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SEC Investigating Goldman Sachs for Alleged Bond-Trading Violations.
Knight Ridder/Tribune Business News, February, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 24--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 5pc rule when trading high-yield distressed debt.
This rule bars fixed-income traders from marking up the price of a bond by more than 5pc 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 UKpound 10.5m last year when profits surged.
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