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Goldman Sach’s Corruption: Obtains information Illegally & Fined only 36 million

Goldman Obtains information Illegally & Fined only 36 million

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Investors are panicking again; they withdrew a whopping $20.7 billion from hedge funds in the month June. This is one of the largest outflows from the Market since 2009, and it could also reflect a new trend where investors are sick of paying Jackasses, oops we mean experts to do nothing but sit on their fat asses, lose money and then have to pay these leeches a huge fee.  The current data seems to support this assertion

Net flows to hedge funds for the 2nd quarter were almost negative $11 billion and for the first half of 2016, net flows were negative $30 billion. Clearly, a trend is in place; not only are experts losing money in the markets, but the crowd is also negative on this market as they simply don’t understand the main driving force behind this market.  They do not see against such a terrible backdrop off events how this market continues to trend higher. Investor Anxiety; Rocket Fuel for Unloved Stock Market Bul

The Federal Reserve took action on Wednesday against Goldman Sachs and one of its former executives, escalating a long-running investigation into a leak of confidential government information.

The action, which forced Goldman to pay a $36.3 million penalty, stemmed from an incident in 2014, when a junior Goldman banker took confidential information from the Federal Reserve Bank of New York. The junior banker, whom Goldman promptly fired, received the information from a New York Fed employee.

Both men pleaded guilty to stealing government property, and Goldman paid a $50 million penalty to New York State regulators because its “management failed to effectively supervise” the banker.

The Fed did not act against Goldman at the time, making its decision to pursue Goldman now a somewhat unusual move. The action, which cites Goldman for an “unauthorized use and disclosure of confidential supervisory information,” is also an awkward one for the Fed.

The leak, after all, originated at the Federal Reserve Bank of New Yorkwith one of its own employees. And the junior Goldman banker who received the confidential information was a former New York Fed employee himself. Goldman, not the New York Fed, was the one to uncover the leak. Full Story

Goldman Charged with $1bn fraud

The Wall Street bank Goldman Sachs, long considered a shrewd winner from the financial crisis, was slapped with potentially devastating fraud charges todayas US regulators accused the firm of fiddling investors out of more than $1bn (£640m) by wilfully mis-marketing toxic sub-prime mortgage-related securities.

A 22-page lawsuit filed by the US securities and exchange commission (SEC) charged Goldman Sachs with working with a controversial US hedge fund, Paulson & Co, to structure and sell a complex package of mortgages to clients while Paulson took a “short” position betting that the very same mortgages would fail.

Within minutes of the charges emerging, Goldman’s shares plunged by 13% as investors feared a shattering blow to the investment bank’s credibility. The SEC’s accusations are levelled against the firm as a whole and against a French employee, Fabrice Tourre, 31, who is now an executive director in Goldman’s London office. Full Story

Goldman Sach’s Corruption; It Admits to Defrauding Investors During the Financial Crisis 0f 2008

Goldman Sach’s Corruption: Goldman’s rap sheet

During the first half of the 2000s, there were more ethical lapses at Goldman:

Other Articles of Interest:

Investor Anxiety; Rocket Fuel for Unloved Stock Market Bull (Aug 6)

Most Unloved Stock Market Bull Destined To Roar Higher (Aug 5)

Student Debt Crisis Overblown & Due to Stupidity  (Aug 4)

Despite Investor Angst Most hated stock market keeps trending higher (July 30)

False Information, Mass Psychology & this Hated Stock Market Bull (July 29)

Zero Percent Mortgage Debuts setting next stage for Stock Market Bull  (July 27)

Long Term Stock Market Bears Always Lose  (July 27)

Information overkill & trading markets utilising Mass Psychology  (July 27)

Simple Common Sense Fix Ends Student Debt Problem (July 27)

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