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GS finally got caught!
Everybody knows that they've participated in shady activity to make profits, and this is finally something that we can prove.
This makes me happy!
Basically it sounds like John Paulson (Paulson & Co) created a fund full of Mortgage Backed Securities for Goldman Sacs and then shorted their own fund before the downturn in. Now their being investigated for fraud.
Implications --
I think that A. This could be the beginning of a snowball effect of further investigations of further companies
B. MBS insurers and some other mislead financial institutions may have some debt reduced because of the fraudulent activity... after suites.
and
C. the persons who bought the securities will also come forward with suites of their own.
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