Wall Street giant Goldman Sachs is going to be forking over some big cash. It has been reported in the NY Times that Goldman Sachs has agreed to pay $500 million to the Securities and Exchange Commission to settle charges of securities fraud.
The fraud is linked to mortgage investments sold to investors.
Part of the settlement includes the agreement that Goldman Sachs will have to pay but does not have to admit wrongdoing.
The New York Daily News also reports the same settlement and that their source revealed that the terms of the deal include Goldman paying $300 million in fines to the S.E.C., with the remaining $200 million serving as restitution.
The S.E.C.'s director of enforcement, Robert Khuzami, is scheduled to hold a press conference late Thursday afternoon.
In April, internal Goldman Sachs emails revealed that the company made millions while homeowners suffered. Locally here in Rhode Island, and across the nation, the self-serving Goldman emails gave credence to the fact that the big guys weren't suffering while the working class was working hard to maintain a roof over their heads with high unemployment rates and a very high number of foreclosures.
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