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Goldman Sachs’ $550m fine no ‘heavy price’ if markets are anything to go by

Posted By admin On July 17, 2010 @ 2:19 am In Money Watch | Comments Disabled

Richard Fletcher
London Telegraph [1]
July 17, 2010

Forget the tough talk from Robert Khuzami, head of the Securities and Exchange Commission. Friday’s initial $7 rise in Goldman Sachs’ share price speaks volumes.

While Mr Khuzami may have talked about Goldman paying a “heavy price” and the record fine being a “stark lesson” for Wall Street firms – traders delivered a very different verdict.

The stock market, at least, believes that Goldman has struck an amazing deal with the US regulator, which had accused it of defrauding investors about the make-up of a package of sub-prime mortgage-backed securities.

Goldman’s rising share price has added more than $1bn to the market value of the bank since details of the settlement first leaked. Not a bad return on a $500m fine (even if the shares are still a long way off the highs seen before the SEC allegations).

Full article here [1]

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[1] London Telegraph: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7895766/Goldman-Sachs-550m-fine-no-heavy-price-if-markets-are-anything-to-go-by.html

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

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