From the WSJ:
Goldman Sachs tumbled 14% after the SEC charged the company and one of its vice presidents for defrauding investors “by misstating and omitting key facts about a financial product tied to subprime mortgages,” the SEC said in a press release. The commission said Goldman Sachs failed to disclose vital information about a synthetic collateralized debt obligation, including the role that a major hedge fund played in selecting the portfolio, despite the fact that the investor had taken a short position against the mortgage market.
A major story, I’m just going to add links below throughout the day that I feel add interesting details and angles on it…
Spare Me The Sudden Outrage (TRB)
Matt Phillips: Bring On The Juicy Emails (WSJ MarketBeat)
Bill Singer: SEC Depicts Defendants as Financial Suicide Bombers (BrokeAndBroker)
Paul La Monica: 3 Cheers for the SEC (CNN Money)
David Weidner Weighs In On The ‘Faulty Brakes’ Argument (Market Watch)
Goldman’s Abacus Lies (Felix Salmon)
SEC Charges Goldman Sachs With Fraud (Zero Hedge)
Ticker: $GS
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