Tagged: Goldman Sachs

Goldman Sachs on Monday downgraded BlackBerry after a disappointing launch for the company's new smartphone, the Z10.

The Wall Street Journal reports that Goldman slashed its investment rating on the Canada-based company — formerly known as Research in Motion, or RIM — to neutral from buy, citing weak support for the new product.

Rajat Gupta, who was once a director at Goldman Sachs and Procter & Gamble, has been sentenced to two years in prison, after a federal jury convicted him of insider trading.

Gupta was convicted of leaking information to Galleon Rajaratnam, the billionaire co-founder of Galleon Group who was found guilty of fraud and conspiracy.

A Senate panel found last year that Goldman Sachs marketed four sets of complex mortgage securities to banks and other investors, but failed to tell clients the securities were very risky. The Justice Department said the "burden of proof to bring a criminal case" could not be met.