Good little tutorial about how Goldman Sachs created mortgage based investments for its clients which were designed to fail. They then bought insurance that paid Goldman Sachs if the people defaulted on their mortgages. Its amazes to me how people can lie, cheat and steal on such a grand scale.
Showing posts with label fraud charges. Show all posts
Showing posts with label fraud charges. Show all posts
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.
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