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20 - ORGANIZATIONS/PRIVATE/Goldman Sachs.md
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@ -218,7 +218,7 @@ The staff report of the [[Permanent Subcommittee on Investigations]], issued on
The subcommittee held a hearing on April 27, 2010. The witnesses were Sparks, [[Joshua Birnbaum]], [[Michael Swenson]], [[Fabrice Tourre]], the chief financial officer [[David Viniar]], the chief risk officer [[Craig Broderick]], and Blankfein. Blankfein told the subcommittee that the firm had received an investment from the government in 2008, held it for about eight months, and repaid it with a 23 percent annualized return. He also said: "We didn't have a massive short against the housing market and we certainly did not bet against our clients."[^21]
The SEC filed suit against Goldman, Sachs & Co. and Tourre on April 16, 2010 in the [[Southern District of New York]] (10 Civ. 3229). The complaint alleged that the marketing materials for ABACUS 2007-AC1 stated that the portfolio had been selected by [[ACA Management LLC]] without disclosing that the hedge fund [[Paulson & Co.]] had taken part in the selection and had taken a short position through credit default swaps with Goldman.[^22] On July 15, 2010, the SEC announced that Goldman had agreed to pay 550 million dollars. In the settlement papers the firm acknowledged that the marketing materials "contained incomplete information" and that it "was a mistake" to state that ACA had selected the portfolio without disclosing the role of Paulson & Co.[^23] A jury found Tourre liable on August 1, 2013, and the final judgment filed on March 27, 2014 imposed disgorgement of 175,463 dollars, interest of 31,150.91 dollars and a civil penalty of 650,000 dollars.[^24]
The SEC filed suit against Goldman, Sachs & Co. and Tourre on April 16, 2010 in the [[U.S. District Court for the Southern District of New York|Southern District of New York]] (10 Civ. 3229). The complaint alleged that the marketing materials for ABACUS 2007-AC1 stated that the portfolio had been selected by [[ACA Management LLC]] without disclosing that the hedge fund [[Paulson & Co.]] had taken part in the selection and had taken a short position through credit default swaps with Goldman.[^22] On July 15, 2010, the SEC announced that Goldman had agreed to pay 550 million dollars. In the settlement papers the firm acknowledged that the marketing materials "contained incomplete information" and that it "was a mistake" to state that ACA had selected the portfolio without disclosing the role of Paulson & Co.[^23] A jury found Tourre liable on August 1, 2013, and the final judgment filed on March 27, 2014 imposed disgorgement of 175,463 dollars, interest of 31,150.91 dollars and a civil penalty of 650,000 dollars.[^24]
On August 9, 2012, the Justice Department stated that its investigators and prosecutors, including those in its Criminal Division and the U.S. Attorney's Office in Manhattan, had "determined that, based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report" from Levin's subcommittee. [[David Ingram]] of [[Reuters]] reported that Levin had asked for a criminal investigation in April 2011.[^25]