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Goldman Sachs sued for securities fraud


               
2010 Apr 16, 6:45am   7,165 views  27 comments

by MarkInSF   follow (0)  

It's about time.

http://www.nytimes.com/2010/04/17/business/17goldman.html?hp

“The product was new and complex, but the deception and conflicts are old and simple,” Robert Khuzami, the director of the S.E.C.'s division of enforcement, said in a statement. “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party.”

This is a lot like the Magnetar scheme. Which by the way NPR's This American Life did an excelent piece on last week, based on work done by ProPublica.

#housing

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1   dont_getit   @   2010 Apr 16, 6:46am  

I think GS already shorted the market and gave a go-ahead to SEC. Now, they will be fined with 10M or so, but GS already made the money..Its as simple as that.

2   Vicente   @   2010 Apr 16, 7:27am  

I want Lloyd Blankfein & his cabal caught on tape colluding to defraud and front-run. I want to see some orange overalls. This "we'll settle out of court on a small fine" is a very small bone and entirely unsatisfying.

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