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Thread: SEC accuses Goldman Sachs of civil fraud

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    Re: SEC accuses Goldman Sachs of civil fraud

    Right now, it is too soon to say whether Goldman actually committed fraud. The charges are allegations. They need to be proved.

    IMO, the key issues turn on the design of the CDO in question and disclosure related to that CDO. If all of the instruments included in the CDO were a subset of a larger group selected by Mr. Paulson, then that is a material element that would need to be disclosed to prospective investors. If there was a material omission, was it deliberate? Only when those facts are available will the allegation be demonstrated or rebutted.

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by Redress View Post
    SEC accuses Goldman Sachs of civil fraud - Yahoo! News



    Goldman of course denies any wrongdoing. So, this goes somewhat over my head, but I find the topic interesting. Does the government have a solid case here?
    Can a lawyer tell us why it's not criminal fraud (and what is the difference between criminal/civil fraud?


    I'm guessing intent and reckless/deliberate deception are part of it.

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    Re: SEC accuses Goldman Sachs of civil fraud

    tax cheat in chief geithner instructed aig to keep the obscene details of its bailout secret from the sec

    the prime beneficiary of aig's guaranteeing in full all its obligations (backed by the taxpayer) was GOLDMAN SACHS

    Geithner's New York Fed Pushed AIG To Keep Sweetheart Deals Secret (READ THE AIG EMAILS)

    hypocrisy, anyone?

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    SEC files lawsuit against Glodman Sachs for Fraud

    SEC files lawsuit against Goldman Sachs for financial fraud

    Its about time, I was wondering when they would get around to it. This need to happen to discourage bad behavior, and I think they should start filling fraud against each bailout companies myself.
    Last edited by RyrineaHaruno; 04-19-10 at 10:30 AM.

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    Re: SEC files lawsuit against Glodman Sachs for Fraud

    If guilty, the culprits should have the book thrown at them.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by hazlnut View Post
    Thank you for your totally uniformed, irrelevant opinion. Go back to watching Glen Beck...
    LOL. Explain why your beloved party is knee-deep in both Fannie and Freddie, and nary an ounce of investigation goes their way?

    I'm not a follower of Glen Beck, but you're his bitch. LOL

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    Re: SEC accuses Goldman Sachs of civil fraud

    I'm not sure which way the actual case will go. But it's not as cut and dry as "Goldman Sachs is an evil corporation."

    a) Even after their fee, Goldman Sachs lost tens of millions in this transaction when the sub-prime market crashed. It doesn't appear the structured this transaction so they'd win in that event.

    b) They didn't take advantage of poor little mom and pop investors. IKB and ACA are large investment groups and an explanation of the risks was provided to them. These groups knew what they were getting in to, and like almost all of the street, thought the return was great enough to justify the risk.

    c) One of the investors, ACA, selected the portfolio to include the CDOs. ACA controls a lot of money. They should know what they are doing.

    Now granted, most of this info came from Goldman Sach's press release. It will be interesting to see the outcome of the trial.
    Last edited by Kelzie; 04-20-10 at 01:29 PM.
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    Re: SEC accuses Goldman Sachs of civil fraud

    Isn't this odd how this case comes out now while Obama is trying to gain a firmer grip on Wall Street through the new regulation reform he's performing?

    This ain't a coincidence, folks.

    And since he took almost $1 million, in campaign conributions from Goldman, I suspect Goldman could be playing the willing participant role to help get that regulation passed. Goldman, like Lehman, is full of liberal contributors.

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    Re: SEC files lawsuit against Glodman Sachs for Fraud

    Quote Originally Posted by Middleground View Post
    If guilty, the culprits should have the book thrown at them.
    What about Fannie and Freddie?

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