Goldman Sachs Fraud | featured news

Former Goldman Sachs director Rajat Gupta will surrender to the FBI on Wednesday to face criminal charges related to an ongoing insider trading investigation, sources close to the case told The New York Times and Reuters.

Goldman Sachs isn’t the only bank to rip-off its clients and America. But because it is the best at what it does it is the most profitable bank in the world, for now.

Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter.

Goldman Sachs Group Inc could release documents to counter a Senate subcommittee report that said the bank misled clients about mortgage-linked securities, the Wall Street Journal reported, citing people familiar with the matter.

Goldman Sachs Group received a subpoena from New York prosecutors seeking information on the investment bank's role leading into the global financial crisis, a person familiar with the matter said.

A discarded laptop found in the garbage has turned out to be a treasure trove of new information about the only lawsuit the SEC has brought over Wall Street’s mortgage debacle.

Goldman Sachs designed, marketed and sold collateralized debt obligations that misled investors and created conflicts of interest as the company built short positions before the U.S. housing market collapsed, a Senate panel said in its report on the financial crisis.

Goldman Sachs CEO Lloyd Blankfein, in written testimony prepared for a Senate hearing on Tuesday, said his firm "certainly did not bet against our clients."

Recently released emails show how Goldman Sachs built its mortgage business by closely working with lenders such as Washington Mutual and Long Beach, two firms that a Senate review said "polluted the financial system" with souring loans.

A Senate investigation into the financial crisis has found that Goldman Sachs, the storied Wall Street investment bank, sought to profit from the historic decline in housing prices by betting against the US mortgage market.