The decision however did not unanimously the dry

Can pay 550 million dollars in fine and getting its head high. According to the markets as observers of the financial world, Goldman Sachs has all won - or almost - in reaching an agreement with the Securities and Exchange Commission (SEC), who had attacked him for fraud. "It was in the best interest for Goldman Sachs, which has much paid in terms of image, as to the SEC, which the complaint was not strong, to quickly put an end to this matter", note Annemarie McAvoy, federal mission and Professor of law at Fordham University. The Bank will pay to the Treasury $ 300 million and 250 million aggrieved investors. The decision however did not unanimously the dry. According to the Wall Street Journal, it was made by 3 votes to 2, at the end of a session in camera of thirty minutes. The two Republican representatives have voted against. Therefore, the favourable vote of the Chairperson of the SEC, Mary Schapiro, would have been decisive.

This agreement off in addition not all prosecutions: the SEC said that the transaction left the door open to future trial. In this regard, Royal Bank of Scotland (RBS) has been whether Friday that he was "carefully all the possibilities", including suing Goldman Sachs. RBS has lost $ 841 million in the case and not in regained that 100 million in the settlement of the dispute. The German bank IKB, the other biggest loser in this case, will receive $ 150 million, which corresponds to all of its losses.

Nevertheless, Goldman Sachs has avoided the infamy to be characterized as fraudster, recognizing only "error" in the marketing prospectus detailing Abacus, the structured product related to real estate (CDO) incriminated, by failing to mention that the hedge fund Paulson & Co had participated in the selection of the appropriations which were. But an error has nothing illegal.

It is likely that the outcome of this transaction influence the investigation conducted by the Department of Justice on his side and that could theoretically lead to a criminal complaint. "It becomes difficult to tackle criminal when only an error has been recognized," said Annemarie McAvoy. The fine may be the highest ever imposed on a bank by the SEC, it is a compromise favourable to Goldman Sachs: half is less than the market had anticipated and less than 5 of its 2009 earnings.

Investors are visibly relieved. The title, which had fallen to 130 dollars during the announcement of the complaint, mid-April, has exceeded the limit of 140 $, that he had more crossed for two months to settle, Friday, at 146 $, while the markets were declining. Most analysts have also raised their estimates on the title.

Lloyd Blankfein reinforced

However, the agreement with the SEC could have a negative impact on another trial: that shareholders have committed because Goldman Sachs has not made public the fact of having received a "Wells Notice" which meant that the Bank could be potentially sued. An error has finally been proven and almost 28 billion market capitalization soared between April 15, the date of the announcement of the complaint of the SEC, and the announcement of the agreement.

For Lloyd Blankfein, CEO of Goldman Sachs, this agreement obtained within three months the strengthens a little more in his double position of President and General Manager, while many saw starting. He has pledged to change the practices of the firm in the agreement, which must still be endorsed by a New York federal judge. The only one that is not derived from case is the trader Fabrice Tourre. The SEC is continuing its inquiry in respect and the French must now make responses to the agency or ask for time. It is always paid by Goldman but did not work at this time.