Brown goes after Goldman Sachs

Prime Minister Gordon Brown has stated that he wants US Bank Goldman Sachs to be investigated by the UK financial watchdog after US regulators formally charged it with fraud.

Brown is in the middle of the General Election and piled pressure onto the powerful Wall Street bank accusing the company of moral bankruptcy over plans to pay out large bonuses to its employees.

The US Securities and Exchange Commission (SEC) charged the company last Friday with fraud after marketing a mortgage product that it deemed subprime.  Goldman stated that the company was not founded and planned to launch a defence.

Brown stated that he wants a special investigation that looks into the entire entanglement of Goldman Sachs and the companies they were tied into and what happened over the millions of pounds that were traded in Britain.

He continued to say that most likely the banks involved with Goldman Sachs will also be looking into launching legal action and that they will work along with the United States SEC.

A spokesman with the UK Financial Services Authority refused to comment stating that the authority never offers a statement on their investigation.  However, a person close to the FSA stated that the SEC and FSA are working together but the investigation is primarily in the hands of the United States.

A little less than a month is left before the General Election and the Labour Party of which Brown is a member is currently behind in the polls.