Goldman Fined For Misinformation

Wall Street powerhouse Goldman Sachs has been fined $27 million by the Financial Services Authority, the British regulatory body, for failing to tell FSA that it was being investigated by the SEC this summer. While the fine pales in comparison to the $550 million bill sent by the American financial watchdog for fraud, the British charge is one of the heaviest ever levied by the FSA. According to the FSA, Goldman didn't not tell officials that Fabrice Toure was under investigation in the U.S. for how he sold mortgage derivatives. Toure had since moved from the U.S. to Britain. Goldman saw its profits fall from $3.5 billion during the first quarter of this year to $615 million in the second.