Friday, April 16, 2010

A small but important victory - civil charges rise from the ashes of the Great Recession

Reports are surfacing this morning that the Securities and Exchange Commission has leveled civil charges against Goldman Sachs for its CDO's that were a major part of the sub-prime mortgage securities driver from the credit bubble burst.

Sadly, these are not the sort of charges that send people to jail, and the fines that may ultimately result are not likely to cause Goldman to fold - much less fire anyone. But for now, at least, the media will be forced to use the term Fraud when talking about Goldman, and that brings a small measure of accountability to the story.


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