Bernard Hickey details the key news in 90 seconds at 9am in association with the BNZ, including news that The Securities and Exchange Commission (SEC) has accused Goldman Sachs of fraud over collateralised debt obligations it sold in 2007. It is alleged it allowed a hedge fund to pick the underlying mortgages for the CDOs and then bet against them. The SEC alleges this meant buyers of the CDOs were misled and lost US$1 bln. UK Prime Minister Gordon Brown said the allegations indicated Goldman Sachs was 'morally bankrupt' and he would launch an investigation in Britain. The Dow fell sharply on the news. A European probe is also seen as likely. Meanwhile, the Eyjafjallajerkull eruption is causing more havoc across the global economy. It has already cost airlines and tourism operators US$2 billion and will cost at least US$250 mln for each extra day. 'Just in time' exporters of meat, fruit, flowers, electronic components and car parts are suffering across the globe. Aer Lingus and British Airways have just cancelled all flights for Monday. Meanwhile, UK Liberal Democrat leader Nick Clegg won the election debate over the weekend, catapulting the Liberal Democrats into contention just behind Labour and raising the prospect of a hung parliament after the election on May 6.
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