Brown wants the FSA to probe Goldman

clock

Prime Minister Gordon Brown wants the FSA to probe Goldman Sachs after the SEC announced it was suing the company for sub-prime related fraud.

Brown called for the inquiry after saying he was "shocked" at the "moral bankruptcy" indicated in the charge. "This is probably one of the worst cases we have seen," Brown told the BBC's Andrew Marr program. "It looks as if people were misled about what happened. The banks are still an issue. They are a risk to the economy." The move was echoed by German Chancellor Angela Merkel, who told her country's financial regulator Bafin to ask the SEC for details on the suit. Goldmans has vehemently denied the charge of fraud tied to collateralised debt obligations. Royal Bank of Scotla...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England meets expectations and cuts rates to 4%

Bank of England meets expectations and cuts rates to 4%

Lowest level in two and a half years

Isabel Baxter
clock 07 August 2025 • 4 min read
Think tank warns UK fiscal hole could surpass £50bn by 2030

Think tank warns UK fiscal hole could surpass £50bn by 2030

Government not on track to meet ‘stability rule’

Sorin Dojan
clock 06 August 2025 • 1 min read
Chancellor Khalaf has a plan to make our economy boom

Chancellor Khalaf has a plan to make our economy boom

'So, Sir Keir, if you're reading, I do genuinely hope Rachel is doing okay. And my number's still the same. So, you know, call me'

Laith Khalaf
clock 25 July 2025 • 5 min read