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Reports: BP makes progress on Oil Gusher, SEC to make "significant announcement"

By Anonymous

From the WSJ: Oil Stops Flowing as BP Tests Cap

From the SEC:

The SEC Enforcement Division is holding a news conference at 4:45 p.m. ET to make a significant announcement.

There will be a webcast here. Rumors are about Goldman Sachs - but we will know in 45 minutes.

UPDATE: Goldman Sachs settles with SEC, agrees to pay $550 million.

News release

The Securities and Exchange Commission today announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.

In agreeing to the SEC's largest-ever penalty paid by a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information.

Goldman Consent

Proposed judgment

Full post as published by Calculated Risk on July 15, 2010 (boomark / email).