A US Senate panel has revealed emails that show Goldman Sachs Group Inc profited massively by engaging in the sale of investments that were structured to fail.
Senators say the Wall Street giant investment bank bundled toxic mortgages into complex financial instruments. It then manipulated credit rating agencies to give excellent ratings to these products.
The head of the Senate panel, Democrat Carl Levin of Michigan claims that Goldman sold the toxic securities to its investors.
In some cases, the company bet against the financial products it sold to investors and profited at the expense of its clients.'
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