Court Upholds Big Award Against Goldman – NYTimes.com

Court Upholds Big Award Against Goldman – NYTimes.com.

Goldman Sachs-Nader Nazemi

Goldman Sachs

Nothing can beat Bernie Madoff and his $70 billion dollar scheme. As for this case, these guys should be locked up for life. It is yet to be seen how broad these rulings will get, we all know that the Wall Street lobbies are extremely powerful on Wall Street and hedge funds and private equity firms are large contributors to the political campaigns of potential Presidential candidates. As for the Hedge Fund Manager of Bayou Group he should rot in jail.

Goldman Sachs has been dealt another setback in its effort to overturn $20.5 million arbitration award stemming from the 2005 collapse of the hedge fund manager Bayou Group.
Samuel Israel III - Nader Nazemi

Samuel Israel III, center, was given a longer prison sentence after trying to fake his death.

On Tuesday, a panel of the United States Court of Appeals for the Second Circuit upheld the award to the creditors of Bayou, who had accused Goldman of helping the fund perpetrate a Ponzi scheme.
Bayou’s former chief executive, Samuel Israel III, is serving 20 years in prison for fraud. He pleaded guilty to misrepresenting the value of Bayou’s funds and defrauding clients of more than $400 million.
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