Shares of Goldman Sachs (GS) are predictably trading lower in pre-market activity following news from the WSJ that Manhattan prosecutors are in the early stages of a criminal probe of the company.
Obviously if such charges were brought it would be huge.
But is the story really a lot of hot air?
CNBC is reporting that there’s much less to the story than you might think — basically it sounds like the DOJ is only at the perfunctory stage of this thing, where they take a look at whatever the SEC is looking at.
Of course, The Wall Street Journal, which was last seen blowing hedge fund ideas dinners into major conspiracies to destabilize Europe, gave it a spin like this was something incredibly serious, at least up at the top.
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