Goldman Won’t Face Prosecution

    A trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange Thursday, March 15, 2012. Greg Smith, an executive director at Goldman Sachs, resigned with a blistering public essay that accused the bank of losing its "moral fiber," putting profits ahead of customers' interests and dismissing customers as "muppets." (AP Photo/Richard Drew)

    Richard Drew

    The Justice Department has decided not to go after Goldman Sachs or its employees for the trades they made at the time of the financial crisis. The issue was made public when Senator Carl Levin alleged that Goldman misled its investors and the U.S. government and requested a criminal investigation looking into the subprime mortgages known as Abacus. The Justice Department released a statement Thursday stating they “have determined that, based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report.”

    Read it at Reuters