Goldman Sachs escapes prosecution
THE US Department of Justice has decided not to prosecute Goldman Sachs over its marketing of high-risk mortgage securities, despite a damning report into its practices by a senate investigation panel.
In April last year, following a two-year inquiry, senators concluded the Wall Street investment banking giant misled clients ahead of the US financial crash by off-loading securities its traders fully expected to lose value.
Releasing the report last year, the head of the investigative committee, Senator Carl Levin, recommended that charges be brought.
"In my judgment, Goldman clearly misled their clients and they misled Congress," he said.
But on Friday, the Justice Department came to a different conclusion.
Read more at ABC news online.