SEC accuses Goldman Sachs of fraud
It's about time. Now if only there were an organization that could sue the government for similar behavior. :P
WASHINGTON - The government on Friday accused Wall Street's most powerful firm of fraud, saying Goldman Sachs & Co. sold mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting on them to fail.
And fail they did. The securities cost investors close to $1 billion while helping Goldman client Paulson & Co., a hedge fund, capitalize on the housing bust. The Goldman executive accused of shepherding the deal allegedly boasted about the "exotic trades" he created "without necessarily understanding all of the implications of those monstrosities!!!"
The left would have you believe that only evil corporations were at fault. The truth, of course, shows otherwise. We can't let this go without referencing Chris Dodd and Barney Frank, either!
WASHINGTON - The government on Friday accused Wall Street's most powerful firm of fraud, saying Goldman Sachs & Co. sold mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting on them to fail.
And fail they did. The securities cost investors close to $1 billion while helping Goldman client Paulson & Co., a hedge fund, capitalize on the housing bust. The Goldman executive accused of shepherding the deal allegedly boasted about the "exotic trades" he created "without necessarily understanding all of the implications of those monstrosities!!!"
The left would have you believe that only evil corporations were at fault. The truth, of course, shows otherwise. We can't let this go without referencing Chris Dodd and Barney Frank, either!