FSA Fines Goldman Sachs $30 Million
London, England, United Kingdom (AHN) – British’s Financial Services Authority fined Goldman Sachs (NYSE: GS) $30 million (20 million pounds) for failuring to inform the City regulator that one of the bank’s officers under investigation for fraud in the U.S. was transferred to the U.K.
The FSA identified Goldman official as Fabrice Tourre, who was facing a Securities and Exchange Commission probe for fraud.
While the SEC investigation was ongoing, Goldman reassigned Tourre to its London office from its New York unit.
The SEC had charged Goldman with failure to disclose that a hedge fund betting against a mortgage-backed security called Abacus picked some of the mortgage loans included in the portfolio. The move cost investors up to $1 billion.
Because of the charges, a U.S. Senate Committee questioned seven Goldman directors, including Tourre. Goldman eventually settled the case and paid SEC a penalty of $550 million (355.5 million pounds) without admitting wrongdoing.
Reports said Goldman is expected to admit it made a mistake in not informing the FSA of Tourre’s transfer, but the bank has so far officially decline to comment on the matter.
Goldman, like many American banks hit by the global financial crisis, is trying to rebuild its image and rebuild public trust.
Goldman has also been accused by Greece of profiteering from the country’s sovereign debt crisis by short selling the nation’s bonds.
The FSA had been slapping large western banks with hefty penalties. In 2009, the FSA penalized another U.S. bank, JPMorgan, a record $49.5 million (33 million pounds) for the bank’s failure to separate client money from its own. Also last year, the regulator penalized Barclays, Credit Suisse and Commerzbank $3.7 million (2.45 million pounds) each for failure to maintain proper trading records.
In August, FSA fined the London branch of French bank Societe Generale $2.4 million (1.57 million pounds) for lack of accurate transaction records.
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FSA Fines Goldman Sachs $30 Million
London, England, United Kingdom (AHN) – British’s Financial Services Authority fined Goldman Sachs (NYSE: GS) $30 million (20 million pounds) for failuring to inform the City regulator that one of the bank’s officers under investigation for fraud in the U.S. was transferred to the U.K.
The FSA identified Goldman official as Fabrice Tourre, who was facing a Securities and Exchange Commission probe for fraud.
While the SEC investigation was ongoing, Goldman reassigned Tourre to its London office from its New York unit.
The SEC had charged Goldman with failure to disclose that a hedge fund betting against a mortgage-backed security called Abacus picked some of the mortgage loans included in the portfolio. The move cost investors up to $1 billion.
Because of the charges, a U.S. Senate Committee questioned seven Goldman directors, including Tourre. Goldman eventually settled the case and paid SEC a penalty of $550 million (355.5 million pounds) without admitting wrongdoing.
Reports said Goldman is expected to admit it made a mistake in not informing the FSA of Tourre’s transfer, but the bank has so far officially decline to comment on the matter.
Goldman, like many American banks hit by the global financial crisis, is trying to rebuild its image and rebuild public trust.
Goldman has also been accused by Greece of profiteering from the country’s sovereign debt crisis by short selling the nation’s bonds.
The FSA had been slapping large western banks with hefty penalties. In 2009, the FSA penalized another U.S. bank, JPMorgan, a record $49.5 million (33 million pounds) for the bank’s failure to separate client money from its own. Also last year, the regulator penalized Barclays, Credit Suisse and Commerzbank $3.7 million (2.45 million pounds) each for failure to maintain proper trading records.
In August, FSA fined the London branch of French bank Societe Generale $2.4 million (1.57 million pounds) for lack of accurate transaction records.
View full post on All Stories
Online Stock Trading Companies – 12 Features Of The Best Ones
In earlier years, online trading of stock was associated with the New York Stock Exchange only–at least, that is what people used to think! Today, with the advent of the Internet, traders or investors have a chance to explore. And they have discovered that there are plenty of stock trading companies listed online! With a little bit of research and patient surfing, it should not be too difficult for them to make a list of the best online stock trading companies!
The characteristics attributed to these best online stock trading companies are as follows–
(1) Buying and selling stock across the globe may seem a little strange at first, especially via the World Web. But if one should take a good look at the stock, it consists mainly of routinely used, everyday products. The same products are manufactured by different international companies, either from one’s own country or from an outside location. Read more
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- Justice Dept. Broadens Investigations of Terrorism in Private Records
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- Average rate on 30-year fixed mortgage falls to 3.9 percent
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- Personal and Business Loans
- Moody’s downgrades credit of 26 Italian banks
- Initial unemployment claims drop by 1,000
- Fannie Mae not seeking new bailout funds after good quarter
- Mortgage rates fall to record low
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- Costco to offer mortgages
- U.S. stocks mixed Thursday on weak jobless claims
- Short sales up in housing market
- Beyond the drought – ‘Families will disappear’
- Job growth weaker in March than prior three months
