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Goldman Sachs Slapped With Hefty Fine in U.K.

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Posted on Sep 8, 2010

Goldman Sachs hasn’t been the most popular name in finance lately on this side of the Atlantic, and now the Brits have jumped into the fray, hitting the banking behemoth with a $31 million fine for keeping its stateside troubles secret from U.K. authorities.  —KA

BBC:

Wall Street giant Goldman Sachs has been fined £20m ($31m) by the UK City regulator, the Financial Services Authority, the BBC has learned.

The fine is for failing to tell the FSA it was under investigation for fraud by the US financial watchdog this summer.

In July, Goldman settled the fraud charge with the Securities and Exchange Commission by paying $550m (£356m).

The £20m is one of the heaviest fines ever imposed by the FSA, said the BBC’s business editor Robert Peston.

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rico, suave's avatar

By rico, suave, September 10, 2010 at 6:43 am Link to this comment

Progressive article of faith: Goldman is above the law.

Fly in the ointment of progressive article of faith: Goldman has to pay even one dollar in fines.

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By SiriusNews, September 9, 2010 at 8:29 pm Link to this comment
(Unregistered commenter)

http://www.google.com/search?
client=safari&rls=en&q=goldman+sachs+fined+u+k&ie=UTF-8&oe=UTF-
8

Goldman Sachs Fat Fingers movie release Sept 3rd, 2010

http://www.SiriusNews.com

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Napolean DoneHisPart's avatar

By Napolean DoneHisPart, September 9, 2010 at 8:41 am Link to this comment

Did the slap on the wrist hurt?

No?

Oh…?

Then what would hurt these shysters?

JAIL TIME?!

Yes, but only the ill-informed and poorly capitalized spend time behind bars for white collar crime…

Shoot, I still think Kenneth Lay from Enron fame faked his death and is on some 120 foot yacht tripping the Mediterranean right now.

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By Hank Van den Berg, September 9, 2010 at 5:32 am Link to this comment
(Unregistered commenter)

Wow, $31 million!  What is the definition of “hefty”? 

So, the whitewash in the press continues, and everything goes back to normal.

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By Zeb, September 8, 2010 at 5:20 pm Link to this comment
(Unregistered commenter)

$31 million is a hefty fine? For Goldman? Jesus, that $550m was a drop in the bucket for them…

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