CFTC commissioner blasts Goldman’s ‘culture of noncompliance’

A commissioner at the Commodity Futures Trading Commission (CFTC) accused Goldman Sachs of perpetuating a corporate culture that tolerates repeated violations of the agency’s rules.

Christy Goldsmith Romero issued a concurring statement in response to the agency’s $30 million fine levied against Goldman Sachs on Sept. 29 for swaps reporting violations. She noted the firm has allegedly violated CFTC rules four times in the past 18 months, with each case resulting in financial penalties.

“As a longstanding federal enforcement official, I am significantly concerned that Goldman is a repeat defendant in federal enforcement cases,” Goldsmith Romero said. “Goldman has a long history of violating federal laws, getting caught, and then settling with federal agencies.”