"The SEC continues to investigate the practices of investment banks and others involved in the securitization of complex financial products tied to the US housing market as it was beginning to show signs of distress," said Kenneth Lench, head of the SEC's structured and new products unit. It is not known whether the SEC might refer the case to the Department of Justice for criminal prosecution. "The fact that the only individual charged here, after what was presumably a very thorough investigation, was a vice president rather than a managing director or higher, is relatively reassuring news for Goldman," said Bank of America-Merrill Lynch research analyst Guy Moszkowski.