That was fast.
From WaPo:
Stocks had a late-day turnaround and closed mixed Thursday as traders awaited news that Goldman Sachs settled the government’s civil fraud charges.
As word spread that the Securities and Exchange Commission had scheduled a late-afternoon announcement, investors began buying on the belief that the government and Goldman Sachs Group Inc. had settled the charges that grew out of the sale of securities based on risky mortgages.
The $550 million settlement was announced less than an hour after trading ended. Goldman agreed to pay fines of $300 million, the largest fine against a financial company in SEC history, and $250 million to compensate investors who lost money on the securities. The deal also requires Goldman to review how it sells complex financial mortgage investments…
UPDATE: ProPublica notes the settlement is only about two weeks’ worth of profit for the firm. (Hat Tip: Political Wire)
