Goldman Sachs fraud charges filed by SEC

[Park Life 71]

The government has accused Goldman Sachs 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 announced Friday civil fraud charges against the Wall Street powerhouse and one of its executives. The agency alleges Goldman failed to disclose that one of its clients helped create -- and then bet against -- subprime mortgage securities that Goldman sold to investors. In essence, Goldman is accused of pushing a mortgage investment that was secretly devised to fail.

 

Investors in the mortgage securities are alleged to have lost more than $1 billion, the SEC noted.

 

The SEC claims Goldman Sachs and one of its top officers misled investors by not disclosing that hedge fund manager John Pauson, who made billions betting against the housing market, selected the assets that went into a complex security called "Abacaus."

 

Paulson & Co. is one of the world's largest hedge funds, and paid Goldman roughly $15 million for structuring these deals in 2007."

 

 

This could be the big one.

 

 

 

 

 

http://www.huffingtonpost.com/2010/04/16/s...d_n_540377.html

Edited April 18, 2011 by Park Life

[Rob W 0]

not a chance - they can buy the best lawyers, politicians and judges

[NJS 4446]

I thought my ongoing/never-ending quest for a new job had hit a new milestone today. I was out and about earlier and got a call from an agent about a role at Goldman Sachs. First time I've heard their name mentioned and I'd just assumed they did their recruitment directly via the Illuminati (or more likely by family/friends referral only).

 

Anyway on getting home and reading the spec it turns out its a good fit for my skills apart from of course the key technology/system plastered in bold at the top and mentioned in the first sentence (Informatica) which I don't have - another Agent fail.

 

Was looking forward to descending to the next circle of hell (or maybe even 2 levels at once).

[Park Life 71]

I thought my ongoing/never-ending quest for a new job had hit a new milestone today. I was out and about earlier and got a call from an agent about a role at Goldman Sachs. First time I've heard their name mentioned and I'd just assumed they did their recruitment directly via the Illuminati (or more likely by family/friends referral only).

 

Anyway on getting home and reading the spec it turns out its a good fit for my skills apart from of course the key technology/system plastered in bold at the top and mentioned in the first sentence (Informatica) which I don't have - another Agent fail.

 

Was looking forward to descending to the next circle of hell (or maybe even 2 levels at once).

 

Isn't it one you could have blagged.

 

Used to give guitar lessons (can't play more than about 5 chords) just by chucking the song book at em and them going to the coffee machine.

[Kitman 2207]

I thought my ongoing/never-ending quest for a new job had hit a new milestone today. I was out and about earlier and got a call from an agent about a role at Goldman Sachs. First time I've heard their name mentioned and I'd just assumed they did their recruitment directly via the Illuminati (or more likely by family/friends referral only).

 

Anyway on getting home and reading the spec it turns out its a good fit for my skills apart from of course the key technology/system plastered in bold at the top and mentioned in the first sentence (Informatica) which I don't have - another Agent fail.

 

Was looking forward to descending to the next circle of hell (or maybe even 2 levels at once).

 

Blag it ! It's the Goldman Sachs way....."using your initiative" to make money