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Goldman Sachs fined record $550m


Published :
Mon, 19 Jul 2010 09:34
By : financemarkets.co.uk
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Goldman Sachs fined record $550m

The Securities and Exchange Commission (SEC) has fined US banking giant Goldman Sachs $550 million (£356 million).


The fine, which represents the largest against a financial company in the SEC’s history, comes as Goldman agreed to settle civil fraud charges over how it marketed a sub-prime mortgage product.


The UK’s Royal Bank of Scotland (RBS), lost around $840 million in investments due to its exposure in the matter and is set to receive $100 million compensation.


In addition, German bank IKB Deutsche Industriebank will receive $150 million, while the remaining will $300 million will go to the US Treasury.


However, many investors see the million dollar settlement as small change – in view of the $13 billion the bank earned last year.


“They pay $550 million and they get an $800 million pop in their stock price … they got off easy,” said Kevin Caron, a market strategist at Stifel, Nicolaus & Co in Florham Park, New Jersey.






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