Wall Street disappointed by news that a Bankster has been called to account for criminal activity

[marmar]

U.S. Stocks Drop on Goldman Sachs Fraud Charge, Google Earnings
By Joanna Ossinger


April 16 (Bloomberg) -- U.S. stocks retreated, halting a six-day rally, after the Securities and Exchange Commission charged Goldman Sachs Group Inc. with fraud and earnings at Google Inc. trailed some analysts’ estimates.

Goldman Sachs tumbled 10 percent after the SEC sued the company and one of its investors for misstating and omitting key facts about a product tied to subprime mortgages. JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley sank at least 3.5 percent as all 27 shares in a gauge of diversified banks and brokerages retreated. Google, the owner of the world’s most popular search engine, plunged 5.4 percent after its report underscored the rising cost of pursuing growth in new markets.

“Investors are reacting to headlines of Goldman being charged,” said David Lutz, managing director of equity trading at Stifel Nicolaus & Co. in Baltimore. “Everybody knew there were a lot of issues with subprime securitization. But the fact that they’re targeting Goldman Sachs weighs on the psychology of the financial sector.”

The Standard & Poor’s 500 Index fell 1 percent to 1,199.65 at 11 a.m. in New York, its biggest loss on a closing basis since Feb. 23. The Dow Jones Industrial Average declined 61.36 points, or 0.6 percent, to 11,083.21.

Financial shares in the S&P 500 led the market lower after the SEC announced the case against Goldman Sachs, the most profitable firm in Wall Street history. The S&P 500 Financials Index slid 2.8 percent.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aqiQG4zkORgs&pos=1

[lonestarnot]

1. JMJ

[BeyondGeography]

2. My heart bleeds

:cry:

[havocmom]

3. Disappointed? LOL I am buying stocks in companies that make shredders!

Wall Street will need the Dick Cheney Paper Shredder 2008 model to keep up! <-----says Havocdad

[Donnachaidh]

4. wiat wait wait -- didn't wall street just say the economy was FINE the other day?

You mean it's *gasp* not? :sarcasm:

[JBoy]

5. It's OK. Some smart guy at Goldman likely shorted Goldman stock yesterday.

[malaise]

12. Someone must have bet that there will be consequences

for fraud.

http://www.youtube-nocookie.com/watch?v=bOs47bKTZZs&feature=popular

I hope that ReTHUG Frank Luntz has a new plan

http://www.businessweek.com/news/2010-04-17/democrats-say-goldman-sachs-fraud-suit-bolsters-case-for-rules.html

[lxlxlxl]

6. wonder how much of that volume is goldman or its allies

x.x.x.

[JackRiddler]

9. It would have been highly irresponsible of him not to have done so...

and furthermore counter to the creed, grab what you can.

[AllyCat]

7. See what happens when we follow the law and prosecute? It hurts American business!

No more going after corporate criminals! Our stock portfolios just can't take it!

[Jack Rabbit]

8. Guillotine for Goldman Sachs and other criminal artificial persons . . .

Oreweb (Canada)

INSTRUCTIONS:

1. Insert Goldman Sachs corporate charter
2. Hit the ON button

[laughingliberal]

10. The others have to be wondering if they're next

Can they get the records of escort services used by SEC officials?

[Rex]

11. Looks like the SEC is about to get medieval on some corporate entities!

Well, we shall see. Hopefully they will get the people responsible for the economies downfall.