Benchmark manipulation – Goldman Sachs fined with $120 million for benchmark scandal

Goldman Sachs benchmark scandal

Goldman Sachs is now is big trouble as now he has to pay $120 million regarding the benchmark manipulation. A global benchmark is manipulated by Goldman and thus such a huge penalty is imposed on him.

This manipulation for done for Wall Street which is also known as interest rate product. Trading commission of commodity futures filed case against Goldman.

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Penalty of $5.2 billion is imposed by CFTC which include foreign bench maker, Derivatives associations fix etc. Besides this, many of the banks are accused to involve in this scandal and many criminal charges are imposed on them.

The list of charges are not end here as CFTC accused Goldman as regarding benchmark rates he make false reports which is also a very big crime.

Bank spokesman named Michael Duvally said that they are trying to fix all these matters and thus bring many chances in their policies and procedures.

Government, ISDAFIX and pension funds are highly affected by the product priced as it will help in cash settlements and in deciding the future interest rates.

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CFTC found some audio recording and e-mails in which Goldman discussed his plans in which he is trying to change the direction of benchmark rate according to their own interest and profit.

Also, bank submissions are skew by them in order to get knowledge about the reference rate and print. Also, various products are traded by them at a fix time due to which the publish rate is influenced

Besides this, at a fix timing of 11 am they traded products in order to influence the deliberately designed published rate.

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So, in small words many banks are involved with the Goldman Sachs and thus they are involved in this criminal offense. Let’s see how this issue will get solved and stay tuned for latest information.

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