August 10, 2012

SEC: Goldman Sachs won't face charges

The Associated Press

NEW YORK - The Securities and Exchange Commission has decided not to file charges against Goldman Sachs over a $1.3 billion subprime mortgage portfolio.

Goldman and other banks packaged risky mortgages into securities to sell to investors in the run-up to the financial crisis.

They've been accused of misleading investors about the risks and contributing to the financial crisis that crippled the global economy.

The SEC had notified Goldman in February that it was looking into the bank's disclosures about this mortgage portfolio, which the bank had offered to investors in late 2006.

 

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