Goldman Sachs charged with fraud by SEC

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Goldman Sachs charged with fraud by SEC

Post by SETIsLady » 04-16-2010 11:05 AM

Goldman Sachs Group Inc was charged with fraud on Friday by the U.S. Securities and Exchange Commission in the structuring and marketing of a debt product tied to subprime mortgages.
Full article ... me=topNews

Of course they say they are innocent.

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Post by Corvid » 04-16-2010 12:26 PM

Got rope?

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Senate probe finds fraud in WaMu mortgage lending

Post by Linnea » 04-16-2010 02:27 PM

April 12, 2010

WASHINGTON (AP) — The mortgage lending operations of Washington Mutual Inc., the biggest U.S. bank ever to fail, were threaded through with fraud, Senate investigators have found.

And the bank's own probes failed to stem the deceptive practices, the investigators said in a report on the 2008 failure of WaMu.

The panel said the bank's pay system rewarded loan officers for the volume and speed of the subprime mortgage loans they closed on. Extra bonuses even went to loan officers who overcharged borrowers on their loans or levied stiff penalties for prepayment, according to the report being released Tuesday by the investigative panel of the Senate Homeland Security and Governmental Affairs Committee.

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Post by SETIsLady » 04-16-2010 03:52 PM

They threw Bernie Madoff in jail, its time they start holding these people accountable as well, glad to see this is moving forward.

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Post by Joolz » 04-16-2010 04:56 PM

Wow... just wow.
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