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| [00:00.00] | Financial regulators in the United States |
| [00:02.43] | have accused the investment bank Goldman Sachs |
| [00:04.98] | of fraud related to the collapse |
| [00:07.03] | of the American housing market in 2007. |
| [00:09.58] | The Securities and Exchange Commission |
| [00:11.88] | is taking civil action against the bank. |
| [00:13.87] | Michelle Fleury sent this report from the floor |
| [00:16.73] | of the New York Stock Exchange. |
| [00:18.16] | The Securities and Exchange Commission alleges |
| [00:21.15] | the bank sold investors a financial product |
| [00:23.64] | based on subprime mortgages |
| [00:25.63] | that was designed to lose value. |
| [00:28.12] | Goldman Sachs has denied the allegations |
| [00:30.67] | and says it will defend the firm |
| [00:32.10] | and its reputation. |
| [00:33.40] | This is the first time |
| [00:35.08] | that the US government has explicitly accused |
| [00:37.51] | one of Wall Street's premier institutions |
| [00:40.18] | of fraud relating to the collapse of the US housing market. |
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