Ex-Goldman Employee Who Tried To Make A Name For Himself Via Confidential Fed Documents Must Stay 200 Ft Back From Industry

The SEC has banned Rohit Bansal from...everything.
Publish date:
Updated on
Shouldn't even be looking at this logo.

Shouldn't even be looking at this logo.

Remember Rohit Bansal? Former Goldman Sachs employee who got the "former" added to his title when the bank found out that he'd been trafficking in confidential information from his buddy Jason Gross at the New York Fed? Who was probably partially found out because he shared the 35 documents with higher-ups as some sort of misguided attempt to further his career, even though Gross told him to keep them on the down low? A few months back he was barred from the banking industry by the Federal Reserve Board of Governors, and now the Securities and Exchange Commission is taking its turn.

In a filing Thursday, the regulator said Rohit Bansal “is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.” The SEC also said that as part of the action, Mr. Bansal is barred from participating in any offerings of penny stocks, including acting as a promoter, consultant or agent. He can apply to re-enter the industry at a future date, but his return will be subject to meeting certain regulatory conditions, the filing stated.

SEC Sets Sanctions Against Ex-Goldman Employee Who Obtained Fed Secrets [WSJ]

Earlier: Former Fed Employee Should’ve Added “No I’m Serious” When Asking Buddy At Goldman To Keep Document Leak On The Dow Low


Goldman Sachs Analysts Now Free To Leave The Nest Whenever Or Stay For The Ultimate Payoff

Back in May, we reported that there was a bit of tension between some growing first year analysts and higher-ups at Goldman Sachs. The issue was that the li'l fellas, antsy to leave the nest, were making arrangements with private equity firms and hedge funds for the following year, when they still had a little more than twelve months left until their two year commitment to GS was complete. And while Mama Lloyd and Papa Gar want nothing more than to see their babies succeed, they also felt like the kiddos were jumping the gun a little bit (and were in violation of the rule that when you live under their roof, you play by their rules, namely that no analyst shall take part in recruiting until six months from the time they’ve finished the two year program). To set an example, a bunch of particularly bad analysts were kicked to the curb and while it probably did put the fear of God into the others, who've remained on the straight and narrow ever since, it didn't make anyone very happy. So now this is happening: Goldman Sachs is doing away with two-year contracts for most analysts hired out of college, according to communications reviewed by The Wall Street Journal and confirmed by a Goldman spokesman. Analysts also won't get bonuses for completing the program, which has been around for a quarter of a century and has been viewed as a meal ticket to a lucrative Wall Street career. [...] The New York company's decision came after executives grew frustrated that many graduates weren't staying with the firm after completing the two years, and after Goldman fired a handful of analysts over the past year for signing on to work at other financial companies in violation of their contracts. Goldman has been reaching out to employees over the past two days to inform them of the changes, which will take effect for analysts who will start in 2013. "We think the historic two-year program is no longer the best approach for hiring and developing the careers of analysts in our banking and investment-management divisions," said the Goldman spokesman. "Making this change allows us to emphasize the longer-term career opportunities available atthe firm." No more fighting, no more sneaking around, no more need for anyone to put their foot down. If you want to leave after a year (or sooner), if you think you're grown up enough to make it out there on your own, by all means, go. That's your call and no one's gonna stop your or beg you to reconsider.* But if you decide you want to stay, be it for two years or twelve or twenty, Gary Cohn's thighs appreciate your commitment to the firm and look forward to working with you one day. Goldman Overhauls 2-Year Entry-Level Analyst Program [WSJ] Earlier: Goldman Sachs Does Not Look Kindly Upon First Year Analyst Who Plan In Advance *It's a mistake, of course, but it's yours to make.