US authorities are investigating the activities of Goldman Sachs on behalf of the Silicon Valley Bank (SVB) before the bankruptcy of this Californian bank, revealed Goldman Sachs in a stock market document published Thursday, May 4. Goldman Sachs is “cooperating and providing information to various government authorities” on its work on behalf of SVB in March, the statement said, referring to the period preceding the spectacular debacle of the institution specializing in the financing of the tech.
Goldman Sachs has come under fire for both carrying out advisory business for the bank and repurchasing impaired securities in a deal that was revealed to have played a central role in SVB’s bankruptcy. US authorities took possession of SVB on March 10, two days after the bank issued a statement announcing that it was seeking to raise capital quickly to meet the massive withdrawals of its customers, including losing $ 1.8 billion on the sale of financial securities. In the same press release, SVB said it had instructed Goldman Sachs to raise fresh money.
Loading…
United States: the bank Goldman Sachs targeted by an investigation on its credit cards
Thursday, Goldman Sachs specified that the investigation of the American authorities related to “the period during which SVB engaged it to raise capital and where it sold a portfolio of securities to him”. About twenty elected Democrats in the House of Representatives had asked the banking regulator to open an investigation to determine whether Goldman Sachs “operated completely independently in its advisory activities for SVB”.
JP Morgan, BNP Paribas… The 12 banks that weigh the most on the global level
2023-05-05 04:24:35
#United #States #Goldman #Sachs #involved #bankruptcy #SVB #open #investigation
