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Senate probe: Goldman planned to profit from housing bust, made billions at clients' expense

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Cali_Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-26-10 04:52 PM
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Senate probe: Goldman planned to profit from housing bust, made billions at clients' expense
http://finance.yahoo.com/news/Senate-probe-Goldman-planned-apf-4175665460.html?x=0&sec=topStories&pos=main&asset=&ccode=

Alan Zibel and Marcy Gordon, AP Business Writers, On Monday April 26, 2010, 5:29 pm

WASHINGTON (AP) -- Goldman Sachs developed a strategy to profit from the housing meltdown and reaped billions at the expense of clients, a Senate investigation has found.

Top Goldman executives misled investors in complex mortgage securities that became toxic, investigators for a Senate panel allege. They point to e-mails and other Goldman documents obtained in an 18-month investigation. Excerpts from the documents were released Monday, a day before a hearing that will bring CEO Lloyd Blankfein and other top Goldman executives before Congress.

Blankfein says in his own prepared remarks that Goldman didn't bet against its clients and can't survive without their trust.

The Securities and Exchange Commission this month filed a civil fraud case against the bank, saying it misled investors about securities tied to home loans. The SEC says Goldman concocted mortgage investments without telling buyers they had been put together with help from a hedge fund client, Paulson & Co., that was betting on the investments to fail.

Read more at link...http://finance.yahoo.com/news/Senate-probe-Goldman-planned-apf-4175665460.html?x=0&sec=topStories&pos=main&asset=&ccode=
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indepat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-26-10 04:57 PM
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1. And billions of dollars more in bonuses to Goldman's top producers, giving shareholders
a double-f'kin' whammy. But Goldman has done nothing wrong, right Dennis Kneale? :-)
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Cali_Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-26-10 05:14 PM
Response to Reply #1
2. I believe some shareholders are already suing Goldamn Sachs. nt
nt
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