Fed fines Goldman Sachs $36.3 million for using confidential supervisory information
The Federal Reserve Board on Wednesday fined Goldman Sachs [s:GS] $36.3 million for its unauthorized use and disclosure of confidential supervisory information. The regulator also ordered the investment bank to implement improved policies for use of confidential regulatory information. The Fed is also initiating enforcement proceedings against a former Goldman Sachs managing director, Joseph Jiampietro, related to his and his subordinates' alleged unauthorized use and disclosure of reports of bank examinations and other confidential reports prepared by banking regulators in presentations to its clients and prospective clients in an effort to solicit business for the firm. The order against Goldman Sachs also prohibits the firm from re-employing individuals involved in the improper disclosure of confidential supervisory information or retaining them as consultants or contractors.
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