Re: [RC] S.E.C. Sues Goldman Over Housing Market Deal - NYTimes.com

Fri, 16 Apr 2010 20:21:03 -0700

Title: ORourke1 Signature
It will be a whitewash. Geitner is ex-Goldman Sachs.

Most of the defendants are big Democratic donors. Maybe this is just another shakedown.

David
"Anyone who thinks he has a better idea of what's good for people than people do is a swine."--P. J. O’Rourke

On 4/16/2010 12:31 PM, Dr. Ernie Prabhakar wrote:
Wow, nice to see somebody has the cajones to take them on...


http://www.nytimes.com/2010/04/17/business/17goldman.html?hp=&pagewanted=print

U.S. Accuses Goldman Sachs of Fraud in Mortgage Deals

By LOUISE STORY and GRETCHEN MORGENSON

Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by theSecurities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.

The move marks the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman itself profited by betting against the very mortgage investments that it sold to its customers.

The suit also named Fabrice Tourre, a vice president at Goldman who helped create and sell the investment.


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