Spanish unemployment rate rises above 20%

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Spanish unemployment rate rises above 20%

News Article Date: Friday 30th of April 2010

Spain: In a statement, the INE (National Statistics Institute) said first-quarter unemployment rose to 20.05% from 18.83% in the fourth quarter of last year. The rate is the highest in the developed world, Spain's highest since 1997 and it tops government's predictions, which forecast a 19% unemployment rate at the end of this year. 4.6m people are jobless. Goldman Sachs: US federal prosecutors are conducting a criminal investigation into whether Goldman Sachs or its employees committed securities fraud in connection with its mortgage trading, people familiar with the probe say, according to The Wall Street Journal. However, prosecutors would face a higher threshold in bringing a criminal case against Goldman, whose role in the mortgage market came under sharp scrutiny this week during a Senate hearing on Tuesday. In contrast to civil cases, the burden of proof is higher in criminal ones, where prosecutors must prove their case beyond a reasonable doubt.
Click here to send a Spanish mortgage enquiry The Journal says the SEC (Securities and Exchange Commission) and Justice Department often coordinate their actions on investigations. The probe underscores heightened efforts by the Manhattan US Attorney's office in prosecuting white-collar and Wall Street crime. It is in the midst of pursuing the largest insider-trading case in a generation, charging 21 individuals and negotiating 11 guilty pleas in that matter.
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