Ex-Goldman VP gets 9 months

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.

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.

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.

Poster Chin is a HUGE fan of these guys and also thr firm , JP Morgan !

[quote author=Chin link=topic=85754.msg536316#msg536316 date=1386112418]

Best Investment Bank  J.P. Morgan

Best M&A Bank    Goldman Sachs
[/quote]

http://www.ctvnews.ca/business/jpmorgan-...-1.1551071

[size=12pt]JPMorgan agrees to pay $13 billion, acknowledges it misled investors[/size]

[quote author=Chin link=topic=85754.msg536316#msg536316 date=1386112418]

Best Debt Bank  Bank of America Merrill Lynch
[/quote]

http://www.bloomberg.com/news/2013-12-06...rd-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 :

[size=12pt]denying black financial advisers the same opportunities as their white counterparts[/size].

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.

[quote author=Chin link=topic=85754.msg536316#msg536316 date=1386112418]

A CA Firm cannot do the above. An American Law firm did it .
[/quote]

I agree. CFAs and CAs are much more professional and Honest  ::LOL::

http://www.cfainstitute.org/learning/fut...inance_pjs

Chin ,
Come join us at the Socials  8)

http://www.proformative.com/questions/wh...gotiations

Okay ....Lets both post our 2 cents on this Blog :

ans see what Simon says   

So did I  ....

I did notice that Chinne fellah and thought ...hhhmmm

also with the registrants