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Goldman Sachs
In addition to being part of the massive settlement orchestrated by New York Attorney General Eliot Spitzer for improper conflicts of interest, Goldman Sachs is also being investigated by the SEC for its IPO policies. It is alleged to have offered early IPO shares to favored clients in exchange for future business deals.
Laddering Scandal: Accused of "laddering" -- selling IPO shares to rich clients in order for future business, Goldman Sachs unfairly skewed market prices to the disadvantage of the small investor.
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eToys: The now bankrupt e-tailer is suing Goldman Sachs for intentionally undervaluing its IPO. It claims that the price, $20, was known to be far less than the actual selling price which peaked at $85 on the first day of trading. As a result, the suit alleges, eToys was forced into bankruptcy two years later.
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