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Breaking: Goldman Sachs charged with mortgage fraud

Bad news for Goldman

Goldman Sachs building in New JerseyAs 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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Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

15 Comments

15 Comments

  1. Mike McGrath

    April 16, 2010 at 2:24 pm

    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.

  2. Real Estate Ninja

    April 16, 2010 at 4:30 pm

    Breaking: Goldman Sachs charged with mortgage fraud https://bit.ly/cwvlHZ

  3. kristin terry

    April 16, 2010 at 4:30 pm

    Breaking: Goldman Sachs charged with mortgage fraud: Bad news for Goldman
    As the Securities and Exchange Commissio… https://bit.ly/cwvlHZ

  4. Nelbee

    April 16, 2010 at 4:30 pm

    Breaking: Goldman Sachs charged with mortgage fraud https://bit.ly/9CFu3e @AgentGenius

  5. Real Estate Feeds

    April 16, 2010 at 4:38 pm

    Breaking: Goldman Sachs charged with mortgage fraud: Bad news for Goldman
    As the Securities and Exchange Commissio… https://bit.ly/bQsMgo

  6. GhettoTechnoNYC.com

    April 16, 2010 at 4:48 pm

    Seen that coming RT @nelbeebuzz "Breaking: Goldman Sachs charged with mortgage fraud https://bit.ly/9CFu3e @AgentGenius"

  7. RealEstate Babble

    April 16, 2010 at 5:22 pm

    AgentGenius: Breaking: Goldman Sachs charged with mortgage fraud https://bit.ly/btuji2 Full https://bit.ly/bGgbln

  8. Mike

    April 16, 2010 at 5:36 pm

    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

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