Goldman Sachs Fined $50 Million For Fed Data Leak

Goldman Sachs has been slapped a $50 million fine by New York’s state banking regulator for failing to properly supervise a former employee who stole secret supervisory information from the New York Federal Reserve.

Goldman’s $50 million fine is twice the largest penalty that New York Department of Financial Services has previously imposed for consulting-related misconduct.

Goldman Sachs took the rare step of admitting guilt

Goldman Sachs admitted on Wednesday that it had failed to properly supervise Rohit Bansal, a 30-year old associate who joined the firm last July after seven years at the Federal Reserve Bank of New York. Bansal allegedly began using confidential supervisory materials obtained from a former co-worker...