Fidelity-Goldman probe confirmed

The office of New York Attorney General Andrew Cuomo confirmed there is an investigation into whether Goldman Sachs Group Inc. slipped incentives to brokers at Fidelity Investments that were selling auction-rate securities to investors.

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The attorney general's office was tipped off by the fact that most of the auction-rate securities sold by Fidelity were underwritten by Goldman, according to a report from a source in The Wall Street Journal.

Cuomo's office is leading the investigation for state and federal authorities after the auction securities market collapsed, leaving investors high and dry. Regulators have been forcing many Wall Street firms such as Citigroup Inc. and Merrill Lynch & Co. to repay customers. - Maria Woehr

See Wall Street Journal story
See CNN report

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