by Calculated Risk on 7/15/2010 03:58:00 PM

From the WSJ: Oil Stops Flowing as BP Tests Cap

From the SEC:

The SEC Enforcement Division is holding a news conference at 4:45 p.m. ET to make a significant announcement.

There will be a webcast here. Rumors are about Goldman Sachs - but we will know in 45 minutes.

UPDATE: Goldman Sachs settles with SEC, agrees to pay $550 million.

News release

The Securities and Exchange Commission today announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.

In agreeing to the SEC's largest-ever penalty paid by a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information.

Goldman Consent

Proposed judgment