Like shitty earnings report wasn’t bad enough… The Fed reports new accusations of misuse of confidential information by a Goldman employee, and the fine this time is very hefty at $36.3 million.
Goldman Sachs Group Inc. 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…The person who obtained the secrets was Rohit Bansal, whom Goldman fired in 2014 and whom the Fed banned permanently from the banking industry last November. Mr. Bansal received the documents from Jason Gross, a former colleague at the Federal Reserve Bank of New York. Mr. Gross was fired by the New York Fed and sentenced in court after pleading guilty to the charges. In levying the fine on Goldman, the Fed said its own investigation of the case found that the bank used the confidential materials in its presentations to clients and from 2012 had insufficient policies and procedures in place for employees’ handling of such sensitive materials.
Maybe it’s time to figure out a better way of keeping track of employees?
Any thoughts on this?
