Boo-yah! This is what we've been waiting for. Finally, we have a chance at some kind of reckoning with the sleazeballs responsible for the financial crisis, although Goldman ex-CEO and ex-Treasury Sec. Hank Paulson is sadly still off the hook.
Basically, Goldman was selling its clients these crazily leveraged and risky mortgage-backed securities, while Goldman was betting against them. As Matt Taibbi pointed out months ago, Goldman's behavior was exactly securities fraud.
But by far this is my favorite part of the article:
"In the half-hour after the suit was announced, Goldman Sachs's stock fell by more than 10 percent."
[Their stock fell about 13 percent by the end of the day's trading.]
Hit 'em where it hurts, boys!
By Louise Story and Gretchen Morgenson
April 16, 2010 | New York Times
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