Crooks and Liars:SEC accuses Goldman Sachs of civil fraud
The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. 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 investors.
Investors in the mortgage securities lost more than $1 billion, the SEC said. The agency is seeking to recoup profits reaped on the deal.
Read the whole story at Breitbart
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