Friday, April 16, 2010
Being Goldman Sachs
The Securities and Exchange Commission has charged with fraud. Great! The Wall Street Journal reports that Goldman Sachs was charged with "defrauding investors, alleging that Goldman let a big hedge fund fill a financial product with risky subprime mortgages and then failed to disclose that to the product's buyers. The SEC's civil lawsuit is one of the biggest moves by authorities in response to the financial crisis of 2007-08, and it sent Goldman shares sharply lower. The firm's shares were down about twelve percent around midday, and the Dow Jones Industrial Average was off more than one percent." Hallelujah!