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March 6, 2014

SEC probes Goldman and Citi bond allocations

“The Securities and Exchange Commission is investigating the way investors are given allocations of bonds in sought-after offerings, such as the Verizon Communications issue, according to people familiar with the matter.”

“Requests for information have been sent to banks including Goldman Sachs and Citigroup, as officials examine whether representations were made by customers in an attempt to procure bonds they otherwise would not get.”

“This includes whether investors submitted bids under the guise of several different entities to secure a bigger slice of some of the hottest bond offerings.”

“It is not clear which investor allocations are under review. Pimco, BlackRock and other large investors either declined to comment or did not respond to requests for comment.”

“Goldman disclosed in its annual 10-K filing that it was under investigation for “allocations of and trading in fixed-income securities”, without providing details.”


Read full Financial Times article here.

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