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Kim Taylor, the president of Chicago Mercantile Exchange's clearing division, said "the market" simply wasn't interested in Mr. Griffin's idea.
At one point Bayou was a "top 50 clearing client" of Goldman and accounted for 1 percent of all the revenue made by the clearing division, documents show.
A Goldman spokesman declined to comment, referring instead to testimony by its executives that says its clearing division does not monitor this sort of activity.
While that is a drop in the bucket for Goldman, which posted a profit of $13.4 billion in 2009, it is significant for the firm's clearing division.
They show Goldman's clearing division had at times serious concerns about Bayou, yet failed to alert securities regulators, raising fresh questions about what the obligations of a clearing firm should be.
This time around, Zhou stood accused of bribing the former deputy chief accountant and former clearing division head of the Shanghai Futures Exchange, as well as two senior bankers, with about 5 million yuan cash and property ($674,674), in order to obtain funds and loans during the period 1997-2003, according to the newspaper Southern Weekend.
Similar(54)
"There was a clear division on this among Republicans".
There exists in every league a clear division of talent among its athletes.
The clear division of labor between the two became a model for modern China.
He is right to demand a clearer division of the EU's powers.
It is indeed desirable to establish a clear division of duties between business and government.
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Justyna Jupowicz-Kozak
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