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The SEC charged Goldman /quotes/comstock/13*!gs/quotes/nls/gs (GS 161.73, +1.03, +0.64%) with securities fraud for making misleading statements and omissions to investors about a collateralized debt obligation, or CDO, known as Abacus 2007-ACI. See full story on fraud charge against Goldman.

Paulson helped Goldman structure the deal and then bet against it, making huge profits when the housing market fell in 2007. But Goldman didn't tell investors that the hedge-fund firm was involved in putting the deal together, or that it was betting against the structure.

Robert Khuzami, director of the SEC's enforcement division, said Paulson wasn't charged because it wasn't obligated to disclose conflicts to suckers, er, investors.

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