Wall Street Bank Goldman Sachs Fights Back Against SEC
In the sections on risk and disclaimers there is no mention that the product had been partly engineered by another Goldman client -- which, the SEC charges, designed it with the expectation it would fail.
Still, these are just allegations, and now there are new signs Goldman Sachs plans to come out swinging.
Executives at Goldman sent out an internal memo reading, "...we believe that the firm's actions were entirely appropriate, and will take all steps necessary to defend the firm."
But those words come after the bombshell allegations Friday that Goldman allegedly duped clients into investing in a mortgage product put together by another one of Goldman's own clients.
The SEC says that client is hedge fund giant John Paulson, which was allegedly looking to profit when the product then failed as planned.