WASHINGTON (AFP) Top Wall Street bank Goldman Sachs has been charged with financial fraud in a move that raises the prospect of a wider crackdown on firms that bet on the collapse of the housing market. The civil suit filed by the Securities and Exchange Commission Friday accused Goldman of "defrauding investors by misstating and omitting key facts" about a financial product based on subprime mortgage-backed securities. The securities were a key contributor to the financial crisis that peaked in 2008 because many contained risky mortgages. The charges are believed to be the first brought against a Wall Street firm for speculating on the collapse of the housing market, which is still struggling to emerge from the worst financial crisis in decades. Goldman fraud charges trigger prospect of wider crackdown - Yahoo! News Now, maybe we'll finally find out what the hell was going on.