Independent UK: Sack Goldmans!

[marmar]

Sack Goldmans! Ministers urged to bar bank from government contracts
Anger at allegation that RBS was victim of fraud

By James Moore, Deputy Business Editor


Tuesday, 20 April 2010


Goldman Sachs should be suspended from working for the Government until the outcome of a fraud case brought against the investment bank by US regulators is known, opposition politicians said yesterday.

The demand from the Tories and the Liberal Democrats came as the Financial Services Authority (FSA) began an investigation into the Wall Street giant's operations in London. Goldman Sachs is on a rota of investment banks that advise the Treasury about debt issuance, which has risen dramatically as the budget deficit has escalated.

Goldman is also keen to be involved in a potential fees bonanza from the privatisation of Northern Rock and the state's interests in Royal Bank of Scotland and Lloyds Banking Group, together with a rash of sales of state assets including the Tote bookmaker, the Student Loans Company and the Channel Tunnel rail link.

Yesterday, however, there were calls for Goldman to be taken off the list of approved banks pending the outcome of a fraud investigation by the US Securities and Exchange Commission (SEC). America's financial regulator claims Goldman and one of its vice-presidents, Fabrice Tourre, defrauded investors by mis-stating and omitting key facts about a financial product tied to subprime mortgages as the housing market began to collapse. Goldman denies any wrongdoing. ........(more)

The complete piece is at: http://www.independent.co.uk/news/uk/politics/sack-goldmans-ministers-urged-to-bar-bank-from-government-contracts-1948787.html

[aquart]

1. Fine by me.

DESTROY THEM. (Dear me, I seem to be quite hostile on matters of financial fraud. Oh well.)