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Gallup: Family of four needs an average $58,000 a year
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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TRIPOLI, Libya, May 21 (UPI) --
Militants stole as many as 20 military vehicles when they raided the Mellitah oil and natural gas complex in western Libya, a military leader said.
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RIO DE JANEIRO, May 20 (UPI) --
Sweden's Saab is upgrading its bid for Brazil's FX-2 jet fighter purchase plan, even as it weighs challenges from rivals Boeing and France's Dassault.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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