Goldman Sachs given more time to respond to SEC lawsuit
The lawsuit alleges the company and Tourre made misleading statements and omissions in 2007 in connection with a synthetic collateralized debt obligation (CDO) structured and marketed to investors. The CDO was tied to the performance of subprime residential mortgage-backed securities and “contributed to the recent financial crisis by magnifying losses associated with the downturn in the United States housing market,” the SEC lawsuit says.
During congressional testimony in late April, Tourre and Goldman CEO Lloyd Blankfein denied the allegations, saying they didn’t do anything wrong.
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