The US Justice Department said on Thursday that it won't prosecute Wall Street firm Goldman Sachs over financial fraud.
The department said it had conducted an exhaustive investigation of allegations brought to light by a Senate panel investigating the 2008-2009 financial crisis.
"The department ... 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," it said.
A Senate subcommittee in 2011 found that Goldman marketed mortgage securities to banks and other investors but failed to tell clients that the securities were very risky.
The Senate panel said Goldman secretly bet against the investors' positions and deceived the investors about its own positions to shift risk from its balance sheet to theirs.
The decision capped a good day for the speculators as the Securities and Exchange Commission also decided not to file charges over a $1.3 billion (£800 million) subprime mortgage portfolio.
If you appreciated this article then please consider donating to the Morning Star's Fighting Fund to ensure we can keep developing your paper.
Fire Minister Brandon Lewis probably had a fair idea what Sir Ken Knight would deliver when he asked him to conduct an "independent" report into fire and rescue services in England.
As LGBT activists worldwide celebrate anti-homophobia day we are reminded of prevailing prejudice
Bradford has seen the launch of a new campaign to battle the sources of child sex exploitation - and combat far-right bids to make it a racial issue
Printable
Email