SEC finally grows a set…

Goldman Sachs gets sued by the SEC for fraud, regardless of many Goldman Sachs alumni are work for the government. And this comes up with out a hedge fund manager profited from the housing downturn. Of course, its not that they made money when everyone else lost it, but they made and sold investments designed to fail, and bet against it.

I think this will be hard to prove in court. Interestingly enough, the fellow who actually did what the government is calling fraud is not named in the lawsuit. So he can keep is $3.6 billion he made from the transaction.

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