This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8631722.stm
The article has changed 36 times. There is an RSS feed of changes available.
Previous version
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Next version
Version 0 | Version 1 |
---|---|
FSA to investigate Goldman Sachs | FSA to investigate Goldman Sachs |
(21 minutes later) | |
The Financial Services Authority (FSA) is starting a formal UK enforcement investigation into Goldman Sachs in relation to recent fraud allegations. | The Financial Services Authority (FSA) is starting a formal UK enforcement investigation into Goldman Sachs in relation to recent fraud allegations. |
The move follows claims made by the Securities and Exchange Commission in the US that Goldman defrauded investors during the sub-prime housing crisis. | The move follows claims made by the Securities and Exchange Commission in the US that Goldman defrauded investors during the sub-prime housing crisis. |
Goldman Sachs has strongly rejected the SEC's claims as wrong "in fact and law". | |
The FSA said it would liaise closely with the SEC in its review. | The FSA said it would liaise closely with the SEC in its review. |
Goldman Sachs is due to announce its profits for the first three months of 2010 later on Tuesday. | Goldman Sachs is due to announce its profits for the first three months of 2010 later on Tuesday. |
It is unusual for the FSA to announce the beginning of a formal investigation. It is understood that the investigation process typically takes months, if not years. | |
The enforcement division of the FSA will now have powers to demand that Goldman provide it with documentation such as records of transactions and records of telephone calls. | |
If the watchdog finds Goldman at fault, it could impose a fine on the bank. | |
On Sunday, Prime Minister Gordon Brown called for the FSA to launch an inquiry into Goldman Sachs. |