Annotated Bibliography 3

Colombo, Ronald J. "Goldman Sachs rationalized fraud." Christian Science Monitor 27 Apr.                         2010: N.PAG. MasterFILE Premier. EBSCO. Web. 7 Nov. 2010.

Goldman-Sachs are attempting to defend their case to the Senate, but the facts are too strong against them.  They sold securities which were bound to fail in order to benefit a hedge fund to their clients.  Clients lost around $1 billion total from the investment of these CDOs.  Officials have not accused Goldman-Sachs of lying to their investors, but instead not revealing the entire truth to them that these securities were designed to fail.  Goldman’s actions may not have broken the law according to some securities law experts.  These experts believe the laws need to be made more specific so that action can be taken against moral wrongdoings such as this and have there be no argument over whether or not it is legal.  This article brings in a new side to the argument that the actions of Goldman-Sachs may have in fact been legal, just very immoral.  If this is the case it could change the entire proceedings.  I need to further investigate whether or not laws were broken or if it was just dishonest selling by the company which is not technically illegal.  All of the other articles I have read state that Goldman-Sachs have broken the law and so I will have to  investigate this source and see the legitimacy of it.