Blawgletter's favorite Bloomberg columnist, Jonathan Weil, today takes keyboard in hand to tell us why the Securities and Exchange Commission just sued Goldman Sachs for civil fraud – "Goldman Serves One Master Better Than the Others".  He teases with this:

Who knew the folks at the SEC still had it in them to accuse a major Wall Street bank of fraud? And who could have guessed that Goldman’s canned explanation for its behavior during the subprime mortgage bubble — that it simply was serving clients’ needs — could come so unglued so quickly?

Mr. Weil ends thus:

Can’t wait to see how Goldman tries to talk its way out of this one.

SEC news release here.