Goldman-Sachs charged

FluffyMcDeath

FluffyMcDeath

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This is last weeks news
but it's good news. Unfortunately, given the way these things turn out it's probably no more than an annoyance to to G-S and not much will come of it but:
The Securities and Exchange Commission Friday charged Goldman Sachs & Co. and one of its executives with fraud in a risky offshore deal backed by subprime mortgages that cost investors more than $1 billion.
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The complaint alleged that Paulson, one of the world’s largest hedge funds, paid Goldman to assemble a deal in which Paulson would select certain mortgage-backed securities and then take short positions, or bet against them.The marketing materials for the investment, known as a collateralized debt obligation, all represented that the mortgage-backed securities were selected by ACA Management LLC, a third party.
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While this has been bandied about a fair amount it's good to see it going to court at last.
 
Re: Gladman-Sachs charged

All they ever do is wag their finger at G$. This will probably turn out to be a bigger joke than the Mozilo trial.

I'd like to be proven wrong, but I won't.
 
Re: Gladman-Sachs charged

redrumloa said:
I'd like to be proven wrong, but I won't.
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I'm not even going to try to disagree with you.
 
I hope people keep bitching until those cocksuckers go to jail
 
Goldman Receives Subpoena Over Financial Crisis


Goldman Sachs has received a subpoena from the office of the Manhattan District Attorney, which is investigating the investment bank's role in the financial crisis.

The inquiry stems from a 650-page Senate report from the Permanent Subcommittee on Investigations that found Goldman had "misled" its clients about mortgage-linked securities. Senator Carl Levin, the Democrat of Michigan, who headed up the Congressional inquiry, had sent his findings to the Justice Department to figure out whether executives broke the law.

The subpoena come two weeks after lawyers for Goldman met with the Manhattan District Attorney's office for an "exploratory" meeting about the Senate, the people said.

"We don't comment on specific regulatory or legal issues, but subpoenas are a normal part of the information request process and, of course, when we receive them we cooperate fully," said a Goldman spokesperson.

Shares of Goldman Sachs were down more than 2 percent on Thursday.
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