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laserhaas

(7,805 posts)
Wed May 2, 2018, 01:02 PM May 2018

Goldman Sachs fined $110 million for unsafe forex trading

Source: Guru Trade

Goldman Sachs Group Inc. will pay about $110 million to settle claims that it used "unsafe and unsound practices" in its foreign exchange trading business.

Goldman Sachs will pay $54.75 million to both the Federal Reserve Board and the New York Department of Financial Services, Federal and state regulators said.

According to regulators, in 2008-2013 the bank's traders used electronic chat rooms to talk about customer currency orders in order to obtain higher profits.

Traders had the opportunity to adjust the prices of certain securities and help traders of other banks by providing them with confidential information that could improperly affect currency prices or disadvantage customers.



Read more: https://www.gurutrade.com/news/goldman-sachs-fined-110-million-for-unsafe-forex-trading-1525268703.html



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Goldman Sachs fined $110 million for unsafe forex trading (Original Post) laserhaas May 2018 OP
That's around 11 dollars four us average folks. Slap on the wrist, sad. sarcasmo May 2018 #1
Exactly! laserhaas May 2018 #2
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