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U.S. Won’t Prosecute Goldman Sachs, Employees Over CDO Deals

The U.S. Justice Department won’t pursue criminal charges against Goldman Sachs Group Inc. (GS) or its employees for allegedly concealing that the bank bet against securities related to the housing market that it sold to investors.

The Justice Department, along with the U.S. attorney’s office for the Southern District of New York, had reviewed the possibility of prosecution after the Goldman Sachs deals were faulted in a Senate investigative panel’s report last year.

Prosecutors “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,” the Justice Department said yesterday in a statement.

The Justice Department said yesterday it conducted “an exhaustive review of the report and its exhibits, independently gathered and scrutinized a large volume of other documents and tenaciously pursued potential evidentiary leads, including conducting numerous witness interviews.”

Source: BusinessWeek

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