Goldman Sachs Faces U.K. Investigation

Britain's financial regulator said Tuesday it was launching a full-blown investigation into Goldman Sachs International after U.S. authorities filed civil fraud charges against the bank.

The Financial Services Authority said Tuesday that it will be liaising closely with the U.S. Securities and Exchange Commission in its review.

British interest in the case is likely to focus on the Royal Bank of Scotland, which paid $841 million to Goldman Sachs in 2007 to unwind its position in a fund acquired in the takeover of Dutch Bank ABN Amro, according to the complaint filed in the United States.

The mammoth bank was slapped with surprise fraud charges by the SEC on Friday related to a complex subprime mortgage deal that was coordinated prior to the collapse of the housing market.

Spitzer: SEC will Likely win Case against Goldman Sachs

According to a report by to Politico.com Goldman Sachs has enlisted former White House counsel Gregory Craig to help the embattled Wall Street giant navigate through a grilling on Capitol Hill and an investigation for alleged fraud by the Securities and Exchange Commission, according.

More on Goldman Sachs:

Goldman Sachs Earns $3.3B in First Quarter
Goldman Sachs Hires Ex-White House Counsel
SEC vs. Goldman: A Matter of "Material"
Analysts Bullish on Goldman, Despite Charges
Goldman Suit No "Slam Dunk" For SEC
Goldman CEO: We'll Defend our Reputation
Fed: Examining Risk Key to Stemming Next Crisis
Goldman and SEC: Why No Settlement?
Germany May Seek Compensation From Goldman
Goldman Sachs Faces Backlash in Europe, Too
Goldman Tarnished by SEC Suit, Experts Say
Goldman Charges May Spur Finance Reform
Goldman Sachs Defrauded Investors, SEC Charges

[pubsrtoast]

I wonder if Britain will be able to sponsor their own contingent of sign carrying, three corner hat wearing morons to stand around and demand that the government back off because it is their God given right to be ripped off by the banks. Probably not, no other country could could convene that much stupidity.