SEC Charges Goldman and State Street
The SEC announced the multi-million dollar settlement of charges brought against two big players. Goldman, Sachs & Co. agreed to pay $15 million to settle its charges that its securities lending practices violated federal regulations by granting customers a "locate" of stock for short selling representing that a firm has borrowed, arranged to borrow, or reasonably believes it could borrow the security to settle the short sale. Click here to read more.
State Street Bank and Trust Company agreed to pay $12 million to settle its charges that it conducted a pay-to-play scheme through Vincent DeBaggis, its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds and to make illicit cash payments and political campaign contributions. Click here to read more.