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Feds won't prosecute Goldman Sachs

Aug. 10, 2012 at 12:19 AM   |   Comments

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WASHINGTON, Aug. 10 (UPI) -- The U.S. Justice Department said late Thursday it has dropped its investigation of Goldman Sachs' actions during the nation's financial crisis.

Justice officials said in a statement there was "not a viable basis to bring a criminal prosecution" against the bank or its employees, The New York Times reported. A congressional panel had requested that prosecutors look into whether Goldman Sachs had broken any laws in its mortgage dealings, the newspaper said.

The Senate's Permanent Subcommittee on Investigations had questioned Goldman's sale of mortgage securities to investors that turned out to be big losers during the crisis. The panel also said prosecutors should investigate whether bank Chief Executive Officer Lloyd Blankfein had misled lawmakers during public testimony.

Goldman Sachs had announced earlier in the day that the U.S. Securities and Exchange Commission had ended its investigation into a $1.3 billion subprime mortgage deal without taking any action. The SEC had notified the bank in February it intended to pursue a civil case against it.

"We are pleased that this matter is behind us," the Times quoted a bank spokesman as saying.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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