Wednesday, July 28, 2010

Goldman Sachs settles with the SEC

On July 15, 2010, The Securities & Exchange Commission announced that it has reached a settlement with Goldman Sachs on the civil charges, filed in April, that the Wall Street firm had defrauded investors. The settlement, first reported by Edward Wyatt of the New York Times, was confirmed by the SEC in a late afternoon press conference. According to the terms of the settlement, Goldman will pay $550 million.

Since the announcement, GS stock has gone up $7/share.  It's on track to go up to $180+.