SEC charges Goldman Sachs for defrauding investors
The SEC brought charges against Goldman and one of its vice presidents, ``for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the US housing market was beginning to falter,'' it said.
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.