Feds drop Goldman mortgage investigations
By The Week Staff | August 10, 2012
The Goldman Sachs booth at the New York Stock Exchange: The banking heavyweight's $428 million quarterly loss doesn't bode well for the New York City economy.
Chris Hondros/Getty Images
O
n Thursday, the Justice Department and Securities and Exchange Commission both suspended their investigations into Goldman Sachs' mortgage-related dealings leading up to and during the 2008 financial meltdown. The SEC closed its civil inquiry into a $1.3 billion subprime mortgage deal, and the Justice Department said it "ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time." The department said it may reopen the investigation if new evidence emerges, but the decision by both agencies lifts a dark cloud from Goldman.
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