patrick.net

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