Aangsunu's Blog

Settlement Is Win for Goldman Despite Record Fine

Posted by aangsunu on 16 July 2010

Source : CNBC.com

Goldman Sachs scored a major victory in its legal battle with the Securities and Exchange Commission today, despite agreeing to pay a record-setting fine of $550 million.

The SEC is painting the case as a victory for the government, touting the fine and the fact that Goldman

// [GS  145.22  6.16  (+4.43%)   ]

// admitted to omitting important information from the marketing materials for the Abacus subprime mortgage derivative products it sold in 2007.

But that settlement is far smaller than the $1 billion many expected.

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