Breaking: Goldman Sachs charged with mortgage fraud
Bad news for Goldman
As the Securities and Exchange Commission continues to investigate the subprime mortgage crash, Goldman Sachs is listed as their latest target (source: AG Industry News).
The Wall Street Journal reports that the SEC is bringing fraud charges against Goldman Sachs.
According to WSJ, “The Securities and Exchange Commission charged Goldman Sachs Group Inc. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages.
According to the SEC, Goldman Sachs failed to disclose to investors vital information about the CDO, in particular the role that a major hedge fund played in the portfolio selection process and the fact that the hedge fund had taken a short position against the CDO.” via WSJ.
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This article published on Friday, April 16th, 2010 at 12:04 pm | Contact the editor
Topics: News
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- AgentGenius:
RT @GhettoTechno: Seen that coming RT @nelbeebuzz "Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/9CFu3e @AgentGenius"
- Faisal Sublaban:
RT @nelbeebuzz: Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/9CFu3e @AgentGenius
- AgentGenius:
#agnow This is huge. Makes one wonder where is AG Cuomo in all this? Spitzer had his faults but he did drop the h… http://bit.ly/9wbNBu
- AgentGenius:
#agnow How much of this is legit? I suppose that it will come out in the end. The Feds typically don't waste time u… http://bit.ly/9wbNBu
- Goldman fraud charges are just the beginning- this will get ugly:
[...] Friday, the U.S. Securities and Exchange Commission charged Goldman Sachs with fraud which rocked the financial [...]
- AgentGenius:
#agnow [...] Friday, the U.S. Securities and Exchange Commission charged Goldman Sachs with fraud which rocked the … http://bit.ly/9wbNBu
- greenpearl:
RT @faisals13: RT @nelbeebuzz: Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/9CFu3e @AgentGenius
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
This is huge. Makes one wonder where is AG Cuomo in all this? Spitzer had his faults but he did drop the hammer on Wall Street when he could.
Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/cwvlHZ
Breaking: Goldman Sachs charged with mortgage fraud: Bad news for Goldman
As the Securities and Exchange Commissio… http://bit.ly/cwvlHZ
Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/9CFu3e @AgentGenius
Breaking: Goldman Sachs charged with mortgage fraud: Bad news for Goldman
As the Securities and Exchange Commissio… http://bit.ly/bQsMgo
Seen that coming RT @nelbeebuzz "Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/9CFu3e @AgentGenius"
AgentGenius: Breaking: Goldman Sachs charged with mortgage fraud http://bit.ly/btuji2 Full http://bit.ly/bGgbln
How much of this is legit? I suppose that it will come out in the end. The Feds typically don’t waste time unless they know that they have a strong case. In this case, could it be that the feds are feeling a lot of pressure to hang a few black hats to alleviate some blame that has justifiably been heaped on them? Sachs can afford the absolute best legal council obviously, and will not go down easily. In this case, even if the feds loose, it could be a winning, mud-slinging proposition.
Mike O’Hara