Petition to Department of Justice: No "Too Big To Jail" for Goldman and others
Dear Attorney General Holder:
The U.S. Securities and Exchange Commission (SEC) announced on Friday, April 16, 2010, that it had filed a securities fraud action against the Wall Street company Goldman Sachs & Co (GS & Co.) and one of its employees for making materially misleading statements and omissions in connection with a synthetic collateralized debt obligation (“CDO”) that GS & Co. structured and marketed to investors.
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Read the full request and petition here
2 COMMENTS:
Is this for headlines only or are they going to bring in Black, Tavakoli, and others to help?
The Wall Street Journal
Federal prosecutors are conducting a criminal investigation into whether Goldman Sachs Group or its employees committed securities fraud in connection with its mortgage trading.
The investigation from the Manhattan U.S. Attorney's Office, which is at a preliminary stage, stemmed from a referral from the Securities and Exchange Commission. The SEC recently filed civil securities-fraud charges against the big Wall Street firm and a trader in its mortgage group. Goldman and the trader say they have done nothing wrong and are fighting the civil charges.
Many criminal investigations are launched without the government filing charges. In this instance, prosecutors haven't determined whether they will bring charges in the case.
http://online.wsj.com/article/SB10001424052748703572504575214652998348876.html?mod=WSJ_hpp_LEADNewsCollection#articleTabs%3Darticle
The Mainstream Media Doesn’t Know Sh*t About Securities Law or the Goldman Case- with Barry Ritholtz of The Big Picture
Damien: Which people or publications got it very wrong?
Barry: There are a lot. But, for example, the New York Times got it wrong when they talked about the loss. Market Watch got it wrong when they talked about “Mens Rea” which is mental state. There are just a few who got it wrong and misinformed the public.
You don’t have to be a specialist in this area. You just have to understand that there’s certain specifics of securities rules and litigation. If you are not familiar with that area, then, as I mentioned, pour yourself a big glass of shut-the-*uck-up and sit quietly in the corner.
http://tinyurl.com/2esu787
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