Printer Friendly

-Goldman Sachs receives subpoena on Senate investigation.

Global Banking News-June 6, 2011--Goldman Sachs receives subpoena on Senate investigation(C)2011 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 06 June 2011

US investment bank Goldman Sachs (NYSE: GS) has received a subpoena from the Manhattan District Attorney's office, seeking information relating to the conclusions of a pejorative Senate investigation into the company and some other US banks earlier this year, The Independent has reported.

Cyrus Vance, the District Attorney has sought the information after the Senate Permanent Sub-committee on Investigations said that the bank has sold mortgage derivatives to its clients while concurrently betting that the mortgage market was tumbling. It also alleged that Goldman executives may have lied under oath at Senate hearings on the subject.

Last year, Goldman paid USD550m to settle fraud charges from the Securities and Exchange Commission, relating to a particular mortgage derivative, the report said, adding that the US Justice Department is also investigating the bank.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
COPYRIGHT 2011 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Jun 6, 2011
Words:177
Previous Article:-Hancock Holding Company acquires Whitney Holding Corporation.
Next Article:-Malaysia RHB hires Credit Suisse as adviser.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters