According to the Washington Post, "The Securities and Exchange Commission filed charges Friday against Goldman Sachs, one of the most successful but vilified banks on Wall Street, for misleading and defrauding investors in selling a financial product based on subprime mortgages.
In filing the civil suit against Goldman Sachs, the agency is targeting one of the banks that largely escaped the wreckage of the financial crisis and, with the help of various forms of government aid, emerged stronger."
We believe this may be the first in a series of actions targeting Goldman. An examination of Goldman's transactions with AIG will probably reveal similar questionable practices. As we noted on July 9, 2009, the US lost 53% supporting Goldman.
As we noted on March 5, 2009, Goldman was one of several firms accused of systematically cheating customers.
And, finally, as noted on July 19, 2007,
"From an ethical standpoint, (Goldman) has repeatedly engaged in behavior that would cause a prudent person to question its objectivity and fairness. We note that a smaller firm engaging in similar conduct would have been severely sanctioned by the market. Goldman has escaped meaningful sanction, however. We have found these behaviors often the prelude to the development of a set of fraudulent business practices."
Our focus on evaluating of both financial and ethical practices at major firms, once again, seems prescient.
In filing the civil suit against Goldman Sachs, the agency is targeting one of the banks that largely escaped the wreckage of the financial crisis and, with the help of various forms of government aid, emerged stronger."
We believe this may be the first in a series of actions targeting Goldman. An examination of Goldman's transactions with AIG will probably reveal similar questionable practices. As we noted on July 9, 2009, the US lost 53% supporting Goldman.
As we noted on March 5, 2009, Goldman was one of several firms accused of systematically cheating customers.
And, finally, as noted on July 19, 2007,
"From an ethical standpoint, (Goldman) has repeatedly engaged in behavior that would cause a prudent person to question its objectivity and fairness. We note that a smaller firm engaging in similar conduct would have been severely sanctioned by the market. Goldman has escaped meaningful sanction, however. We have found these behaviors often the prelude to the development of a set of fraudulent business practices."
Our focus on evaluating of both financial and ethical practices at major firms, once again, seems prescient.