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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (26142)	3/22/2005 2:31:48 PM
From: RealMuLan	Read Replies (2) of 116555

NASD fines Goldman Sachs unit $1 million MAR. 22 1:26 P.M. ET The brokerage industry's self-policing organization on Tuesday said it fined a unit of Goldman Sachs Group Inc. $1 million for concealing sales of IPO shares from an SEC-approved tracking system. The National Association of Securities Dealers said Spear, Leeds & Kellogg LP, which Goldman Sachs acquired in late 2000, hid sales of securities in initial public offerings from the Depositary Trust Corp. from August 1997 through January 2001. Depositary Trust set up the system in 1997 to allow underwriters to monitor the flipping of new issues, a practice of buying shares in an IPO then selling them immediately for a profit that brokerages tend to discourage. In a letter before the system was implemented, Spear Leeds objected that this tracking would prevent anonymity in the securities market and restrict secondary sales. After the Securities and Exchange Commission rejected those concerns, the firm developed and implemented a system designed to conceal sales of IPO shares by borrowing through third parties, NASD said. businessweek.com

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