Bloomberg reports the SEC (SEC news) sent Goldman Sachs (NYSE: GS) a Wells notice in July. Which raises an obvious question: Why didn't Goldman Sachs disclose that a probe had been initiated?

There was some general disclosure. "GS&Co. and certain of its affiliates, together with other financial services firms, have received requests for information from various governmental agencies and self-regulatory organizations relating to subprime mortgages, and securitizations, collateralized debt obligations and synthetic products related to subprime mortgages. GS&Co. and its affiliates are cooperating with the requests." But is that enough? Is that specific enough?

Most companies tend to err on the side of caution, and disclose more. But it may be that there are so many probes going on by so many entities, federal and state, that Goldman Sachs chose to lump them all into together. That would be hard to argue with, but perhaps we'll see the firm get a bit more specific going forward. 

For more:
- here's the Bloomberg article

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