Update (4:49 EDT): The Securities and Exchange Commission has announced that Goldman Sachs will pay $550 million to settle the SEC's charges against the firm. Goldman has acknowledged that its marketing materials for the subprime product it was marketing contained incomplete information. Click here for the early AP story.

In April, The SEC sued Goldman Sachs and one of its employees for civil fraud, alleging they defrauded investors in selling a financial product tied to subprime mortgages, in 2007.

In...