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The Buzz: SEC deserves praise for taking on Goldman Sachs - Apr. 16, 2010
By Paul R. La Monica, editor at large April 16, 2010: 2:13 PM ET
The Buzz is now on Twitter! Follow me @LaMonicaBuzz
NEW YORK (CNNMoney.com) -- The SEC showed some major teeth Friday. It's about time. And hopefully this won't be the last time the agency bares its fangs.
The Securities and Exchange Commission is going after the biggest of the big on Wall Street. Goldman Sachs.
paul_lamonica_morning_buzz2.jpg
The SEC alleged that Goldman Sachs (GS, Fortune 500) failed to disclose to investors in a pool of subprime mortgages that Paulson & Co., one of the most influential hedge funds in the world, was making bets against the security.
If the SEC's claim is true, this is a major transgression. Even if it turns out that the wrongdoing was the work of one rogue employee -- the SEC specifically named Goldman Vice President Fabrice Tourre -- it is clear that Goldman has some explaining to do and must pay. <more>
By Paul R. La Monica, editor at large April 16, 2010: 2:13 PM ET
The Buzz is now on Twitter! Follow me @LaMonicaBuzz
NEW YORK (CNNMoney.com) -- The SEC showed some major teeth Friday. It's about time. And hopefully this won't be the last time the agency bares its fangs.
The Securities and Exchange Commission is going after the biggest of the big on Wall Street. Goldman Sachs.
paul_lamonica_morning_buzz2.jpg
The SEC alleged that Goldman Sachs (GS, Fortune 500) failed to disclose to investors in a pool of subprime mortgages that Paulson & Co., one of the most influential hedge funds in the world, was making bets against the security.
If the SEC's claim is true, this is a major transgression. Even if it turns out that the wrongdoing was the work of one rogue employee -- the SEC specifically named Goldman Vice President Fabrice Tourre -- it is clear that Goldman has some explaining to do and must pay. <more>