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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGoldman 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.
Wednesdays 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 Goldmans unlawful conduct involved multiple traders, including the head of the banks interest-rate products trading group in the US...
Read more:
https://www.ft.com/content/383359ac-c7a2-11e6-8f29-9445cac8966f
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Goldman to pay $120m to settle rate-rigging probe (Original Post)
think
Dec 2016
OP
SharonAnn
(13,776 posts)1. Why is this not a surprise? Because it's business as usual for Goldman Sachs. Money never sleeps.
think
(11,641 posts)2. Sadly true. Rig a market, Pay a fine, and keep on keeping on....
Grey Lemercier
(1,429 posts)3. They profited billions and pay an equivalent of a speeding ticket
edhopper
(33,590 posts)4. Now they
will be running the system.