The Goldman Sachs (NYSE: GS) regulatory saga continues. It was big news when the Senate Permanent Subcommittee on Investigations released a rather damning report about Goldman and other financial firms' sales and marketing practices regarding credit default swaps  in April. At the time, Senator Carl Levin boldly called for the Justice Department and the SEC to take a look at the content of the report and consider whether Goldman violated any laws, including perjury before Congress.

The subcommittee believes there is evidence to suggest Goldman executives were being less than truthful when they said under oath that they did not have short positions on various CDSs.

It was unclear if the Justice Department would take this call to heart, but Attorney General Eric Holder told the House Judiciary Committee at a hearing that his department is in fact reviewing the April report, reports Bloomberg. Holder did not elaborate.

This is not good news for Goldman and it raises the specter of criminal charges against individual executives of the company. The news comes at the same time the EU is conducting its own review of top Wall Street banks.

While many people, including us, had previously concluded that Goldman had put the financial crisis behind it, that assumption may have been premature.

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