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27 June 2017 02:11 (South Africa)

Goldman coughs up $550 million to settle fraud case

  • Andy Rice
    andy rice
    Andy Rice

    Andy Rice is a founding partner of Yellowwood Future Architects, a marketing strategy consultancy. In his other lives, he is the southern hemisphere's only supporter of Cambridge United Football Club, and was once upon a time the South African National Spoofing Champion. He has played football at Wembley and cricket at Lord's within the same weekend, but troubled the scorer on neither occasion. Things could only go up from here.

Goldman Sachs has paid $550 million to make charges brought against it by the US Securities and Exchange Commission go away. The charges relate to alleged mortgage securities fraud conducted in 2007. It is the largest settlement of this nature in US history. Under the terms of the deal, $300 million will be a fine that will go to the Treasury, and $250 million will be paid out to investors in the dodgy securities. Read more: Politico

  • Andy Rice
    andy rice
    Andy Rice

    Andy Rice is a founding partner of Yellowwood Future Architects, a marketing strategy consultancy. In his other lives, he is the southern hemisphere's only supporter of Cambridge United Football Club, and was once upon a time the South African National Spoofing Champion. He has played football at Wembley and cricket at Lord's within the same weekend, but troubled the scorer on neither occasion. Things could only go up from here.

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