Goldman $1.5m fine for rogue trading loss ‘insufficient’, says Chilton

bart-chilton
Bart Chilton, CFTC

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: