When the news broke Friday that the Securities and Exchange Commission was charging Wall Street investment bank Goldman Sachs with misleading investors, millions of Americans must have had one thought — finally!

For more than a year, Americans have been waiting for those responsible to be held accountable for their role in the financial crisis. Investment bankers at Goldman Sachs are only one of many potential targets.

Last week's charges against Goldman Sachs are seen by many as just the beginning of the process of sorting through the wreckage of the financial crisis.

The SEC alleges that Goldman, working with hedge fund manager John Paulson, created a package of particularly risky mortgage-backed securities that Goldman sold to investors while Paulson betted against those very same securities.

Paulson believed the real estate and mortgage investment bubble was going to burst, and his arrangement with Goldman created the perfect vehicle for betting on that collapse.

Steve Fraser, a Wall Street historian, was quoted in the New York Times as saying the SEC lawsuit, if proven, will "confirm to people their suspicions about the total selfishness of these financial institutions. . . . This is way beyond recklessness. This is way beyond incompetence. This is cynical, selfish, exploiting."

That's exactly how many see what appears to have been a heads-we-win, tails-you-lose environment on Wall Street.

The SEC civil suit is satisfying to many who hope to see additional legal action taken against other investment banks, as well as mortgage banks and mortgage brokers.

There is no shortage of anecdotal evidence that many on Wall Street knowingly went along with predatory and fraudulent mortgage lending practices, while at the same time repackaging those mortgages as low-risk investments.

But as satisfying as it would be to see some Wall Street bankers and mortgage bankers indicted, tried and imprisoned, it is worth remembering that there is a difference between illegal and unethical or greedy behavior. The case against Goldman Sachs alleges fraud, suggesting the investment bank misled investors. Because greed is not a crime, many of those involved in bringing about the financial crisis will not be charged.

Last week's action by the SEC suggests a newly emboldened agency. The Goldman case could help restore the reputation of the agency, which was accused of being asleep at the switch when it was given detailed tips about the Bernard Madoff Ponzi scheme.

The timing of the SEC action is interesting, coordinating nicely with the political battle over financial reforms taking place in Washington.

At a time when Goldman and other Wall Street investment banks are reporting record profits and paying multimillion-dollar bonuses, the public is ready to see the pain being felt on Main Street spread to Wall Street.

The SEC action also suggests that there will be a financial price to be paid for the excesses of Wall Street. Following the SEC action, it is possible that European authorities will also take action because some large European banks were among those who bought the bundles of toxic mortgages sold by Goldman.

While financial reform is necessary, it is likely that massive financial pain could do more to curb Wall Street excesses.

There was a time when Wall Street investment bankers helped expand and revitalize the economy — and made money while doing it. In the past decade or so, Wall Street appears to have been more focused on high-risk and highly leveraged gambling. And, apparently, with some of the bets rigged in its favor.

The SEC lawsuit against Goldman Sachs suggests that there will be consequences for those who crossed the line and committed fraud. Goldman probably was not alone in crossing the line, and Americans will cheer as additional actions are taken to hold more on Wall Street accountable.