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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Goldman pays $50M fine for Fed data leak

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Goldman pays $50M fine for Fed data leak
 
28 October 2015

Goldman Sachs has agreed to pay $50 million in a case that has ignited fresh criticisms over the revolving door between Wall Street and the government.

According to the New York Department of Financial Services, a banking regulator, Goldman hired Rohit Bansal from the Federal Reserve Bank of New York in May 2014, "in large part for the regulatory experience and knowledge he had gained while working at the New York Fed."

Goldman hired Bansal despite the fact that he had been forced to resign from the Fed for breaking the rules there, NYDFS said. And once at Goldman, Bansal was instructed to work on a bank that he had supervised while at the Fed, despite explicit prohibitions against him doing so, NYDFS said.

Bansal later used confidential information, some of which he obtained from his prior employment at the NY Fed and some of which he obtained from from a former NY Fed colleague, in his work on the bank. One such instance came after Bansal attended a birthday bash at the famous Peter Luger's Steakhouse with several of his former NY Fed colleagues.

To resolve the matter, Goldman has agreed to pay $50 million and accept a three-year "voluntary abstention" from accepting new consulting engagements of NYDFS regulated entities.

Goldman also agreed to admit that a former employee engaged in the criminal theft of confidential information and that Goldman management "failed to effectively supervise its employee to prevent this theft from occurring," NYDFS said.

"This case underscores the critical need for financial institutions to put in place strong controls and policies for employee conflicts screening and the use of confidential regulatory information," NYDFS's acting superintendent Anthony Albanese said in a statement.

"That employee and a more senior employee who failed to escalate the issue, were terminated shortly thereafter," Goldman said in an emailed statement. "We have zero tolerance for improper handling of confidential information."

Wall Street in general has been criticized for encouraging a revolving door between its executives and influential government agencies. One way they have been accused of doing this is through programs that accelerate stock options for employees who jump ship for government jobs, according to critics of the practice.

Goldman Banker's Fall Over Fed Leak Started at Peter Luger Party
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