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Justice Department will not prosecute Goldman Sachs

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posted on Aug, 9 2012 @ 09:12 PM
Justice Department will not prosecute Goldman Sachs, employees for Abacus deal

(Reuters) - Neither Goldman Sachs Group Inc nor its employees will face U.S. criminal charges related to trades they made during the financial crisis that were highlighted in a 2011 U.S. Senate report, the Justice Department said on Thursday.

The unusual announcement not to prosecute criminally came in an unsigned statement attributed to the department.

Few expected the bank to face criminal charges, but in April 2011, U.S. Senator Carl Levin asked for a criminal investigation after the subcommittee he leads spent years looking into Goldman.

Levin's subcommittee held televised hearings as part of its inquiry, which centered on a subprime mortgage product known as Abacus. He said Goldman misled Congress and investors.

Goldman employee Fabrice Tourre still faces a civil complaint from the U.S. Securities and Exchange Commission. He has denied any wrongdoing and was the only person accused.

Goldman itself settled with the SEC for $550 million in July 2010 without admitting wrongdoing.

The statement from the Justice Department said that officials there "have determined that, based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report" from Levin's subcommittee.


posted on Aug, 9 2012 @ 09:15 PM
You don't say...

posted on Aug, 9 2012 @ 09:22 PM
Ha, three of us posted this at almost the exact same time.

Must be the whole "Great Minds" thing and all that.

Good find.

posted on Aug, 9 2012 @ 09:29 PM
reply to post by watchitburn

Either that or we're quick on the draw!

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