中国企业当直面金融欺诈：起诉高盛

nvestors vitl informtion bout the CDO, known s BCUS 2007-C1, prticulrly the role tht hedge fund Pulson ＆ Co Inc plyed in the portfolio selection process nd the fct tht Pulson hd tken  short position ginst the CDO

    In settlement ppers submitted to the US District Court for the Southern District of New York, Goldmn mde the following cknowledgement:

    Goldmn cknowledges tht the mrketing mterils for the BCUS 2007-C1 trnsction contined incomplete informtion In prticulr, it ws  mistke for the Goldmn mrketing mterils to stte tht the reference portfolio ws “selected by” C Mngement LLC without disclosing the role of Pulson ＆ Co Inc in the portfolio selection process nd tht Pulson’s economic interests were dverse to CDO investors Goldmn regrets tht the mrketing mterils did not contin tht disclosure

    “Hlf  billion dollrs is the lrgest penlty ever ssessed ginst  finncil services firm in the history of the SEC,” sid Robert Khuzmi, director of the SEC’s Division of Enforcement “This settlement is  strk lesson to Wll Street firms tht no product is too complex, nd no investor too sophisticted, to void  hevy price if  firm violtes the fundmentl principles of honest tretment nd fir deling”

    Lorin L Reisner, deputy director of the SEC’s Division of Enforcement, dded, “The unmistkble messge of this lwsuit nd tody’s settlement is tht hlf-truths nd deception cnnot be tolerted nd tht the integrity of the securities mrkets depends on ll mrket prticipnts cting with uncompromising dherence to the requirements of truthfulness nd honesty”

    第三节高盛的历史：一部欺诈和被起诉史（6）

    Goldmn greed to settle the SEC’s chrges without dmitting or denying the llegtions by consenting to the entry of  finl judgment tht provides for  permnent injunction from violtions of the ntifrud provisions of the Securities ct of 1933 Of the ￥550 million to be pid by Goldmn in the settlement, ￥250 million would be returned to hrmed investors through  Fir Fund distribution nd ￥300 million would be pid to the US Tresury

    The lndmrk settlement lso requires remedil ction by Goldmn in its review nd pprovl of offerings of certin mortgge securities This includes the role nd responsibilities of internl legl counsel, complince personnel, nd outside counsel in the review of written mrketing mterils for such offerings The settlement lso requires dditionl eduction nd trining of Goldmn employees in this re of the firm’s business In the settlement, Goldmn cknowledged tht it is presently conducting  comprehensive, firmwide review of its business stndrds, which the SEC hs tken into ccount in connection with the settlement of this mtter

    The settlement is subject to pprovl by the Honorble Brbr S Jones, United Stes district judge for the Southern District of New York

    Tody’s settlement, if pproved by Judge Jones, resolves the SEC’s enforcement ction ginst Goldmn relted to the BCUS 2007-C1 CDO It does not settle ny other pst, current or future SEC investigtions ginst the firm Menwhile, the SEC’s litigtion continues ginst Fbrice Tourre,  vice president t Goldmn

    The SEC investigtion tht led to the filing nd settlement of this enforcement ction ws conducted by the Enforcement Division’s Structured nd New Products Unit, led by Kenneth Lench nd Reid Muoio, nd including Json nthony, N Creol Kelly, Meliss Lmb, nd Jeffrey Lesure dditionlly, together with Deputy Director Reisner, Richrd Simpson, Dvid Gottesmn nd Jeffrey To hve been hndling the litigtion

    高盛同意支付55亿美元罚金，以了结证券交易委员会对相关CDO的指控

    高盛承认其对CDO的销售材料信息不完善，应该披露保尔森对冲基金的作用。

    2010年7月15日，华盛顿——美国证券交易委员会（SEC）今天要求高盛支付55亿美元和改革其业务以应对证券交易委员会对高盛的指控，该指控认为高盛在美国房地产市场开始走向崩溃的时候却误导投资者购买次债产品。

    在同意支付SEC有史以来对金融机构最大罚金的同时，高盛还承认其对次债产品的营销资料没有完全披露信息。

    4月16日SEC指控高盛错误表达以及故意漏掉一些涉及复合CDO的关键信息。这种复合CDO的销售业绩取决于次级居民抵押贷款证券的表现。高盛没有向投资者披露关于CDO，也就是BCUS 2007-C1的重大信息，尤其是没有披露保尔森对冲基金在组合选择过程中所起的作用以及该公司对CDO的空头交易事实。

    在提交给纽约南部地方法院的谅解书中，高盛做出了以下声明：

    “高盛承认对BCUS2007-C1产品的营销材料包含不完全信息。尤其是，在销售材料中声明的关于相关组合是由C Mngement LLC决定，却不提保尔森对冲基金在组合选择过程中的作用以及该公司的经济利益与CDO投资者相左这个事实，是个错误。高盛对其销售材料未能披露这些信息感到后悔。”

    “5亿多元是SEC有史以来对金融服务公司开出的最大罚金”，SEC执行部门主管Robert Khuzmi 说，“这项谅解对警告了华尔街的那些金融机构，如果违背了诚信对待和公平交易的基本原则，甭管多复杂的产品和多在行的投资人，都无法逃脱沉重的代价。” SEC执行部门副主管Lorin L Reisner补充说，“从这一诉讼过程和今天达成的谅解，我们可以明白无误地看到，半遮半掩以及欺骗都不能被容忍，证券市场的正义取决于所有参与者毫不偏离地服从诚实守信这一规则。”

    高盛通过同意进入最终裁定，在没有承认或否认指控下同意支付SEC的罚金，而最终裁定提供了一项对违反1933年证券法关于反欺诈条款的永久禁令。在55亿美元的罚金中，有25亿美元通过公平基金返还给受害投资者，3亿美元支付给美国财政部。

    这项谅解同样也要求高盛在审核和同意发行特定抵押证券时采取矫正措施，包括内部法律咨询的作用以及职责，外部对书面销售材料的咨询。谅解同时也要求对高盛雇员在类似交易中的额外教育和培训。高盛在谅解录中声明正在执行广泛的、全公司层面的业务标准审视工作，而这一工作也与SEC考虑和解有关。

    谅解还需经过纽约南部地区法院法官Brbr S Jones的同意。一旦同意，就会撤销SEC对高盛关于BCUS 2007-C1 这种CDO的指控。但这并不意味着SEC 会停止任何在过去或将来对高盛的调查。同时，SEC对高盛副总裁Fbrice Tourre的指控仍然在继续。