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Goldman Sachs faces £20 million fine

Goldman Sachs, the US financial giant, is on the verge of being handed a £20 million by the Financial Services Authority (FSA). It is believed that the FSA began an investigation into Goldman Sachs mortgage backed security operation in light of fraud charges which were launched in the US by the Securities and Exchange Commission. The company was fined a record $550 million by the SEC with the company alleged to have misled investors with regards to a mortgage backed security and a hedge fund which had apparently decided to "short" the security.

It was a complex situation but ultimately the company was accused of being on both sides of an investment transaction and not being as transparent as it should have been. The company had hoped that all of the headlines and criticism for vented towards the company after the US decision and the US fine would have drawn a line under the situation with the FSA decision, expected anytime this week, has put the company well and truly back in the headlines.

The credit crunch and resulting worldwide recession seemed to open up a number of wounds in the international finance markets and the fallout has been immense.

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