Wednesday, March 14, 2012

Goldman unit to pay $7 million for supervision failures: CFTC

Prosecuting a 'Corzine' scheme, and now a hand slap for The Squid?  The CFTC has settled with Goldman Sachs on a $7 million fine over allegations it failed to supervise the handling of sub-accounts. 

Goldman Sachs Execution & Clearing will pay $7 million to settle allegations it failed to diligently supervise accounts that it carried from about May 2007 to December 2009, the Commodity Futures Trading Commission said on Tuesday.

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$7 million, huh? That's almost a whole minute's salary for Lloyd! Just exactly how many times were the sub-accounts re-hypothecated Bart?