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FT.com / Companies / Banks - Brown in attack on Goldman Sachs
British premier Gordon Brown attacked the "moral bankruptcy" of Goldman Sachs on Sunday after the US Securities and Exchange Commission accused the world's most famous bank of fraud.

His comments came as it emerged that Goldman and the SEC had not discussed a settlement prior to the announcement of charges last week, and as documents emerged revealing the strained relationship between the bank and the regulator during the 20-month probe.

In a submission to the SEC in September 2009, Goldman said the regulator's case had "fatal deficiencies" and no basis "in law ... or common sense".

The SEC declined to comment.

Mr Brown, who is campaigning for re-election, demanded that the UK's Financial Services Authority launch its own investigation. "The banks are still an issue. They are a risk to the economy," he said.
In February, the Financial Times revealed that the SEC last year sent subpoenas to banks including Bank of America, Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman, Morgan Stanley and UBS, seeking information about the marketing of CDOs.

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Mon Apr 19th, 2010 at 02:50:12 AM EST
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