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U.S. markets recover from steep losses
NEW YORK, May 4 (UPI) -- U.S. regulators and stock exchange authorities fined Goldman Sachs $450,000 Tuesday for hundreds of violations involving short sales.
The Securities and Exchange Commission and New York Stock Exchange Regulation fined the bank for continuing to write naked short sale orders after regulators banned short sales two days after Lehman Brothers collapsed in September 2008, USA Today reported.
Short sales are deals in which an investor borrows an asset, then sells it, betting the price will go down. The investor agrees to buy the asset at a later date. If the price drops, the investor makes money.
A naked short sale is the same, except the investor skips formally borrowing the asset.
In Washington, Sen. Arlene Specter, D-Penn., has suggested strengthening the financial reform bill to force financial brokers to bet on the same side as their clients, The New York Times reported.
On Monday, the beleaguered firm said six lawsuits had been filed against it for "breach of fiduciary duty, corporate waste, abuse of control … and unjust enrichment," The Wall Street Journal reported.
Last month, the SEC charged Goldman with loading bonds with securities secretly designed to fail.
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