S.E.C. Sues Goldman Sachs

The New York Times:

Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.

Goldman’s stock is down 14 percent on the news. Couldn’t happen to a worse bunch of scumbags. (I’ll echo Tim Bray: “Pity it’s civil not criminal.”)

Friday, 16 April 2010