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McClatchy | Goldman
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:start v.15694 --><!-- in gpt_generic --><script type="text/javascript"> document.write("<div id='div-gpt-ad-"+mi__gpt_ord+"-2'><scr"+"ipt type='text/javascript'>googletag.cmd.push(function() { googletag.display('div-gpt-ad-"+mi__gpt_ord+"-2'); });</scr"+"ipt></div>"); </script> <!-- support/ads/dart_call.ett :end --> </div></center><!-- /.advertisement ts_shared_nav_ad --> <!-- end: nav ad --> </li> <li class="qmclear"> </li> </ul> </div> <div style="clear:both"></div> <!-- end /shared/rail_top.comp --> </div> <!-- /pubsys/production/shared/header_guantanamo.comp /pubsys/production/shared/navigation.comp --> <div id="gitmoNavigation"> </div><div id="content_section_front" class="layout_normal"> <div id="left_wrap" class="float_container"> <div id="content_top"></div> <div id="col_1"> <!-- start /pubsys/production/section/highlights/auto_top_story.comp --> <div id="top_story_v1"> <div class="ts_content"> <div class="float_container" id="ts1"> <h2 class="section_title">Goldman</h2> <div class="clear"></div> </div> <h1><a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/77791.html">How Goldman secretly bet on the U.S. housing crash</a></h1> <h5 class="byline"> Greg Gordon | McClatchy Newspapers</h5><div id="hnews-vcard" style="display:none;"></div> <p class="story_summary">In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers that it also was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. A five-month McClatchy investigation has found that Goldman's failure to disclose those secret bets may have violated securities laws. <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/77791.html">» read more</a></p> </div> </div> <!-- end /pubsys/production/section/highlights/auto_top_story.comp --> <div class="box_4 float_container" id="recent_headlines"> <div class="rss_btn"> <a href="/web/20130309170048/http://www.mcclatchydc.com/384/index.rss"><img src="https://web.archive.org/web/20130309170048im_/http://media.mcclatchydc.com/static/images/icons_small.gif" alt="rss"/></a> </div> <h2>Latest Headlines</h2> <h1 class="recent_headlines_new"><a href="/web/20130309170048/http://www.mcclatchydc.com/2011/06/02/115175/manhattan-district-attorney-supoenas.html">Goldman gets subpoena over risky mortgage deals</a></h1> <p class="story_summary">In the absence of federal prosecutions over Wall Street's role in the nation's financial crisis, the Manhattan district attorney has subpoenaed Goldman Sachs regarding allegations that the giant investment bank bet heavily against its clients in risky mortgage deals, two people familiar with the matter said Thursday. <a href="/web/20130309170048/http://www.mcclatchydc.com/2011/06/02/115175/manhattan-district-attorney-supoenas.html">» read more</a></p> <div class="front_story_assets"> <ul> <li>· <a href="/web/20130309170048/http://www.mcclatchydc.com/2011/02/15/108802/critics-goldman-should-give-back.html">Critics: Goldman should give back $2.9 billion to taxpayers</a></li> <li>· <a href="/web/20130309170048/http://www.mcclatchydc.com/2011/01/24/107346/top-borrowers.html">List: Top Borrowers</a></li> <li>· <a href="/web/20130309170048/http://www.mcclatchydc.com/2011/01/24/107342/wall-street-firms-earn-high-profits.html">Wall Street firms earn high profits with Uncle Sam's backing</a></li> </ul> </div> </div> <!-- Start: /pubsys/production/shared/html_module.comp --> <div id="recent_stories" class="box_2"> <h2>VIDEO: GOLDMAN SACHS' SECRET BETS</h2> <object id="player_swf" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" width="496" height="397" codebase="https://web.archive.org/web/20130309170048oe_/http://fpdownload.macromedia.com/get/flashplayer/current/swflash.cab"><param name="movie" value="http://cdn-akm.vmixcore.com/core-flash/UnifiedVideoPlayer/UnifiedVideoPlayer.swf?player_id=75a7753b5f23df9c00514cdb0daa934f"></param><param name="allowScriptAccess" value="always"></param><param name="allowFullScreen" value="true"></param><param name="wmode" value="transparent"></param><param name="flashVars" value="player_id=75a7753b5f23df9c00514cdb0daa934f&token=211fa5938b9413252d5bfcb8faac1c8b"/></param> <embed name="player_swf" src="https://web.archive.org/web/20130309170048oe_/http://cdn-akm.vmixcore.com/core-flash/UnifiedVideoPlayer/UnifiedVideoPlayer.swf?player_id=75a7753b5f23df9c00514cdb0daa934f" width="496" height="397" allowscriptaccess="always" allowfullscreen="true" wmode="transparent" type="application/x-shockwave-flash" flashvars="player_id=75a7753b5f23df9c00514cdb0daa934f&token=211fa5938b9413252d5bfcb8faac1c8b" swliveconnect="true" pluginspage="http://www.adobe.com/go/getflashplayer"></embed></object> </div><!-- End: /pubsys/production/shared/html_module.comp --> </div> <div id="col_2"> <!-- PAGE ELEMENT SECTION_COL_2 --> <div id="recent_stories" class="box_2"> <h2>ABOUT THIS SERIES</h2> <p>A five-month McClatchy investigation reveals how Wall Street colossus Goldman Sachs peddled billions of dollars in shaky securities tied to subprime mortgages on unsuspecting pension funds, insurance companies and other investors when it concluded that the housing bubble would burst.</p> <ul> <li><strong>Part One:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/77791.html">High-yield promises, secret contrary bets</a></li> <li><strong>Part Two:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/77841.html">Take borrowers to court, then take their homes</a></li> <li><strong>Part Three:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/77844.html">Big losses, little recourse for overseas investors</a></li> <li><strong>Part Four:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/77852.html">Blue-chip prestige flirts with subprime disaster</a></li> <li><strong>The response:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/100/story/78651.html">Letter to the editor from Goldman Sachs' spokesman</a></li> <li><strong>Follow:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/336/story/81465.html">Goldman's offshore deals deepened global financial crisis</a></li> <li><strong>Follow:</strong> <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/2009/12/30/81463/details-of-one-goldman-deal-reveal.html">Details of one Goldman deal reveal lopsided conflicts</a></li> </ul> </div> <div id="recent_stories" class="box_2"> <h2>VIDEO</h2> <ul> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=7031974" target="_blank">Goldman Sachs' secret bets</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=7032044" target="_blank">One couple stands up to Goldman Sachs</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=7084115" target="_blank">About McClatchy's Goldman Sachs probe</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=708422" target="_blank">Goldman's subprime mortgage deals</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=7085485" target="_blank">Goldman's offshore adventures</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=7085570" target="_blank">Goldman's strange bedfellows</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://videos.mcclatchydc.com/vmix_hosted_apps/p/media?id=7122740" target="_blank">Goldman's government connections</a></li> </ul> </div> <div id="recent_stories" class="box_2"> <h2>DATABASE: TROUBLED MORTGAGES</h2> <p><a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/mortgage-data/" target="_blank"><img src="https://web.archive.org/web/20130309170048im_/http://media.mcclatchydc.com/static/images/goldman/foreclosure_140.jpg" border="0" align="right" hspace="10"></a> See our <a href="https://web.archive.org/web/20130309170048/http://www.mcclatchydc.com/mortgage-data/" target="_blank">state-by-state breakdown</a> of troubled mortgages. The rate of mortgage delinquencies has skyrocketed since 2004, when only 1 percent of traditional mortgages, known as prime, were 60 days in arrears and just 1.5 percent were in foreclosure.</p> </div> <div id="recent_stories" class="box_2"> <h2>GRAPHICS (PDF FORMAT)</h2> <ul> <li><a href="https://web.archive.org/web/20130309170048/http://media.mcclatchydc.com/static/images/goldman/20091028_Scandal_GOLDMAN.pdf">Risky business</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://media.mcclatchydc.com/static/images/goldman/20091028_Subprime_GOLDMAN.pdf">Goldman and subprimes</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://media.mcclatchydc.com/static/images/goldman/20091028_Jobs_GOLDMAN.pdf">Revolving door with government</a></li> <li><a href="https://web.archive.org/web/20130309170048/http://media.mcclatchydc.com/static/images/goldman/20091028_Cayman_GOLDMAN.pdf">Tax haven in the Caribbean</a></li> </ul> </div> <!-- END PAGE ELEMENT SECTION_COL_2 --> </div> <div class="clear"></div> </div> <div id="col_3"> <center><div class="advertisement ts_pubsys_production_section_section_guantanamo dart3" id="dart_160x600_ats_1"><!-- support/ads/dart_call.ett :start v.15694 --><!-- in gpt_generic --><script type="text/javascript"> document.write("<div id='div-gpt-ad-"+mi__gpt_ord+"-3'><scr"+"ipt type='text/javascript'>googletag.cmd.push(function() { googletag.display('div-gpt-ad-"+mi__gpt_ord+"-3'); 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