Banks/FBI investigates Goldman executive in insider trading inquiry
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Thursday 01 March 2012
A Goldman Sachs executive who goes by the nickname "Chunky but Funky", is under investigation in the US for aiding insider trading by the bank's hedge fund clients.
The FBI is examining whether David Loeb, a Goldman managing director, passed illegal tips about technology company stocks to hedge fund traders.
Mr Loeb's role at the bank is managing relationships with important hedge fund clients, with the aim of encouraging them to trade through Goldman Sachs.
A technical sector specialist who speaks Chinese, he has cultivated a reputation as a colourful character within the bank.
He often signs off emails as "cbf", which stands for "Chunky but Funky".
Goldman declined to comment yesterday on the investigation, which was first reported in The Wall Street Journal.
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