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Goldman faces impropriety charge

13 April 2012

GOLDMAN Sachs is under investigation for alleged bond trading improprieties, according to documents filed with the US Securities and Exchange Commission.

The SEC claims that Goldman may have violated the 5% rule when trading high-yield distressed debt. This rule bars fixed-income traders from marking up the price of a bond by more than 5% over the last price.

Dealers believe the rule should not apply to high-yield distressed debt, which is infrequently traded.

Separately, Goldman bosses Hank Paulson, Lloyd Blankfein and John Thain were all paid more than £10.5m last year when profits surged.

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