Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group    GS

Delayed Quote. Delayed  - 08/18 10:00:07 pm
222.15 USD   +0.33%
08/20 Goldman Sachs gets approval for Saudi equities trading license
08/19DJGOLDMAN SACHS : Wrong-Way Gas Bet Costs Goldman -- WSJ
08/18 DOW MOVERS : Nke, gs
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Goldman Sachs Group, Inc. : Goldman Sachs censured, no further penalty on 2011 warrants case

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/27/2012 | 01:14pm CEST

Goldman Sachs on Friday received an official censure, but no further penalty, from the Hong Kong Stock Exchange following the resolution of a case involving a typographical error in the documentation of some warrants it issued in February 2011.

In administering its slap on the wrist to the US investment bank, the exchange said it took into account several mitigating factors including the fact that this was the first such case for Goldman Sachs since it began issuing the products in 2005.

The bank had also maintained dialogue with the exchange after noticing what had been a mistake.

An error in the formula in the documents, which had been prepared by an external agency but reviewed and approved internally by Goldman, meant that the warrants appeared to be worth much more than they were intended to be.

As a result, the bank noticed unusual trading in the warrants which it attributed to increased interest following the Japanese earthquake and tsunami in March last year.

"During the night of 30 March 2011, a member of the GS warrants team was informed by an acquaintance of a market rumour that there was a difference in the formula used in documentation prepared and published by GS in relation to the warrants and the documentation for a similar Nikkei warrant issued by another institution," the exchange said in the release.

The next morning Goldman staff identified the typo and asked its lawyers to advise the exchange. Following a surge in trading activity that morning, the warrants were suspended.

Goldman Sachs offered compensation to affected investors through a buyback program, the exchange said, "at the higher of 110 per cent of their acquisition cost or the highest value they might have reached during the period of suspension".

The exchange said that it would have considered a temporary ban on Goldman issuing new warrants, but because the bank had voluntarily withdrawn from that market anyway between April and November it would not add this punishment.

Goldman Sachs said it was pleased the matter was now closed.

"We look forward to continuing to grow our warrants business in Hong Kong," it said.

(Editing by Nick Macfie)

By Lawrence White

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GOLDMAN SACHS GROUP
08/20 Goldman Sachs gets approval for Saudi equities trading license
08/19DJGOLDMAN SACHS : Wrong-Way Gas Bet Costs Goldman -- WSJ
08/18 DOW MOVERS : Nke, gs
08/18 GOLDMAN SACHS : James Lowe Graduates From Goldman Sachs 10,000 Small Businesses ..
08/18DJGOLDMAN SACHS : Wrong-Way Gas Bet Fueled Goldman's Second-Quarter Swoon
08/18DJPensions Sue Banks, Allege Abuses -- WSJ
08/17 U.S. pension funds sue Goldman, JPMorgan, others over stock lending market
08/17 EXCLUSIVE : SEC officials' holdings, legal work, pose potential conflicts
08/17DJGOLDMAN SACHS : Pension Funds Sue Six Banks, Claiming Stock-Lending Abuses
08/17 Wood Group - Recommended all share off for Amec Foster Wheeler, CMA accepts r..
More news
News from SeekingAlpha
08/19 What Prospective Bitcoin Investors Can Learn From Another Industry
08/18 Investing In JPMorgan For The Long Term
08/18 Bad bet on gas prices behind Goldman's lame Q2 trading results - WSJ
08/17 3 Ingredients For A Successful Stock Investment
08/16 Tracking George Soros's Portfolio - Q2 2017 Update
Financials ($)
Sales 2017 31 056 M
EBIT 2017 10 774 M
Net income 2017 7 456 M
Debt 2017 -
Yield 2017 1,33%
P/E ratio 2017 12,25
P/E ratio 2018 11,22
Capi. / Sales 2017 2,77x
Capi. / Sales 2018 2,66x
Capitalization 85 944 M
Chart GOLDMAN SACHS GROUP
Duration : Period :
Goldman Sachs Group Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Technical analysis trends GOLDMAN SACHS GROUP
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 29
Average target price 235 $
Spread / Average Target 5,8%
EPS Revisions
Managers
NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
Harvey Mitchell Schwartz Co-President & Co-Chief Operating Officer
David Michael Solomon Co-President & Co-Chief Operating Officer
R. Martin Chavez Chief Financial Officer & Executive VP
James A. Johnson Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
GOLDMAN SACHS GROUP-7.22%85 944
MORGAN STANLEY7.43%83 362
CHARLES SCHWAB CORP0.51%52 909
CITIC SECURITIES CO LTD3.99%29 226
NOMURA HOLDINGS INC-8.49%21 962
HUATAI SECURITIES CO., LTD.8.40%19 217