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Financial regulators in the United States |
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have accused the investment bank Goldman Sachs |
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of fraud related to the collapse |
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of the American housing market in 2007. |
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The Securities and Exchange Commission |
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is taking civil action against the bank. |
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Michelle Fleury sent this report from the floor |
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of the New York Stock Exchange. |
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The Securities and Exchange Commission alleges |
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the bank sold investors a financial product |
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based on subprime mortgages |
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that was designed to lose value. |
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Goldman Sachs has denied the allegations |
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and says it will defend the firm |
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and its reputation. |
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This is the first time |
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that the US government has explicitly accused |
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one of Wall Street's premier institutions |
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of fraud relating to the collapse of the US housing market. |