Goldman Sachs, the Wall Street powerhouse, was accused of securities fraud in a civil lawsuit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly intended to fail.Read the rest here.
The move was the first time that regulators had taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market.
The suit also named Fabrice Tourre, a vice president at Goldman who helped create and sell the investment.
In a statement, Goldman called the commission’s accusations “completely unfounded in law and fact” and said it would “vigorously contest them and defend the firm and its reputation.”
Saturday, April 17, 2010
Goldman Sachs Accused of Fraud
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