Goldman Sachs Fined 0.1% Of Revenue For "Criminal Theft" Of Confidential Fed Information
Last October, we reported that “Wall Street Was Shocked As Feds Bring Criminal Case Against Goldman Banker Over Fed Leaks.” Briefly, because as we also reported several months later, nobody actually ended up going to prison for the infamous story of Goldman Sachs obtaining classified NY Fed documents as a result of the revolving, ended up with two workers getting slaps on the wrist in some modest penalties.
Today the story got its closure, when the Fed announced that Goldman Sachs has agreed to pay $36.3 million to settle allegations by the Federal Reserve that it obtained and used confidential regulatory materials from the central bank two years ago. This amounts to 0.1% of the firm’s 2015 revenue of $33.8 billion.
In levying the fin on Goldman Sachs, the Board found that the firm’s personnel improperly used confidential supervisory information of the Board in presentations to its clients and prospective clients in an effort to solicit business for the firm. Further, the Board found that from at least 2012, the firm did not have sufficient policies, procedures, or adequate employee training in place to ensure compliance with current laws prohibiting the unauthorized use or disclosure of confidential supervisory information. The Board’s order requires Goldman Sachs to put in place an enhanced program to ensure compliance with Board regulations concerning the receipt, use, and dissemination of confidential supervisory information.
The Fed also found that “a Firm employee engaged in the criminal theft of confidential supervisory information of the Board of Governors and other banking regulators, and disseminated such information to multiple employees within the Firm; “
It is unclear how much business Goldman solicited, and how much revenue it generated as a result of the theft.
The penalty follows another $50 million which Goldman paid last October to banking regulators at the New York State Department of Financial Services for failing to properly supervise the former employee that stole and shared the Fed secrets.
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