Goldman Discloses More Subpoenas
By SUSANNE CRAIG
NYT
Goldman Sachs’s mortgage problems are far from over.
The Wall Street investment bank paid $550 million last year to settle a civil fraud suit brought by the Securities and Exchange Commission, which accused Goldman Sachs of creating a mortgage product that was intended to fail.
On Tuesday, the firm disclosed in a regulatory filing that it had received more subpoenas related to that mortgage product, Abacus 2007-AC1, and other collateralized debt obligations that it made during the housing boom.
Goldman has previously revealed that the Financial Industry Regulatory Authority and the Financial Services Authority in Britain are looking into Abacus. The firm said on Tuesday that it had received subpoenas from other unnamed regulators in connection to Abacus and other C.D.O.’s. In a filing in late March, the firm disclosed only that it had received requests for information from unnamed regulators. A subpoena is a more serious step.
(More here.)
NYT
Goldman Sachs’s mortgage problems are far from over.
The Wall Street investment bank paid $550 million last year to settle a civil fraud suit brought by the Securities and Exchange Commission, which accused Goldman Sachs of creating a mortgage product that was intended to fail.
On Tuesday, the firm disclosed in a regulatory filing that it had received more subpoenas related to that mortgage product, Abacus 2007-AC1, and other collateralized debt obligations that it made during the housing boom.
Goldman has previously revealed that the Financial Industry Regulatory Authority and the Financial Services Authority in Britain are looking into Abacus. The firm said on Tuesday that it had received subpoenas from other unnamed regulators in connection to Abacus and other C.D.O.’s. In a filing in late March, the firm disclosed only that it had received requests for information from unnamed regulators. A subpoena is a more serious step.
(More here.)
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