Securities and Exchange Commission Charges Goldman Sachs with Fraud

Securities and Exchange Commission Charges Goldman Sachs with Fraud

RUSH TRANSCRIPT:

Fresh from the Friday news dump, the Securities and Exchange Commission filed a civil suit against Goldman Sachs alleging that the firm engaged in securities fraud.

The too-big-fail Wall Street giant emerged from the recent financial crisis unscathed while 8 million Americans lost their jobs.

This marks the first time the SEC has taken action against a Wall Street organization that capitalized on the housing market collapse of 2007.

Goldman profited by betting against the very mortgage investments it was selling to its customers.

The suit named Fabrice Tourre the vice president at Goldman who helped create and sell the allegedly fraudulent investment.

Goldman called the SEC accusations “completely unfounded in law and fact.”

The investment bank said that they will vigorously contest them and defend the firm and its reputation.

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