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Goldman Sachs Firm, Employees Won’t Be Prosecuted

WASHINGTON (AP) — The Justice Department says it won’t prosecute Wall Street firm Goldman Sachs or its employees in a financial fraud probe.

In a statement, the department says it conducted an exhaustive investigation of allegations brought to light by a Senate panel investigating the financial crisis.

The department says that if any additional or new evidence emerges, it could make a different determination about prosecuting Goldman if warranted.

The Senate panel found that Goldman marketed four sets of complex mortgage securities to banks and other investors but that the firm failed to tell them that the securities were very risky. The Senate panel said Goldman secretly bet against the investors’ positions and deceived the investors about its own positions to shift risk from its balance sheet to theirs.

Copyright 2012 The Associated Press.
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