On Friday, the Securities and Exchange Commission in the US launched a civil suit against the investment bank Goldman Sachs, alleging that it defrauded investors to the tune of one billion dollars by failing to disclose a major conflict of interest in a product it sold back in 2007. Goldman Sachs say the allegations are completely unfounded.
A long standing critic of Goldman Sachs is Rolling Stone magazine's Matt Taibbi. Last summer he wrote an article famously calling the investment bank a "Great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." Mr Taibbi explained the details of this allegation.
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