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Sat Dec 24, 2016, 10:41 PM

 

Goldman to pay $120m to settle rate-rigging probe

Goldman to pay $120m to settle rate-rigging probe

DECEMBER 21, 2016 by: Ben McLannahan in New York

Traders manipulated Isdafix benchmark to benefit derivatives positions, says CFTC

Goldman Sachs has been rapped by the US derivatives regulator and ordered to pay a fine of $120m over claims that its traders tried to rig a vital benchmark in the $300tn market for interest-rate swaps.

Wednesday’s order from the Commodity Futures Trading Commission is the third relating to attempted manipulation of Isdafix, a key benchmark, following penalties for Citigroup ($250m) and Barclays ($115m) in May.

It drags Goldman in to the latest front in a global rate-rigging probe that began with Libor and Euribor, two interbank lending rates, and moved on to foreign exchange. To date, the CFTC has imposed fines of more than $5.2bn in 18 actions against a host of Wall Street banks.

The CFTC said that Goldman’s unlawful conduct involved multiple traders, including the head of the bank’s interest-rate products trading group in the US...

Read more:
https://www.ft.com/content/383359ac-c7a2-11e6-8f29-9445cac8966f





It never ends...

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Reply Goldman to pay $120m to settle rate-rigging probe (Original post)
think Dec 2016 OP
SharonAnn Dec 2016 #1
think Dec 2016 #2
Grey Lemercier Dec 2016 #3
edhopper Dec 2016 #4

Response to think (Original post)

Sat Dec 24, 2016, 10:43 PM

1. Why is this not a surprise? Because it's business as usual for Goldman Sachs. Money never sleeps.

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Response to SharonAnn (Reply #1)

Sat Dec 24, 2016, 10:55 PM

2. Sadly true. Rig a market, Pay a fine, and keep on keeping on....

 

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Response to think (Original post)

Sat Dec 24, 2016, 11:11 PM

3. They profited billions and pay an equivalent of a speeding ticket

 

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Response to think (Original post)

Sat Dec 24, 2016, 11:31 PM

4. Now they

will be running the system.

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