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

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Richard Fletcher
London Telegraph
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).

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This article was posted: Saturday, July 17, 2010 at 2:19 am

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