Goldman Sachs Group will pay $1.5 million to
settle U.S. Commodity Futures Trading Commission claims the firm failed to
supervise a trader who hid an $8.3 billion position. One CFTC commissioner
dissented, saying the penalty is far too small.
Goldman Sachs inadequately policed trades made by Matthew
Marshall Taylor on seven days in late 2007, ultimately suffering more than $118
million in losses as his bets were unwound, according to the CFTC. Later,
Goldman Sachs didn’t send the regulator “important information” on the incident
that was provided to another industry watchdog, the CFTC told Businessweek.….
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