Really? Only $550 million? Unbelievable. The SEC must be totally in bed with the big investment banks.
Goldman was not required to admit fraud, but says it made a "mistake", by not disclosing to investors that John Paulson (who was short the instruments GS was selling) hand picked the securities in the fund. In other words, it was designed to fail, and Goldman collected money on both sides of the deal.
Big win for Goldman. Big embarrassment for the wimpy SEC.
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