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07 Dec 2013 11:43 #167128
by chairman
NEW YORK (CNNMoney)
A former Goldman Sachs vice president and trader, was on Friday sentenced to nine months in prison by a federal judge in Manhattan for trying to cover up an $8.3 billion trade.
Matthew Taylor, age 34, pleaded guilty to wire fraud in April. As a result, he has also been ordered to pay $118 million in restitution, according to the U.S. attorney of the Southern District of New York.
Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
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07 Dec 2013 11:43 #167129
by chairman
In 2007 Taylor lost a significant amount of money in positions he held on Goldman Sach's (
GS
,
Fortune 500
) Capital Structure Franchise Trading desk. At the time, supervisors warned Taylor about trading risk limits and instructed him to reduce his overall exposure.
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07 Dec 2013 11:44 #167130
by chairman
Instead, Taylor surreptitiously increased his position to about $8.3 billion. Taylor tried to hide his position by making multiple entries for fake trades. That positionfar exceeded the risk limits Goldman had imposed, not just for individual traders but for the entire CSFT desk.
The U.S. attorney said Taylor made the move in an effort to "restore his professional reputation" within the firm and boost his year-end bonus.
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07 Dec 2013 15:34 - 07 Dec 2013 15:42 #167164
by ketchim
www.bloomberg.com/news/2013-12-06/bofa-s...-suit-accord-1-.html
Win some Lose the RACIST ones
B of A’s Merrill Wins Final Approval of Race-Bias Suit Accord
By Andrew Harris - Dec 6, 2013 1:16 PM ET
Bank of America Corp.’s Merrill Lynch brokerage won final court approval of a $160 million
settlement of a lawsuit in which it was accused of :
denying black financial advisers the same opportunities as their white counterparts
.
Over its lifespan, the case grew to include 16 more name plaintiffs and a class of at least 1,000 :
who claimed Merrill Lynch wasn’t giving them the same support and same business development opportunities
as white advisers.
Last edit: 07 Dec 2013 15:42 by
ketchim.
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07 Dec 2013 17:08 #167179
by ketchim
So did I ....
I did notice that Chinne fellah and thought ...hhhmmm
also with the registrants
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