Thursday, April 14, 2011

Goldman Sachs Accused of Misleading Investors

Don't have time to look in more depth but the BBC reports Goldman Sachs Accused of Misleading Investors. "On Wednesday, the Senate subcommittee said it had found 'a variety of troubling and sometimes abusive practices' by banks in 2007 as the credit crisis began.

The report said that Goldman marketed four sets of complex mortgage securities to banks and other investors, but failed to tell them the investments were very risky.

In addition, the report said the bank did not mention that it was itself betting that the investments' value would fall, indicating it sold products to clients it did not believe in backing itself.

Carl Levin, the Democrat who heads the subcommittee, told a press briefing that Goldman had 'exploited' clients."

1 comment:

Anonymous said...

I really tried to not comment, but I just couldn't resist :).... so here goes:

Move along people, nothing to see here.

For Government Sachs.....

There will be no prosecutions,
there will be no jail time for senior executives.

For the rest of us.....
there will be no justice,
there will be only sacrifice and pain.

Sure, there may be some more fines for Goldman, but this has become just another cost of doing business for the banks......,

and a dog-and-pony show for the federal government to show how tough they are on these bad, bad bankers....what a joke.

But, as certain as the sun will rise tomorrow, the hundreds of billions in Wall Street bonuses will continue unabated, year after year, for as far as the eye can see.