Goldman market unit fined, hundreds of violations

[swag]

Source: Reuters

NEW YORK, May 4 (Reuters) - Goldman Sachs Group Inc's (GS.N) market-making unit has been censured and fined $450,000 after U.S. regulators found hundreds of violations in its processing of customer trades involving equity securities.

NYSE Regulation, a unit of NYSE Euronext (NYX.N), imposed the penalty. It said half the penalty will be paid to the U.S. Treasury in connection with related U.S. Securities and Exchange Commission civil proceedings.

According to NYSE Regulation, between Dec. 9, 2008, and Jan. 22, 2009, Goldman Sachs Execution & Clearing LP roughly 385 times accepted orders to "short" equity securities in which it had open "fail-to-deliver" positions, without first borrowing or arranging the borrow the securities as collateral.

The exchange's in-house regulator also said the Goldman unit failed about 68 times over that period to timely close out "fail-to-deliver" positions in equity securities or notify customers about such lapses. NYSE Regulation also found supervisory violations from Sept. 24, 2008 to Jan. 22, 2009.

Goldman's fine was announced Tuesday, less than three weeks after the U.S. Securities and Exchange Commission filed a civil fraud lawsuit against the investment bank in an unrelated case.


Read more: http://www.reuters.com/article/idUSN0410776520100504

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Chump change, but it won't help GS's case.

[proudohioan]

1. Chump change is right! n/t

[global1]

2. Slap On The Wrist.......

they can afford to break the rules if this is all they are fined.

[BobbyBoring]

3. Even

$450.000 per infraction wouldn't be enough to undo the damage these ass clowns have caused.

[Name removed]

7. Deleted message

Message removed by moderator. Click here to review the message board rules.

[jgraz]

4. Where are the orange jumpsuits?

:grr:

[defendandprotect]

5. k-

[Greyhound]

6. Are you kidding? G/S has more than that in couch change from just one of it's jets. n/t

[Robbien]

8. I'm sure now that they were fined Goldman will stop committing this fraud

Right?

Yeah right.

[TK421]

9. huh? that's frigging lunch money to these fuckers!