Goldman Sachs has inked a $5.1bn settlement with US authorities over mis-sold mortgage-backed securities, in a final agreement that sheds new light on banks’ behaviour in the run-up to the financial crisis.
Federal officials on Monday provided fresh details of what they described as “serious misconduct” by Goldman when it sold pools of loans to investors that went on to cause an economic meltdown.
Investors suffered billions of dollars in losses from securities issued and underwritten by Goldman between 2005 and 2007, the Department of Justice said.
The Wall Street bank knew the instruments it sold “were full of mortgages that were likely to fail”, said Stuart Delery, acting associate attorney-general.
Goldman disclosed in January that it had agreed to the settlement in principle. Provisions for the penalties wiped out most of its fourth-quarter profits.
It is the latest in a series of settlements authorities have reached with banks — including almost $17bn with Bank of America, $13bn with JPMorgan and $7bn with Citigroup.
In a “statement of facts” the bank agreed with regulators, Goldman acknowledged it had made “false and misleading representations” to prospective investors about the loans underpinning the securities.
美国当局与银行签署了一系列和解协议，包括与美国银行(Bank of America)的近170亿美元和解协议、与摩根大通(JPMorgan)的130亿美元协议以及与花旗集团(Citigroup)的70亿美元协议，与高盛的和解是最新的一起。