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The deal calls for Goldman to pay the Securities and Exchange Commission fines of $300 million. The rest of the money will go to compensate those who lost money on their investments.[/
The settlement amounts to less than 5 percent of Goldman's 2009 net income of $12.2 billion after payment of dividends to preferred shareholders — or a little more than two weeks of net income.
The securities cost investors close to $1 billion while helping Goldman client Paulson & Co. capitalize on the housing bust, the SEC said in the charges filed on April 16.
Adam Storch, a 29-year-old former Goldman Sachs manager, joined the SEC staff Tuesday
Since 2004, Storch had worked in a Goldman Sachs unit that "reveiwed contracts and transactions for signs of fraud," the story says.
John Thain, head of the New York Stock Exchange, told CNBC’s Bob Pisani that there is no investigation by the Securities and Exchange Commission of trading problems at the the Big Board during Tuesday’s market selloff.
The comment, which Pisani mentioned on air, appeared to contradict a Wall Street Journal report earlier Thursday that the SEC is looking into whether the NYSE’s shift toward electronic trading affected its ability to handle a surge in trading volume.
The New York Stock Exchange (NYSE) suffered further embarrassment yesterday after the US Securities and Exchange Commission confirmed that it would investigate the circumstances around the bourse’s technology meltdown.