Goldman Sachs Charged With Fraud

Update: Goldman Sachs says they're not frauds. Just like Massey Energy says they're not to blame in the mining accident, where 29 people died in their mine, that has a long list of safety violations. Nobody ever wants to accept blame for anything. Why should they when they can get an attorney to bail them out.

The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its vice presidents. The agency alleges Goldman failed to disclose that one of its clients helped create -- and then bet against -- subprime mortgage securities that Goldman sold to investors. AP