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MarketTicker Forums Read Message in NotSoBreaking
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User Info Goldman Cleared in Mortgage Investigation in forum [NotSoBreaking]
Mondocondo
Posts: 3686
Incept: 2007-12-03
Green
Miami
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Quote:
Goldman Sachs disclosed that it was cleared of wrongdoing after an investigation into a $1.3 billion subprime mortgage deal, a surprising victory for the bank.

The Securities and Exchange Commission‘s decision to forgo action is an about-face for the federal regulator. In February, the S.E.C. notified Goldman that it planned to pursue a civil enforcement action over the deal, a package of subprime mortgages in Fremont, Calif., that the bank sold to investors in 2006.

The S.E.C. was examining whether Goldman misled investors into thinking the mortgage securities were a safe bet. At the time, Goldman said it would fight to convince regulators that they were mistaken.

On Monday, the bank learned that it was successful. Goldman was “notified by the S.E.C. staff that the investigation into this offering has been completed,” the bank said in a quarterly filing released on Thursday, “and that the staff does not intend to recommend any enforcement action.”

The announcement is the latest indication that federal investigations into the financial crisis are petering out as the deadline to file cases approaches. While the S.E.C. has brought more than 100 financial crisis-related cases, including a major action against Goldman in 2010, the agency was aiming to take a final crack at punishing Wall Street for its role in the crisis.


http://dealbook.nytimes.com/2012/08/09/g....
Gamma
Posts: 5732
Incept: 2008-01-20
Gold
Northern CA
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Quote:
While the S.E.C. has brought more than 100 financial crisis-related cases, including a major action against Goldman in 2010, the agency was aiming to take a final crack at punishing Wall Street for its role in the crisis.


Isn't that an interesting/unusual sentence? Read it again. Shouldn't the last clause of the sentence be something like "only a handful of cases have been prosecuted..."? or "...not one case against the primary dealers has ever reached the discovery stage before being settled out of court, with no admission of guilt on the part of the banks"?

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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
Argos
Posts: 6447
Incept: 2008-03-23
Gold
The Green Mountain State
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In light of the Standard Chartered imbroglio, what a cute message to the UK from the SEC.

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