The New York Times
Fri, April 16, 2010 -- 10:39 AM ET
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S.E.C. Accuses Goldman Sachs of Fraud on Mortgage Deals
Goldman Sachs, which emerged relatively unscathed from the
financial crisis, was accused of securities fraud in a civil
suit filed Friday by the Securities and Exchange Commission,
which claims the bank created and sold a mortgage investment
that was secretly devised to fail.
The move marks the first time that regulators have taken
action against a deal that helped investors capitalize on
collapse of the housing market. Goldman itself profited by
betting against the very mortgage investments that it sold to
its customers.
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