Goldman Sachs Pays $120 million fine for alleged rate fixing Video
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Goldman Sachs Pays $120 million fine for alleged rate fixing
Today is Wednesday 21st December 2016 and we are commenting on Goldman Sachs fine in relation to alleged rate fixing. Yes today appears to be the day when the banks cannot stay out of the headlines.
Goldman Sachs has agreed to pay a $120 million penalty to settle the U.S. Commodity Futures Trading Commission’s allegations that its traders worked to “game” the ISDAfix benchmark rate in an effort to benefit the bank’s derivatives positions, the CFTC announced today.
The CFTC claims Goldman Sachs, on a number of occasions between January 2007 and March 2012, attempted to manipulate the ISDAFIX and also made various false reports concerning the benchmark rate.
The Goldman Sachs Group Inc. and Goldman Sachs & Co. will jointly pay the fine without admitting or denying the CFTC’s allegations. As well as the penalty, the CFTC has also ordered the bank to take steps to make sure it can better detect and deter trades intended to rig rates.
A spokesperson for Goldman Sachs said: "We are pleased to have resolved these matters and have already taken steps to enhance our policies and procedures."
Without appearing too technical, ISDAFIX rates are used to help value the cash settlement of options on interest rate swaps and other products. Pension funds and local governments often rely on products priced off the benchmark rate to help hedge against future interest rate changes.
Once again we have witnessed nefarious activities carried out by certain large banks. Not Government controlled or directed but in the pursuit of gaining profit. Nevertheless, no-one is punished as it was determined more appropriate to accept a fine than to conduct a lengthy and expensive court case. A trend here is most certainly developing.
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