Even by investment bank standards, that was an expensive steak dinner.
The New York Post reports that Goldman Sachs is paying $50m to settle accusations that an ex-employee took confidential documents from the Federal Reserve Bank of New York — and then pumped a former regulatory worker for more information at Peter Lugers steakhouse.
The settlement announced Wednesday between Goldman and the state Department of Financial Services, led by acting superintendent Anthony Albanese, is only the first government action stemming from the leak of confidential documents.
Manhattan US Attorney Preet Bharara’s office is also expected to file criminal charges against the former Goldman employee, Rohit Bansal, and his government counterpart next week.
'We have zero tolerance for improper handling of confidential information', Goldman Sachs said in a statement earlier this week.
To access the complete New York Post article hit the link below: