Friday, April 16, 2010
Giant Vampire Squid Harpooned
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.