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Rating:Fed Watchdog Finds No Anti-Goldman Conspiracy Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 14, 2010

Fed Watchdog Finds No Anti-Goldman Conspiracy

News summary by MFWire's editors

The Securities and Exchange Commission is breathing a sigh of relief after an audit of its fraud lawsuit against Goldman Sachs Group Inc. turned up clean.

The Wall Street Journal picked up on a 77-page report report by SEC Inspector General H. David Kotz that found no evidence of that the timing of the SEC's lawsuit against Goldman was politically motivated.

Contrary to what the SEC's critics have claimed, the report found that the SEC was not attempting to influence Congress' discsussion of a financial-regulation bill.

Kotz also reportedly found no evidence that the SEC shared information with the media about the Goldman probe before it filed the suit.

"This report reaffirms that the case was brought on the merits and only on the merits," an SEC spokesperson was quoted as saying.

Goldman settled the case on July 15, agreeing to pay a $550 million and acknowledging a mistake in selling mortgage-linked securities to investors without disclosing the role of a hedge fund on the other side of the trade.  

Edited by: Hung Tran


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