{"id":33935,"date":"2016-08-05T15:50:40","date_gmt":"2016-08-05T13:50:40","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=33935"},"modified":"2016-08-05T15:55:38","modified_gmt":"2016-08-05T13:55:38","slug":"33935-2","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/33935-2\/","title":{"rendered":"Goldman Sachs Spanked for Taking Confidential Materials from the US Fed"},"content":{"rendered":"
\n
\n
\n

Federal Reserve fined Goldman Sachs $36.3m for what it called the use and disclosure of confidential materials that the US uses in its supervision of banks.<\/p>\n

The Fed ordered the big Wall Street bank to put in place a program to ensure that the alleged violation doesn\u2019t happen again.<\/p>\n

Regulators now want to ban Joseph Jiampietro, a former managing director at Goldman, from the banking industry and levy fines against him for the incident that took place more than two years ago.<\/p>\n

Jiampietro\u2019s attorney said the Fed\u2019s allegations are false and his client will fight them in the Fed\u2019s legal proceedings.<\/p>\n

Regulators say the \u201cconfidential supervisory information\u201d obtained by Goldman included reports of bank examinations used by regulators. Goldman employees improperly used and disclosed the confidential information during presentations to clients and prospective clients in an attempt to get their business, they said.<\/p>\n

Since at least 2012, Goldman employees lacked proper training and the company didn\u2019t have policies or procedures in place to ensure compliance with disclosure rules, according to the Fed\u2019s order. The central bank said it will \u201cactively monitor\u201d Goldman\u2019s implementation of a compliance program.<\/p>\n

It prohibited Goldman from rehiring anyone involved in the alleged violation.<\/p>\n

Michael DuVally, a spokesman for the New York company, said: \u201cWe\u2019re pleased to have resolved this matter.\u201d<\/p>\n

When Goldman discovered that a former employee, Rohit Bansal, had improperly obtained material from the New York Fed, where he had previously worked the bank immediately notified the Fed and other regulators, DuVally said. Goldman fired Bansal in 2014 and the Fed permanently banned him from the banking industry last year.<\/p>\n

\u201cWe previously reviewed and strengthened our policies and procedures after Bansal was terminated,\u201d he said in a company release. \u201cWe have no tolerance for the improper handling of confidential supervisory information.\u201d<\/p>\n

Jiampietro\u2019s lawyer, Adam Ford, said the Fed\u2019s allegations are \u201cdemonstrably false, and rely solely on the testimony of a single and inherently incredible witness\u201d, whom he didn\u2019t name.<\/p>\n

The Democratic candidate for the US Preisdency has refused to release her speeches at Goldman Sachs, for which she received $300,000 a pop. \u00a0Her son-in-law runs a hedge fund in which Goldman has invested and to which Goldman directs clients.<\/p>\n

\"Fed<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Federal Reserve fined Goldman Sachs $36.3m for what it called the use and disclosure of confidential materials that the US uses in its supervision of banks. The Fed ordered the big Wall Street bank to put in place a program … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-33935","post","type-post","status-publish","format-standard","hentry","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t