Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

After Paying Out $86 Million in Fines Over Stolen Bank Documents, Goldman Sachs Gets a Reprieve Yesterday from the Federal Reserve

Courtesy of Pam Martens

David Solomon, Chairman and CEO, Goldman Sachs

David Solomon, Chairman and CEO, Goldman Sachs

Yesterday the Federal Reserve Board of Governors announced the termination of an enforcement action against Goldman Sachs that dates back to 2016. It’s one more case where Goldman Sachs, the “great vampire squid,” throws its lower-ranked employees under the bus and quickly returns to “relentlessly jamming its blood funnel into anything that smells like money.”

The Fed had fined Goldman Sachs a paltry $36.3 million in August of 2016 over its employees using confidential supervisory information that had been stolen from the New York Fed to make presentations to clients and prospective clients.

The Fed’s settlement followed an October 28, 2015 settlement between Goldman and the New York State Department of Financial Services over similar charges. Goldman agreed to settle the NYSDFS case for $50 million.

The case centers around Rohit Bansal, who had worked at the New York Fed and supervised another employee, Jason Gross. After Bansal went to work for Goldman Sachs in July 2014, the Fed charged that Bansal had illegally obtained confidential supervisory documents that Gross had taken from the New York Fed.

Bansal pleaded guilty to a misdemeanor charge of theft of government property in November 2015 and was permanently barred from the banking industry. In the same month, Gross pleaded guilty to a misdemeanor charge and was sentenced to a year of probation with 200 hours of community service. Both men were in their 30s at the time.



Continue Here


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!