Posted on 04/30/2010 1:30:23 PM PDT by NormsRevenge
WASHINGTON (AP) — Shares of Goldman Sachs Group Inc. plunged 9 percent Friday after word that the Justice Department had opened a criminal investigation of the Wall Street powerhouse over mortgage securities deals it arranged.
The criminal inquiry follows civil fraud charges filed by the government against Goldman two weeks ago and as Congress pushes toward enacting sweeping legislation aimed at preventing another near-meltdown of the financial system.
The investigation by the U.S. attorney's office in Manhattan stems from a criminal referral by the Securities and Exchange Commission, a knowledgeable person said Thursday. The person spoke on condition of anonymity because the inquiry is in a preliminary phase.
(Excerpt) Read more at mercurynews.com ...
The financial industry is heavily regulated by the feds. But the SEC and congressional overseers could’ve been wanking off eight hours a day for all the good it did us.
As intended.
I wonder if Buffet has put in a ‘short buy’ for Goldman stocks? Or, Soros?
the SEC and congressional overseers could’ve been wanking off eight hours a day..
—
and it sounds like some were, per recent reports. 8-o
These are high-5 and 6 digit salaried and hopefully incentivized gubamint employees... the least they could do is drop a few on FR for indirectly supporting their efforts to keep Wall Street on the up and up, just not 1920s Germany-style.. Party!!! :-]
Jeez, Goldman-Sachs. Guess you should be very careful whose political campaigns you help finance.
Sounds like its almost time to buy Goldman’s stock.
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