Goldman Sachs to pay $550 million in civil fraud charges
Goldman Sachs & Company, one of the huge financial firms largely responsible for the subprime mortgage mess that led to the current economic meltdown, agreed to pay $550 million to settle civil fraud charges late last week.
The SEC charged Goldman Sachs and one of its high-ranking executives with fraud today, alleging that it advised investors to go bullish on mortgages while GS secretly sold short: