Goldman Sachs faces information fraud by Milota Sidorova

One of major Democrats supporters, Goldman Sachs has been targeted for hiding information that caused billion loss to its shareholders. The accusation lawsuit has been filled on Monday and since then it is the no.1 case in financial world. So far, there has been a hunt for several financiers and officials who helped bankrupted investments of thousand, perhaps several million investors. But these cases were covered as soon as they begun. For the first time, the target is number one bank and it is the first time Goldman itself has been accused. Federal court on Manhattan accused Goldman of reporting misleading statements and hiding key details about risky transactions, for in! stance an Abacus collateralized debt obligation. Shareholders object they lost about one billion dollars that they believe was a profit for billionaire hedge fund investor John Paulson. Still, Goldman didn't make any step towards SEC allegations and Paulson hasn't been even touched. Goldman Sachs Group Inc and Chief executive Lloyd Blankfein is scheduled to testify before Senate on Tuesday. Blankfein along with Goldman vice president Fabrice Tourre are considered as creators of Abacus case. Blankfein denied he did anything that would harm investors. The case has been launched in crucial time when Democratic president Obama pulls the strings to tighten oversight on financial sector. But the image is getting wrong with Goldman as a bank receiving taxpayers bailout money, not only one restriction and generous support for Democratic party. Goldman Sachs shares lost $5.37 or 3.5 percent and closed down at $152.03 in the afternoon on the New York Stock Exchange on Monday.
related story (sgx17103): http://news.yahoo.com/s/nm/20100426/bs_nm/us_goldman_lawsuit...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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