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Today is the 15th day of our first month, which correlates to Passover on the Hebrew calendar.
On this day many years ago, Israel left the house of bondage carrying the wealth of Egypt with them (Exodus 12:36).
Today Goldman Sachs finally got fined for its role in their fraudulent practices that led to the 2007 mortgage crisis and the 2008 bank crisis. At the time, everyone marveled at the fact that they came through that crisis with few financial scars. Now we know why. It was because of their illegal practices. Today they agreed to a $5 billion fine.
Goldman Sachs' fourth-quarter earnings essentially just got wiped out.
The bank said on Thursday that it will pay a $5 billion settlement related to residential mortgage-backed securities it sold between 2005 and 2007.