And, yes, I DO take it personally: Woo-hoo...! Goldman Sachs accused of fraud

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And, yes, I DO take it personally

Friday, April 16, 2010

Woo-hoo...! Goldman Sachs accused of fraud

holy shit...! an actual whiff of accountability...!

Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities 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.

a good sign...

Labels: bank fraud, derivatives, financial meltdown, Goldman Sachs, hedge funds, Mortgage Lenders, Securities Exchange Commission