The SEC, in a move that has stunned some of even its harshest critics, has brought an action against Goldman Sachs based on securities fraud in connection with the sale of synthetic collateralized debt obligations. A copy of the complaint may be found at www.sec.gov/litigation/complaints/2010/comp-pr2010-59.pdf. While many cynics could not resist commenting on the timing of this lawsuit given the significant financial industry reform bills pending before Congress, while others …
