Goldman Sachs Pays $450,000 to Settle NYSE Finding
May 4 (Bloomberg) -- Goldman Sachs Group Inc.’s execution and clearing unit agreed to pay NYSE Euronext and the Securities and Exchange Commission $450,000 to settle allegations it broke rules governing short sales on U.S. stocks because of a bookkeeping error.
Goldman Sachs was censured for violating the SEC’s Regulation SHO, which sets rules for handling bearish trades in equities. The infractions, which are unrelated to the SEC’s April 16 mortgage-related fraud suit against the world’s most profitable investment bank, involved requirements implemented in September 2008 to reduce naked short selling, in which firms sell stock short without intending to borrow the shares required to complete their obligations.
An emergency SEC rule implemented after Lehman Brothers Holdings Inc.’s collapse in September 2008 forced brokers to close short sales that didn’t settle by the morning of the fourth day after the trade. That regulation, called Rule 204T, also imposed stricter requirements on subsequent short sales when failures to deliver shares occurred. The rule was made permanent in July 2009.
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Jabba the Hutt: This Blankfein is my kind of scum: fearless and inventive.
5 COMMENTS:
Wee need accountability...
Monday, May 3, 2010
Turning the Tide on Lawcap and Fincap
http://inpoints.blogspot.com/2010/05/turning-tide-on-lawcap-and-fincap.html
Just curious...when you have protected money machine what do you care about fines?
It is hard to believe that this is the same man and that we are not watching part of a remake of “Invasion of the Body Snatchers.” Some may have thought it was a red flag when Buffett purchased his stake in Goldman Sachs, but that flag has now turned to one showing a skull and crossbones as Buffett has indeed joined forces with the modern day pirates.
http://tinyurl.com/37rbntc
Saturday - May 1
A Survival Strategy for Goldman Sachs
http://www.deanlebaron.com/index.html
It's like an interlocking puzzle.
Max Keiser On Goldman Sachs And Bill Clinton's Hypocrisy
http://tinyurl.com/22r585v
Government Sachs In The Cross-Hairs: What The Scandal Is All About
has been exposed for being what readers of Marko's Take, as well as anyone with a brain, already knew: the most corrupt and greedy institution on planet Earth! (But Marko... how do you REALLY feel?)
With so many allegations and opinions flying about, it's easy to get confused as to exactly what prompted the SEC complaint and how it relates to the Obama Administration's formerly cozy relationship with Government Sachs.
http://markostake.blogspot.com/2010/05/government-sachs-in-cross-hairs-what.html
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