Business Standard

Goldman Sachs fined for supervision failure

Related News

According to the CFTC's order, Goldman Sachs failed to supervise a trader who hid an $8.3 billion position and at last suffered more than $118 million in losses when unwinding the position, reported Xinhua.

"Given the egregious nature of the failure to supervise adequately, combined with the high number of violative transactions, I believe that the monetary penalty should be significantly higher in order to represent a sufficient punishment," said CFTC commissioner Bart Chilton in a statement.

He recommended increasing maximum penalty levels to $250,000 per violation as to individuals and $1 million as to entities.

As part of the settlement, Goldman Sachs said it will bolster internal risk management control and provide related information to the Commission about the case.

 

Read more on:   

Read More

Over 600 pigs die of swine fever in Mizoram

Over 600 pigs have died from swine fever and about 12,200 have been infected in the past two months in Mizoram, officials said here Wednesday.

Quick Links

Back to Top