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Goldman Sachs announces agreement with SEC

Goldman Sachs has this afternoon announced an agreement with the Securities Exchange Commission (SEC) which we see the financial powerhouse pay US$550 million in settlement of a civil fraud complaint although the company is not admitting or denying the charges. Many believe that the SEC was looking for "its day in court" although the agreement would appear to have put pay to any short-term plans to haul Goldman Sachs in front of a jury. So what next?

The specific complaint was in relation to mortgage securities which were sold by Goldman Sachs and allegedly structured by a hedge fund company to cash in on the collapse of the US housing market. It is unclear exactly what happened behind the scenes with regards to these mortgage securities but it would appear that some people were unaware of exactly what they were buying.

Goldman Sachs is not alone with regards to concerns about mortgage securities which many people believe led to the credit crunch and the inevitable collapse in the worldwide economy. However, it does look as though the SEC was more than willing to make an example of Goldman Sachs although today's settlement brings to an end this particular saga. However, this may not be the end of the conflict between the financial industry and the US authorities!

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