S&P Reverses as SEC Sues Goldman Sachs for Fraud

Stock-Markets / Financial Markets 2010
Apr 17, 2010 - 10:13 AM

By: Anthony_Cherniawski

Europe’s air-travel chaos worsened as the ash cloud from an Icelandic volcano spread as far east as Moscow, cutting off parts of Britain, France and Germany and threatening weekend travel.

As many as 15,000 flights may be lost in the region today, or about half the usual timetable, according to Brian Flynn, operations chief at Eurocontrol, which oversees the region’s flight paths. That’s up from 8,000 cancellations yesterday.

SEC sues Goldman Sachs for fraud.

Goldman Sachs Group Inc. was sued by U.S. regulators for fraud tied to collateralized debt obligations that contributed to the worst financial crisis since the Great Depression. The firm’s shares tumbled as much as 16 percent and financial stocks slumped. http://www.bloomberg.com/apps/news?pid= ... T1H2ffyJCA

Goldman Sachs misstated and omitted key facts about a financial product tied to subprime mortgages as the U.S. housing market was starting to falter, the Securities and Exchange Commission said in a statement today. The SEC also sued Fabrice Tourre, a Goldman Sachs vice president. http://search.bloomberg.com/search?q=Fa ... ate:S:d1

Senator Ted Kaufman Comments On Goldman SEC Charge

“We can have only one justice system http://www.zerohedge.com/article/senato ... sec-charge in this country for both the rich and powerful and those who are not. I’m not prejudging the merits of this action, but if we don’t treat Wall Street firms that have allegedly defrauded investors of millions of dollars with the same gravity as we treat all others, why would our citizens have faith in the rule of law?â€