Goldman (GS) shares getting sacked like a quarterback on reports federal prosecuters are set to begin a criminal probe of the investment bank. Making matters worse, BofA/Merrill analysts downgraded the stock to Neutral from Buy, cut the price target to $160 from $220. Shares are trading down $11.50 to $148.74. Options trading is brisk. 83K calls and 65K puts traded. While May 145 puts, 150 puts, 160 calls, and 170 calls are the most actives, the top trade of the day looks like a bullish Jan 160 – 180 call spread at $7.40, 4000X on PHLX. Meanwhile, implied volatility is rallying another 40 percent, to 48; from about 27 before the SEC filed the fraud charges in connection with securities tied to subprime mortgages on April 16.