A regular contributor to Nate Silver's blog summarizes the SEC complaint against Goldman and Tourre. He says the case is very straightforward: it's a civil case against Goldman (and Tourre) for lying. Period. Further, the expectation if the SEC prevails is that there will be more cases like this (possibly against Goldman) -- and Wall Street in general will behave a lot better if they know there is someone watching them when they behave badly.
A _really_ good article.