InfoAnda - SEC Accuses Goldman Sachs Of Fraud On CDOs

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles SEC Accuses Goldman Sachs Of Fraud On CDOs Email Facebook Digg Twitter Buzz Up! ShareThis April 16, 2010 3:03 p.m. EST Topics: corporate crime, fraud, investment service, financial and business service, economy, business and finance, crime, law and justice, United States Mitchell Jaworski - AHN News Reporter Washington, DC, United States (AHN) - The Securities and Exchange Commission sued Goldman Sachs Friday, accusing the bank of securities fraud related to collateralized debt obligations (CDO). The SEC alleges that Goldman Sachs did not disclose vital information to investors about CDOs and the role that a hedge fund played in the selection process of portfolios that made up the investments. “The product was new and complex but the deception and conflicts are old and simple," said Robert Khuzami, director of the Division of Enforcement, 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," added Khuzami. According to the SEC, Goldman Sachs received compensation from Paulson & Co., a large scale hedge fund, to provide the opportunity of shorting select mortgage securities chosen by the fund. Basically, Paulson & Co. participated in the portfolio selection process that made up a mortgage backed security; then went on to bet against the securities through credit default swaps. In the suit, the SEC names Fabrice Touree, a Goldman Sachs vice president, who assisted in creating the CDOs. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Mysterious Fireball Lights Up Sky Above Six Midwestern States Melissa Etheridge And Tammy Etheridge Split After Nine-Year Relationship Hugh Hefner Slams Cheaters Tiger Woods And Jesse James Kate Hudson Reportedly Got Small Boob Job New Gene Identified In Late-Onset Alzheimer's Disease Steven Seagal’s “Lawman” Reality Show Canceled By Cops Woman Injured From Wii Fit Fall Develops Sexual Arousal Syndrome Lady Gaga, Rihanna Albums Get The Remix Treatment “American Idol” Judge Kara DioGuardi, Colbie Callait Strip For Allure Magazine Larry King And Estranged Wife Shawn Southwick Had No Prenuptial Agreement Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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