Goldman also had to promise that it'll do a much better job of keeping an eye on employees who might be susceptible to the leaking of confidential information from Federal Reserve employees.
Goldman Sachs Group Inc. has agreed to pay $36.3 million to settle allegations by the Federal Reserve that it obtained and used confidential regulatory materials from the central bank two years ago...The person who obtained the secrets was Rohit Bansal, whom Goldman fired in 2014 and whom the Fed banned permanently from the banking industry last November. Mr. Bansal received the documents from Jason Gross, a former colleague at the Federal Reserve Bank of New York. Mr. Gross was fired by the New York Fed and sentenced in court after pleading guilty to the charges. In levying the fine on Goldman, the Fed said its own investigation of the case found that the bank used the confidential materials in its presentations to clients and from 2012 had insufficient policies and procedures in place for employees’ handling of such sensitive materials.
Earlier: Ex-Goldman Employee Who Tried To Make A Name For Himself Via Confidential Fed Documents Must Stay 200 Ft Back From Industry; Former Fed Employee Should’ve Added “No I’m Serious” When Asking Buddy At Goldman To Keep Document Leak On The Dow Low