Three Year Quest by the CP Times Gains Momentum!
In a stunning development in the political and financial scene, today as you will learn from the following AP story, Goldman Sachs will have their day in court to prove they were not guilty of manipulating the housing market and helping to cause the collapse of the economy.
The Coltons Point Times first accused Goldman Sachs of manipulating the international markets in an illegal and unethical fashion in January of 2007, over three long years ago. By early 2008 we called for SEC action to charge Goldman with fraud in the housing and oil markets through the use of derivatives and swaps. Many articles about Goldman and their manipulation of housing mortgages, banks, oil futures, insurance companies and even the global warming community have appeared in the CPT.
We have also continuously reported on the millions of dollars Goldman was pumping into the Obama presidential campaign as well as the many things Goldman did to help get Obama elected starting in 2004. In addition we have published articles on all the Goldman alumni in the Obama administration and spread throughout the international banking community.
Today the SEC announced the first of their legal actions against the Goldman fat cats who cost us our 401K plan and housing losses while making billions of dollars off our suffering. Right now the SEC is running about four years behind in investigations but just maybe this will start the avalanche of criminal charges against the banking behemoth.
Now we all know Goldman has former execs throughout the Obama administration and financial world so don't be surprised if Goldman seeks a plea bargain which means they will pay a huge fine (though just a small fraction of what they profited) but not admit guilt. Of course it also means they can write off the entire fine as a business expense which is just as criminal as the crime they don't admit to in the first place. Congress should not allow a plea bargain or is Obama and congress really in the Goldman back pocket?
One wonders if the gunslingers at Goldman's have finally upset the highly secret international banking community who helped protect them including the House of Rothschild, and the Rothschilds have decided the manipulations by Goldman's are drawing too much attention to the world of banking and high finance. When you become a liability to these guys you suddenly disappear like Lehman Brothers and the other bad boys of finance.
SEC accuses Goldman Sachs of civil fraud
AP Report April 16, 2010
WASHINGTON – The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering.
The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its vice presidents. The agency alleges Goldman failed to disclose that one of its clients helped create — and then bet against — subprime mortgage securities that Goldman sold to investors.
Investors in the mortgage securities are alleged to have lost more than $1 billion, the SEC noted.
The Goldman client implicated in the fraud is one of the world's largest hedge funds, Paulson & Co., which paid Goldman roughly $15 million for structuring the deals in 2007.
Goldman Sachs shares fell more than 10 percent after the SEC announcement.
The civil lawsuit filed by the SEC in federal court in Manhattan was the government's most significant legal action related to the mortgage meltdown that ignited the financial crisis and helped plunge the country into recession.
A Goldman Sachs spokesman didn't immediately return a call seeking comment.
The agency also charged a Goldman vice president, Fabrice Tourre, 31, who it said was principally responsible for devising the deal and marketing the securities.
The SEC is seeking unspecified fines and restitution from Goldman Sachs and Tourre.
"The product was new and complex, but the deception and conflicts are old and simple," SEC Enforcement Director Robert Khuzami said in a statement.
"Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party."
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