Monday, April 26, 2010

Goldman Sachs faces Senate investigation of its alleged plan to profit from real-estate meltdown

Senate probe: Goldman planned to profit from bust
By The Associated Press

Goldman Sachs developed a strategy to profit from the housing meltdown and reaped billions at the expense of clients, a Senate investigation has found.

Top Goldman executives misled investors in complex mortgage securities that became toxic, investigators for a Senate panel allege. They point to e-mails and other Goldman documents obtained in an 18-month investigation. Excerpts from the documents were released Monday, a day before a hearing that will bring CEO Lloyd Blankfein and other top Goldman executives before Congress.

Blankfein says in his own prepared remarks that Goldman didn’t bet against its clients and can’t survive without their trust.

See morning newspaper for details.

1 comment:

Anonymous said...

They won't be punished. Don't get up your hope on this one.