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1/11
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logoxce crrocxcgno% cgm cma`}~ }foNjux},~ dux`~m`n}`jg jyox
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8/3/2019 Consent SEC v Goldman Sachs
2/11
&m) jxmox~ Moiogmcg} }j njarep |`}f ~ron`i`om ugmox}ck`gl~
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}j NMJ `gyo~}jx~' Ljemacg xolxo}~ }fc} }foacxko}`gl ac}ox`ce~ m`m
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=' Moiogmcg} cnkgj|eomlo~ }fc} }fo n`y`e rogce}p rc`m rux~ucg}
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}foNjaa`~~`jg,~ njug~oe `g }f`~ cn}`jg cgm rcp }fo cajug} ji }fo
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}fo Njaa`~~`jg m`xon}~' ^unf c rcpaog} ~fcee gj} homooaom cg
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8
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8/3/2019 Consent SEC v Goldman Sachs
3/11
aocg~ c rx`yc}o mcaclo~ cn}`jg hxjulf} clc`g~} Moiogmcg} hp jx
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icn}~ c~ ceeolom `g }fo njarec`g} `g }f`~ cn}`jg'
?' Moiogmcg} clxoo~ }fc} `} ~fcee gj} ~ook jx cnnor}% m`xon}ep
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rje`np% |`}f xolcxm }j cgp n`y`e rogce}p cajug}~ }fc} Moiogmcg}
rcp~rux~ucg} }j }fo I`gce Dumlaog}% xolcxmeo~~ ji |fo}fox ~unf
rogce}p cajug}~ jx cgp rcx} }foxojicxo cmmom }j c m`~}x`hu}`jg iugm
jx j}fox|`~o u~om ijx }fo hogoi`} ji `gyo~}jx~' Moiogmcg}
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}fo hogoi`} ji `gyo~}jx~'
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8/3/2019 Consent SEC v Goldman Sachs
4/11
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8/3/2019 Consent SEC v Goldman Sachs
5/11
njggon}`jg |`}f ajx}lclo ~onux`}`o~ jiiox`gl~ au~} ho xoy`o|om
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Morcx}aog}' ]fo xoy`o| rxjno~~ ~fcee ce~j`gneumo c xoy`o| ji }fo
xoeoycg} aoajxcgmc rxo~og}om }j }fo INN*^INN c~ rcx} ji }fo
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xoy`o|~ }fxjulfxonjxmc}`jg cgm xo}og}`jg ji4
c' ]fo gcao ji ocnf rox~jg `g }fo Eolce Morcx}aog} jx
}foNjare`cgno Morcx}aog} |fj xoy`o|om }fo ac}ox`ce~;
h' ]fo mc}o ji njareo}`jg ji xoy`o|; cgmn' C e`~} ji }fo
ac}ox`ce~ xoy`o|om'
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cgm~unf j}fox mjnuaog}~ gono~~cxp }j xoieon} cee ac}ox`ce }oxa~ ji
}fo }xcg~cn}`jg'
?
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8/3/2019 Consent SEC v Goldman Sachs
6/11
&m) Omunc}`jg cgm ]xc`g`gl3' \`}f`g ~`v}p &92) mcp~
ijeej|`gl }fo f`x`gl hp% jx }xcg~iox }j%
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mc}o ji }foI`gce Dumlaog}'
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}xcnknjare`cgno |`}f }fo~o xosu`xoaog}~'
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Njug~oejx }fo Lejhce Focm ji Njare`cgno ji Moiogmcg} ~fcee
nox}`ip
cgguceep &jgo pocx% }|j pocx~% cgm }fxoo pocx~%
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~unf oy`mogno' ]fo nox}`i`nc}`jg cgm cgp ~unf cmm`}`jgce
ac}ox`ce~~fcee ho ~uha`}}om }j Koggo}f X' Eognf% Nf`oi ji }fo
^}xun}uxom cgm Go| Rxjmun}~ _g`}% |`}f cnjrp }j }fo Jii`no ji Nf`oi
Njug~oe ji }fo Ogijxnoaog} M`y`~`jg'
9
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8/3/2019 Consent SEC v Goldman Sachs
7/11
@g cmm`}`jg% Moiogmcg} cnkgj|eomlo~ }fc} `} `~ rxo~og}ep
njgmun}`gl c njarxofog~`yo%i`xa|`mo xoy`o| ji `}~ hu~`go~~
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ji Moiogmcg},~ njgie`n} acgcloaog}% m`~nej~uxo cgm }xcg~rcxognp ji
i`xa|`mocn}`y`}`o~% ~}xun}uxom rxjmun}~ cgm ~u`}ch`e`}p% omunc}`jg%
}xc`g`gl cgm hu~`go~~ o}f`n~% cgm ne`og}xoec}`jg~f`r~ cgm
xo~rjg~`h`e`}`o~' ]fo Njaa`~~`jg fc~ }ckog }f`~ xoy`o| `g}j cnnjug}
`gnjggon}`jg |`}f }fo ~o}}eoaog} ji }f`~ ac}}ox'
6' Moiogmcg} |c`yo~ }fo og}xp ji i`gm`gl~ ji icn} cgm
njgneu~`jg~ ji ec| rux~ucg} }jXueo ?8 ji }fo Iomoxce Xueo~ ji N`y`e
Rxjnomuxo'
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crroce ixja }fo og}xp ji}fo I`gce Dumlaog}'
32' Moiogmcg} og}ox~ `g}j }f`~ Njg~og} yjeug}cx`ep cgm
xorxo~og}~ }fc} gj }fxoc}~%jiiox~% rxja`~o~% jx `gmunoaog}~ ji cgp
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oarejpoo% clog}% jx xorxo~og}c}`yo ji }fo Njaa`~~`jg }j `gmuno
Moiogmcg} }jog}ox `g}j }f`~ Njg~og}'
33' Moiogmcg} clxoo~ }fc} }f`~ Njg~og} ~fcee ho `gnjxrjxc}om
`g}j }fo I`gce Dumlaog}|`}f }fo ~cao ijxno cgm oiion} c~ `i iueep
~o} ijx}f }foxo`g'
38' Moiogmcg} |`ee gj} jrrj~o }fo ogijxnoaog} ji }fo I`gce
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Xueo 9?&m) ji }fo Iomoxce Xueo~ ji N`y`e Rxjnomuxo% cgmfoxohp
|c`yo~ cgp jhdon}`jg hc~om }foxojg'
3>' Moiogmcg} |c`yo~ ~oxy`no ji }fo I`gce Dumlaog} cgm clxoo~
}fc} og}xp ji }fo I`gceDumlaog} hp }fo Njux} cgm i`e`gl |`}f }fo
Neoxk ji }fo Njux} |`ee njg~}`}u}o gj}`no }j Moiogmcg}ji `}~ }oxa~
cgm njgm`}`jg~' Moiogmcg} iux}fox clxoo~ }j rxjy`mo njug~oe ijx }fo
Njaa`~~`jg%
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8/3/2019 Consent SEC v Goldman Sachs
8/11
|`}f`g }f`x}p mcp~ ci}ox }fo I`gce Dumlaog} `~ i`eom |`}f }fo
Neoxk ji }fo Njux}% |`}f cg cii`mcy`}jx monecxc}`jg ~}c}`gl }fc}
Moiogmcg} fc~ xono`yom cgm xocm c njrp ji }fo I`gce Dumlaog}'
3=' Njg~`~}og} |`}f 3< N'I'X' 828'?&i)% }f`~ Njg~og}
xo~jeyo~ jgep }fo nec`a~ c~~ox}omclc`g~} Moiogmcg} g }f`~ n`y`e
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clog}% jxxorxo~og}c}`yo ji }fo Njaa`~~`jg |`}f xolcxm }j cgp
nx`a`gce e`ch`e`}p }fc} acp fcyo cx`~og jxacp cx`~o ixja }fo icn}~
ugmoxep`gl }f`~ cn}`jg jx `aaug`}p ixja cgp ~unf nx`a`gce e`ch`e
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~o}}eoaog} ji }f`~ rxjnoom`gl%
`gneum`gl }fo `arj~`}`jg ji cgp xoaomp jx n`y`e rogce}p foxo`g'
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`g cgpm`~n`re`gcxp rxjnoom`gl hoijxo }fo Njaa`~~`jg hc~om jg }fo
og}xp ji }fo `gdugn}`jg `g }f`~cn}`jg% Moiogmcg} ugmox~}cgm~ }fc}
`} ~fcee gj} ho roxa`}}om }j njg}o~} }fo icn}uce ceeolc}`jg~ ji}fo
njarec`g} `g }f`~ cn}`jg'
3?' Moiogmcg} ugmox~}cgm~ cgm clxoo~ }j njarep |`}f }fo
Njaa`~~`jg,~ rje`np (gj}}j roxa`} c moiogmcg} jx xo~rjgmog} }j
njg~og} }j c dumlaog} jx jxmox }fc} `arj~o~ c ~cgn}`jg|f`eo mogp`gl
}fo ceeolc}`jg~ `g }fo njarec`g} jx jxmox ijx rxjnoom`gl~'( 3<
n'I'X' 828'?' @gnjare`cgno |`}f }f`~ rje`np% Moiogmcg} clxoo~4
&`) gj} }j }cko cgp cn}`jg jx }j acko jx roxa`} }jho acmo cgp
ruhe`n ~}c}oaog} mogp`gl% m`xon}ep jx `gm`xon}ep% cgp ceeolc}`jg `g
}fo njarec`g} jx
6
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8/3/2019 Consent SEC v Goldman Sachs
9/11
nxoc}`gl }fo `arxo~~`jg }fc} }fo njarec`g} `~ |`}fju} icn}uce
hc~`~; cgm &``) }fc} urjg }fo i`e`gl ji}f`~ Njg~og}% Moiogmcg}
foxohp |`}fmxc|~ cgp rcrox~ i`eom `g }f`~ cn}`jg }j }fo ov}og} }fc}
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}f`~ clxooaog}% }fo Njaa`~~`jgacp ro}`}`jg }fo Njux} }j ycnc}o }fo
I`gce Dumlaog} cgm xo~}jxo }f`~ cn}`jg }j `}~ cn}`yo mjnko}'Gj}f`gl
`g }f`~ rcxclxcrf ciion}~ Moiogmcg},~4 &` ) }o~}`ajg`ce
jhe`lc}`jg~; jx &``) x`lf} }j }ckoeolce jx icn}uce rj~`}`jg~ `g
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gj}c rcx}p'
39' Moiogmcg} foxohp |c`yo~ cgp x`lf}~ ugmox }fo Osuce Cnno~~ }j
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8/3/2019 Consent SEC v Goldman Sachs
10/11
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8/3/2019 Consent SEC v Goldman Sachs
11/11
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