In addition to the $2 billion so-called collateralized debt obligation that is the focus of the SEC's charges against Goldman, the subcommittee analyzed five other such transactions, totaling around $4.5 billion. All told, they formed a "Goldman Sachs conveyor belt," the panel said, that dumped toxic mortgage securities into the bloodstream of the financial system.
SHOOT: The SEC will win the case if they keep it simple. Not what the instruments were, but were GS cynically selling toxic securities and betting against them. In that contradiction - not the details - is their case for fraud.