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Don't know how that figure compares to their profits in, say, an afternoon, but it's a start, anyway:
Source.
US bank Goldman Sachs has agreed to pay $550m to settle civil fraud charges made against the firm by US regulators.
Goldman faced charges filed by the Securities and Exchange Commission (SEC), which accused the company of defrauding investors about a financial product based on subprime mortgage-backed securities.
"This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing," Robert Khuzami, the SEC's director of enforcement said on Thursday.
"Half a billion dollars is the largest penalty ever assessed against a financial services firm in the history of the SEC."
Goldman faced charges filed by the Securities and Exchange Commission (SEC), which accused the company of defrauding investors about a financial product based on subprime mortgage-backed securities.
"This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing," Robert Khuzami, the SEC's director of enforcement said on Thursday.
"Half a billion dollars is the largest penalty ever assessed against a financial services firm in the history of the SEC."