’ measly sentence should suffice nicely.
Prosecutors, who had sought a six to twelve-month prison term, appear to be flummoxed, as Gross had admitted in November “to providing confidential information to Rohit Bansal, his former supervisor at the Federal Reserve Bank of New York who had left to work at Goldman Sachs,” Reuters reported.
That ‘confidential information,’ once in Bansal’s possession, made its way to other employees at Goldman with the simple caveat: “Please don’t distribute.” Some Fed documents Gross handed over to Goldman pertained to an examination of another bank Goldman was advising at the time.
Gross’ attorney, Bruce Barket, laughably downplayed the magnitude of his client’s culpability in court. Barket claimed Gross simply thought he was “doing a favor for a friend who had already seen” those documents.
“I don’t think he thought much of it,” Barket explained.
But as ZeroHedge noted, the leak of confidential information to Goldman had been taken far more seriously in 2014 — though, it and another unrelated scandal involving the same Fed bank quickly disappeared from headlines.
As the New York Times reported at the time, “From his desk in lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government.
“The banker came to Sachs through the so-called revolving door, the symbolic portal that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed.”
As became apparent through an investigation, the “banker” turned out to be Bansal and the “colleague,” Gross.
“When Goldman hired the former New York Fed regulator,” the Times continued, “it assigned him to advise the same type of banks that he once policed.”
This whopping conflict of interest and the confidential document leak led Goldman to fire Bansal and a more senior employee, as well as notify regulators of the situation. The Fed also fired Gross.
In October 2015, Goldman Sachs agreed to a “related” $50 million settlement with the New York Department of Financial Services — yet another useless slap on the wrist. Charges were brought against Gross shortly after that.
While Iceland — and now Ireland — imposed actual, tangible punishments for their criminal bankers over the 2008 financial crisis, the U.S. continues to look the other way. Though Gross’ misbehavior was unrelated to the crisis, it evidences the pattern of excusing bankers for virtually any criminal behavior they can dream up. When even corporate news outlets call out the Wall Street-Washington revolving door — both Reuters and the Times did so, in this case — the severity of the problem is quite clear.
Read more at http://thefreethoughtproject.com/fed-employee-avoids-jail-2000-fine-stealing-fed-secrets-behalf-goldman-sachs/#25myLKZzqes5rdgf.99
To be fair, Mr Allen should serve 450 million years or Mr Brown a nanosecond. Better yet, hang the judge.
“Better yet, hang the judge.”
I think you just redefined the term “Hanging Judge”. Well done.
Don’t feel bad for the homeless man, he has a place to sleep and eat now.
Old Clarence Darrow said that when times are tough, men find a way to get into prison for 3 squares and a cot.
Anyway, if your big fish, you go to club fed, a minimum security prison with 4′ high fences.
Which reminds me, that’s about how high the Iska wall will be if it ever gets built.
I’m im no way defending a 15 year sentence for the homeless guy, but the judge may not have had a choice in the matter. Mandatory minimum laws may have tied his hands if the guy had prior convictions. These are a big problem, along with the so called “three strikes laws” which are often the reason you hear about people getting caught with small amounts of marijuana getting decades long prison sentences.
Again, the judge may well be the reason for this, the whims of an authoritarian on the bench, but it’s even more likely that you can blame Clinton and the republican congress for passing these laws in the first place.
People don’t really care about any of this disparity do they?
They will care when the bankers steal their deposits from
their savings accounts. “Unsecured lenders.” Yet, if you want
cash from the bank? Look out. “Structuring” withdrawals can get
your money confiscated and YOU in jail. My husband’s colleague
had to threaten the bank with closing his accounts B4 he could get
the 5K he needed to pay his contractor. We are threatened that “the banks”
will take our savings to pay for their losses…and the cops visit people
for cash withdrawals, confiscate the $ from small business owners also.
It would be good to know where these criminals hang out…one could toss a rotten
egg at their feet in protest. I think that would be included in ‘free speech.”
Oh wait…goofed…that would be 15 to life. Can’t insult a banker.
Audit the Fed? Can’t. It’s a private entity. Steal from the Fed? Now it’s a government agency.
I get it. Like Bruce Jenner, it can be whatever it wants to be. I like this concept. I’m changing
my tax return status to single, black, mother of 15. Can’t wait to get my earned income refund.
Oh, since the Fed is now a government entity, does anyone out there wish to file a freedom of
Information request?
@suzzana wow you got it !! major upvote to you ma’am .
@Admin , interesting , I cant get a FOIA from the fed reserve , due to it is not a part of the so called incorporated federal government , lol , I laugh at that inconsistency I just typed omg !
Will look that case up tho .
so many things are fucked up completely , thank you for not banning my sometimes way the fuck offensive rants , upvote for admin )
I’m trying hard not to attack some toons on your various threads , for basic stupidity , lol , but , but , ……….
As Kahn said in on of those star trek movies , They Task me , they task me ,lol
Whatever 🙂
whatever 🙂
Negatron, She’s mine, not that I’m trying to cock-block you.