Thursday, September 9, 2010

Goldman Sachs To Pay 17.5 mn Pound In Fine

Britain's financial regulator fines Goldman Sachs International, with a 17.5 million pounds (27 million U.S. dollars) on Thursday.

The Investment Group was fined for not providing information to FSA to about  one of his employees who was under investigation when he was on the post in the U.S. banking office in London two years ago.

It was the second largest fine ever imposed by the Financial Services Authority, eclipsed only by 33.32 million pounds fine was announced in June of JP Morgan Securities Ltd. for the mistreatment of clients funds.

Goldman reacts to a new financial legislation in the U.S., enabled the bank to transact with their own money limits - also known as its so-called Volcker trading.The Rule, a part of the Dodd-Frank Wall Street Hervorming and Consumer Protection Act, also limits banks investing in hedge funds and private equity does not exceed 3% of their Tier 1 capital, a closely watched measure of the strength found in the financial sector.

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