Apparently the courts thought so, because in April 2010, Goldman Sachs was accused of securities fraud in a civil suit filed by the Securities and Exchange Commission that claimed the bank created and sold a mortgage investment that was secretly devised to fail. The move marked the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman paid a settlement of $550 million in 2010 to settle accusations that it had misled investors who bought the Abacus mortgage security.
In the long history of evolution it has not been necessary for man to understand multi-loop nonlinear feedback systems until very recent historical times. Evolutionary processes have not given us the mental skill needed to properly interpret the dynamic behavior of the systems of which we have now become a part. J. W. Forrester, 1971
Monday, June 13, 2011
Goldman Sachs Demurs
Apparently the courts thought so, because in April 2010, Goldman Sachs was accused of securities fraud in a civil suit filed by the Securities and Exchange Commission that claimed the bank created and sold a mortgage investment that was secretly devised to fail. The move marked the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman paid a settlement of $550 million in 2010 to settle accusations that it had misled investors who bought the Abacus mortgage security.
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