SEC CHARGES GOLDMAN!.......(Pitch me)

[Mega]

http://www.bloomberg.com/apps/news?p...T2a5L_zs&pos=1
Mind you............i guess it will be a very big "Fine" which will be FINE with everyone!
Mike

[Chomsky]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

NYT article on this:

http://www.nytimes.com/2010/04/17/bu...oldman.html?hp

[Slimprofits]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

SEC conference call on CNBC right now

[Slimprofits]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

SAN FRANCISCO (MarketWatch) -- The Securities and Exchange Commission on Friday charged Goldman Sachs & Co. (GS 163.52, -20.75, -11.26%) and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product related to subprime mortgages. The SEC alleges that Goldman Sachs structured and marketed a collateralized debt obligation that hinged on the performance of subprime residential mortgage-backed securities. However, it failed to disclose the role that a major hedge fund, Paulson & Co., played in the portfolio selection process as well as the fact that the hedge fund had taken a short position against the CDO. "Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party," said Robert Khuzami, director of the division of enforcement, in a statement.

[Slimprofits]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

Investors lost $1 billion, Paulson & Co. made $1 billion and Goldman made $15 million.

According to the SEC

[blazespinnaker]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

This is a clear cut case.

When you're dealing with billions of dollars you must be able to know who your fund manager is and disclose how he will make money.

It should be clearly in LARGE BOLD how much the fund manager will make if the fund loses money versus gains money.

This should be done with all the ETFs out there as well, now that I come to think of it.

Goldman is going to whine incessantly that they state that they could be long or short and that sophisticated investors should know better. Sorry Goldman, that doesn't cut it.

[thriftyandboringinohio]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

This is a clear cut case.

When you're dealing with billions of dollars you must be able to know who your fund manager is and disclose how he will make money.

It should be clearly in LARGE BOLD how much the fund manager will make if the fund loses money versus gains money.

This should be done with all the ETFs out there as well, now that I come to think of it.

Goldman is going to whine incessantly that they state that they could be long or short and that sophisticated investors should know better. Sorry Goldman, that doesn't cut it.

Most are in favor of simple clarity and honesty in finance.
We should expect to achieve it when monkeys fly out of my butt.

[Adeptus]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

I betcha the markets going down today are in part Goldman shorting the market because let's face it, they would have received notice of this accusation at least a few days in advance and would have known it would go public.

So basically the SEC is charging them for a few measly million so that they look like they are on the good side and dealing with the bad guys, meanwhile the bad guys with this information in hand before anybody else make even more money off the charges than they have to pay, and thus actually profit generously from the situation.

I see a Win-Win here.

Adeptus
PS. Let me know if I should quit my day job and start writing conspiracy novels.

[we_are_toast]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

If I were the execs at Magnetar, I'd be hiring some really good lawyers about now.

http://www.propublica.org/feature/al...housing-bubble

[vinoveri]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

equity markets down, and commodities hit hard, oil, silver,... wow, I had no idea that an investment bank played such an important role in the supply/demand of oil, SEC better withdraw/amend the charges or Goldman might threaten to take the system down, again :rolleyes:

[Mega]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

The More Goldman plays hardball, the more they show EVERYONE they are the evil ones. Everyone will go at Goldman, they won't back down...they ATTACK!

Goldman have misread this one!
Mike

[cindykimlisa]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

The More Goldman plays hardball, the more they show EVERYONE they are the evil ones. Everyone will go at Goldman, they won't back down...they ATTACK!

Goldman have misread this one!
Mike

Don't bet on it!

Cindy

[thriftyandboringinohio]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

Don't bet on it!

Cindy

Mega could be right here, and that's what I'm rooting for.

Any number of jerks, as individuals and organizations, have risen to dizzying heights but finally gotten their just deserts.

[ken]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

Chase/JPM website unavailable 1:17PM, Pacific time. I hope this isn't it, because I'm not completely ready for the second financial meltdown...

[don]

Re: SEC CHARGES GOLDMAN!.......(Pitch me)

Did I miss something? Have the financial oligarch's minions at the SEC been replaced while I was sleeping?

No?

Hmmmm.