Goldman $1.5m fine for rogue trading loss ‘insufficient’, says Chilton
CFTC's Bart Chilton criticises the commission's fine, saying it should be at least five times higher
Goldman Sachs has been ordered by the US Commodity Futures Trading Commission (CFTC) to pay a $1.5 million fine for the failings in supervision, risk management and compliance that led to a $118 million rogue trading loss in 2007.
The fine has been described, however, as an insufficient penalty by CFTC commissioner Bart Chilton. The starting point for assessing the fine should be $7.8 million, based on a penalty of $130,000 for each of the 60 control failures, according to Chilton.
"I do not
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