Friday, April 16, 2010

SEC Charges Goldman Sachs With Fraud

The SEC has charged one of the bigger firms to almost bring down our economy with fraud. The nuts and bolts are:

"...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."

The companies who profited from selling something designed to fail is very angering. These guys need to be heavily fined. These things cannot happen again.