Being uninformed is so last season
28 April 2017 17:52 (South Africa)

Goldman hit with £17.5m fine

  • 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 received a £17.5 million fine from the UK's Financial Services Authority. The penalty, one of the highest ever handed down by the financial watchdog, relates to a subprime mortgage product called Abacus that was marketed and sold by the company. The FSA said that Goldman had failed to notify it of the fact that one of the main traders involved in selling the product, Fabrice Tourre, were being investigated by the US Security and Exchange at the time that he moved from the US to the firm's UK subsidiary in 2008. Goldman had to cough up $550 million in July to settle the SEC case.  Read more: Reuters, Wall Street Journal

  • 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.

Get overnight news and latest Daily Maverick articles





Do Not Miss