Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal
The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March.
The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May 4.
The role Goldman’s played in the failure of SVB is part of the probe by the Justice Department and the Securities and Exchange Commission, which have been reviewing the causes since March.
SVB was seized by the Federal Deposit Insurance Corporation (FDIC) on March 10, following a run on the bank amid concerns regarding its ability to guarantee its customer deposits, of which 94 percent were uninsured….