SEC brings fraud suit against Goldman Sachs

On Friday the Securities and Exchange Commission announced a civil suit against Wall Street giant Goldman Sachs, after uncovering what the SEC calls significant evidence of fraud during the run-up to the current financial crisis.

We turn to two guests uniquely situated to look at the accusations leveled against the firm this weekend. Louise Story, Wall Street and finance reporter for our partner The New York Times, first broke the story at the heart of the SEC’s suit back in December, and has continued to follow Goldman Sachs’ practices since then. University of Maryland School of Law professor Michael Greenberger is a former federal regulator at the Commodity Futures Trading Commission; he describes the SEC’s suit as the first possibly successful counterstrike by the federal government against Wall Street’s shady practices.