Goldman Sachs Slapped With Hefty Fine in U.K.
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.
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
AS CHAOS UNFOLDS, FIND SOLID GROUND…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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Calling him "short, slight and looking as though he were on a break from prep school," The Washington Post's Dana Milbank devoted his entire column Wednesday to the "arrogance" of Goldman Sachs wunderkind Fabrice "Fabulous Fab" Tourre, as well he should have done.
Tuesday was not a fun day to be a top executive at Goldman Sachs Sen Carl Levin and his posse from the Permanent Subcommittee on Investigations made sure of that during a lengthy interrogation session, which included quite a zinger (continued) .
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