Goldman Sachs agrees to pay a token 22 million dollar 'penalty' to the U.S. Securities and Exchange [Crime Coverup] Commission. Always, by the numbers.
Count on the Pope and his brothers in the usury-charged-according-to-a-racist-double-standard faith and their brothers at Goldman Sachs to lead us only further down the path to destruction.
Goldman to pay $22 million to settle "huddles" case
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority said the charges stemmed from Goldman's weekly "huddles," at which the bank encouraged its stock research analysts to "provide their best trading ideas to firm traders."
Those traders then passed tips to a select group of top clients, the SEC said, but the agency's charges did not include allegations of insider trading.
The SEC said that Goldman policy, for example, required broad distribution of market-sensitive statements from analysts about the companies they covered.
But the policy did not apply to certain internal messages commenting on "short-term trading issues or market color," and Goldman failed to define what those exceptions included, regulators said.
"Higher-risk trading and business strategies require higher-order controls," said Robert Khuzami, the SEC's enforcement director.
Khuzami said that "Goldman failed to implement policies and procedures that adequately controlled the risk that research analysts could preview upcoming ratings changes with select traders and clients."
Goldman agreed to pay the penalty, split between the two regulators, and revise its policies to correct the problem.
A spokesman for the bank, Michael DuVally, said Goldman was pleased to resolve the matter.
The regulators said the weekly huddles took place from 2006 to 2011 and that analysts would discuss "high-conviction" short-term trading ideas and other "market color" with traders.
Then in 2007, Goldman launched a program that allowed research analysts to call a select group of priority clients.
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