Watchdog calls the timing of the SEC's Goldman lawsuit "suspicious"

09/23/2010 | Wall Street Journal, The

Securities and Exchange Commission Inspector General H. David Kotz called the timing of a fraud lawsuit the agency brought against Goldman Sachs "suspicious." Kotz suggested that the move was intended to distract attention from a report he wrote that states the SEC failed to detect a possible Ponzi scheme by R. Allen Stanford. "It would strain credulity to think it was coincidental," Kotz said about the timing of the lawsuit during a hearing of the Senate banking committee. "I can't give you a conclusion right now, but it was suspicious."

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