Friday, Apr 16, 2010
Giant Vampire Squid Harpooned
BBC: Goldman Sachs is accused of fraud
Goldman Sachs has been accused of fraud in a civil suit filed by US financial watchdog, the Securities and Exchange Commission (SEC). It alleges that the bank marketed complex subprime mortgage packages but did not reveal that a major hedge fund had bet against the securities. Goldman's shares fell 7.4% on the news of the accusations against the firm and one of its Vice Presidents.
Posted by cat and canary @ 04:09 PM (2043 views) Add Comment
17 Comments
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1. jack c said...
oooohhh the markets dont like this and its just become a sea of red (looks like techieman could be back in the money)
2. jack c said...
Citywire now have the following www.citywire.co.uk/adviser/-/news/other/content.aspx?ID=394612&re=9117&ea=118560
3. 51ck-6-51x said...
New products, but the same old scam.
4. fallingbuzzard said...
Tip of the iceberg
5. techieman said...
Jack..... April 16th 1930 [yes thats right] ...... no must be a co-incidence... the retracement of the Wall Street crash of 1929....
http://www.businessinsider.com/henry-blodget-the-greatest-suckers-rally-in-history-play-by-play-2009-9#april-16-1930-but-wait-are-the-fundamentals-really-that-good-19...
Am i sounding like S2R1?
6. vacuouspolitician said...
Two fingers to the city. Hopefully the beginning of more to come for these parasites.
7. icarus said...
"Goldman rejected the SEC's allegations, saying that it would "vigorously" defend its reputation". Its reputation will remain intact only if it is found guilty as charged.
GS and the other big Wall Street investment banks are also being investigated for their peek-a-boo reductions in their balance sheets just before quarterly reports and subsequent BS expansion. The Fed is almost certainly implicated either as an accomplice or by turning a blind eye.
And Washington Mutual is currently being investigated by a Senate committee for deliberately selecting the worst mortgages for securitisation. One Senator said "Washington Mutual built a conveyor belt that dumped toxic mortgage assets into the financial system like a polluter dumping poison into a river, ‘Using a toxic mix of high-risk lending, lax controls, and destructive compensation policies, Washington Mutual flooded the market with shoddy loans and securities that went bad . . . As the debate on financial reform begins, it is critical to acknowledge that the financial crisis was not a natural disaster, it was a man-made economic assault.’"
8. mr g said...
All more grist to the conspiracy mill, bullsh*t
9. devo said...
8. mr g said... All more grist to the conspiracy mill, bullsh*t
what on earth are you on about, grandad?
dement*a is a terrible thing
10. icarus said...
mr g - which bits are bullsh*t? Do you know?
11. devo said...
i think mr g's gone over the top, bless him
hang in there, men!
oh and you, tenant super
12. mr g said...
I've not lost it.
Get a life instead of worrying about Goldman Sachs.
13. icarus said...
Get a life instead of worrying about people who worry about Goldman Sachs.
14. letthemfall said...
Or indeed, mr g, say something interesting instead of firing off cliches. I would have thought the GS issue is fundamentally important.
15. enuii said...
Devo,
Sometimes I think you have spent too much time with your head in a plant pot.
16. devo said...
thank you very much
17. This comment has been removed as it was found to be in breach of our Blog Policies.