Friday, April 16, 2010

Goldman Sachs Charged with Fraud

Now all that's left is to drive a stake through their black heart, chop off their head, stuff their mouth with garlic and bury them at a crossroads.

Securities fraud charges against Goldman Sachs are just the beginning as federal regulators and investigators comb through the wreckage of a fraud-induced recession, caused by a pervasive and systemic culture of deceit at Wall Street's biggest firms, say Wall Street analysts.

The firm, infamously dubbed the "great vampire squid wrapped around the face of humanity," was charged Friday by the Securities and Exchange Commission with fraud for selling securities to investors that were handpicked -- and destined -- to fail, without disclosing that to investors. The immediate losers were pension funds, foreign firms and private investors, who lost more than $1 billion on this single security

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