PLEDGE NOW
Goldman Sachs vs. S.E.C.

Goldman Sachs chairman and chief executive officer Lloyd Blankfein testifies on Capitol Hill in Washington, Wednesday, Jan. 13, 2010, before the Financial Crisis Inquiry Commission. (AP)

The SEC took out the knives Friday, filing a civil suit against Goldman Sachs that alleges the bank knowingly defrauded investors of billions of dollars, and in fact made money on its investors’ losses.

Authorities say the bank gave its seal of approval to investments it knew were rotten. The worst of the toxic assets — the sort that helped bring down the financial system. 

It’s a big charge, and it could have sweeping consequences.

Goldman Sachs, which says the charges are “unfounded,” wasn’t the only investment bank wrapped up in these trades. All of Wall Street was doing it.  

This Hour, On Point: the federal government versus Goldman Sachs.

Guests:

Matt Taibbi, contributing editor for Rolling Stone magazine. You can listen back to our hour with him last year, in which he debated a longtime consultant to Goldman Sachs. You can also read his big, and controversial, piece on Goldman.

Arthur Laby, professor of law at Rutgers School of Law. Before joining the Rutgers faculty, he served nearly ten years on the staff of the U.S. Securities and Exchange Commission.

Gregory Zuckerman, a senior writer and columnist for The Wall Street Journal who has closely followed these insider trading cases. His new book is “The Greatest Trade Ever: The Behind-the-Scenes Story of how John Paulson Defied Wall Street and Made Financial History.” You can listen to the On Point segment in which he tells the backstory of what went on with Goldman Sachs and other investment banks.

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
May 5, 2016
Detroit teachers march outside the district headquarters, Monday, May 2, 2016, in Detroit. Detroit Public Schools transition manager Steven Rhodes says 45,628 of approximately 46,000 students were forced to miss classes Monday as 1,562 teachers called in sick. The mass sick-out has forced the district to close 94 of its 97 schools. Detroit's schools are expected to be out of cash starting July 1. The state earlier gave the district $48.7 million in emergency funding to keep it open through June 30 as the Legislature considers a $720 million restructuring plan. (AP Photo/Carlos Osorio)

Fixing Michigan- from Flint’s water crisis to failing schools in Detroit. Are state takeovers the answers or the problem?

May 5, 2016
Rob Reiner with his son, Nick. [Courtesy: Paladin]

Filmmaker, actor Rob Reiner and his son, Nick, get personal in their new film “Being Charlie,” which takes on drug addiction.

RECENT
SHOWS
May 4, 2016
Leslie Stahl with her grandchild Jordan. (Courtesy: Leslie Stahl)

Trailblazing journalist Lesley Stahl on her new book Becoming Grandma, and the joys, the science, the struggles, the evolution of being a grandparent today.

 
May 4, 2016
Republican presidential candidate Donald Trump is joined by his wife Melania, right, and daughter Ivanka, left, as he arrives for a primary night news conference, Tuesday, May 3, 2016, in New York. (AP Photo/Mary Altaffer)

Results from the 2016 Indiana primary. Does it cement two pathways to the nominations?

On Point Blog
On Point Blog
Devoured: We Are What (And How) We Eat
Tuesday, May 3, 2016

From chicken wings to kale smoothies, we look at what we eat, and how challenging it is to eat well in America.

More »
Comment
 
‘Embedded’: How Violent Gangs Are Terrorizing El Salvador
Thursday, Apr 14, 2016

NPR’s Kelly McEvers on her reporting in El Salvador for the podcast Embedded, and how gang killings brought San Salvador’s bus service to a halt.

More »
Comment
 
That Cheap Dress On Facebook? It Isn't Worth It
Monday, Apr 11, 2016

Know those shockingly cheap clothes you see advertised on Facebook? There’s a catch.

More »
Comment