TV News LIES

Saturday, Apr 19th

Last update01:36:33 AM GMT

You are here News Economy Goldman fined $10 million and to stop trading 'huddles'

Goldman fined $10 million and to stop trading 'huddles'

E-mail Print PDF

Goldman Sachs finedGoldman Sachs Group Inc agreed on Thursday to pay a $10 million fine and stop giving favored clients trading ideas developed at internal gatherings known as "trading huddles."

The accord with Massachusetts' securities regulator resolves charges that Goldman analysts gave "priority" clients, including hedge funds that trade rapidly, short-term trading tips that might be at odds with the bank's published research, violating state law.

"The real issue is fairness in the marketplace," William Galvin, Massachusetts' Secretary of the Commonwealth, said in an interview. "Certain customers were preferenced over other customers and we regard that as unethical behavior. This is a recurring theme in the securities industry, where some customers get special inside information and others do not."

Stephen Cohen, a Goldman spokesman said the bank is pleased to settle the matter, which includes no admission of fraud.

According to a consent order, Goldman research analysts and traders began holding huddles in 2006 in which they discussed topics, including short-term trading ideas.

Analysts were expected to follow "Rules of the Road" that included a ban on "selective disclosure" of pending changes in stock ratings, earnings forecasts and share price targets.

TVNL Comment: Lunch money fine and a slap on the wrist for committing major fraud.  No surprise.

More...


Most Recent Related Stories...


Judge says will accept SAC Capital guilty plea

SAC guilty pleaA federal judge agreed to accept SAC Capital Advisors' guilty plea to fraud charges in the...

SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

SECA trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and...

U.S. Obama signs executive order on equal pay for women

equal pay for equal workKeeping with his promise to champion women’s rights in the workplace, President Barack Obama signed an...

U.S. stock markets are rigged, says author Michael Lewis

stock market riggedThe U.S. stock market is rigged in favor of high-speed electronic trading firms, which use their...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!