The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in subprime investments it sold as the housing market was collapsing. The Securities and Exchange Commission said in a civil complaint Friday that Goldman failed to disclose that one of its clients helped create — and then bet against — subprime mortgage securities that Goldman sold to other investors. Two European banks that bought the mortgage securities lost nearly $1 billion, the SEC said. The agency is seeking to recoup profits reaped on the deal. . . The civil lawsuit filed by the SEC in federal court in Manhattan was the government's most significant legal action related to the mortgage meltdown that ignited the financial crisis and helped plunge the country into recession. The SEC's enforcement chief said the agency is investigating a broad range of practices related to the crisis.Personally, I will not feel content until all these disgusting creatures are in jail. Right now, some nasty brainless jerk called Fabrice Tourre of Goldman is under the investigation. Following in the footsteps of his boss Blankfein (who believes he is God), this is how Tourre described himself: "The fabulous Fab standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstrosities!!!" The only real monstrosity, of course, is that because of these losers' stupidity the entire world is now in deep shit economically.
Saturday, April 17, 2010
Somebody Is Finally Trying to Bring Goldman Sachs to Justice
This is truly welcome news: