Goldman Sachs developed a strategy to profit from the housing meltdown and reaped billions at the expense of clients, a US Senate investigation found.

Investment bank Goldman Sachs is to be investigated in the UK after US authorities issued fraud claims against it, the City regulator said today.

THE European Union will more than likely reject US President Barack Obama’s plan to limit banks’ size and trading activities in a bid to reduce risk in the sector.

Wall Street shot higher today, lifting the Dow Jones industrials nearly 320 points after reassuring news from Goldman Sachs Group Inc. and Wal-Mart Stores Inc. quelled some of the market’s worst fears about the credit crisis and the economy. A plunge in the price of oil gave investors further incentive to buy.