Goldman lawsuit ratchets up pressure on banks to get their house in order

Goldman Sachs CFO, David Viniar, at a Senate subcommittee hearing in April 2010

The filing of a lawsuit on April 16 by the US Securities and Exchange Commission against Goldman Sachs for – it alleges – intentionally misleading investors has renewed public anger at the behaviour of ‘greedy’ investment bankers, whose supposedly excessive culture of risk-taking was considered a major catalyst of the subprime mortgage meltdown in 2007 and subsequent global financial crisis.

Following the announcement of the lawsuit, Goldman Sachs executives fought vehemently to defend the firm

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