NEW YORK (Reuters) - Goldman Sachs Group Inc. and other banks revealed estimates of potential losses for legal issues under the pressure of the staff of the Securities and Exchange Commission, according to documents released Friday.
In a letter to Goldman on February 22, Stephanie Hunsaker, Chief Accountant assistant principal in the division of the SEC of corporate finance, interviewed a statement by the leadership of Goldman that the Bank was unable to come up with solid loss estimates.
Other major banks, including JPMorgan Chase & Co, Citigroup Inc. and Morgan Stanley received similar requests.
Hunsaker, said the statement by Chief Financial Officer David Viniar "seems unusual" and requested that revise Goldman his financial state of loss to provide estimates and additional information on legal issues or explain why he could not.
The SEC has been pushing banks to provide more disclosures on their legal responsibilities, which has become a concern of major investors.
Last year, Goldman spent $ 700 million on lawyers hired to defend the Bank in various actions and also increased from $ 550 million to settle with the sec's civil fraud charges.
In addition to civil lawsuits filed by private parties, Goldman is also confronted with the SEC Probes, commodity future Trading Commission, the Ministry of Justice, the Attorney General of New York and the Office of the Attorney of District of Manhattan.
Goldman responded to the request of the SEC that it disclose more information in believing his "reasonably possible losses" to the legal issues at approximately $ 3.4 billion in its annual report for 2010 was filed on March 1. This figure was adjusted to $ 2.7 billion in relation to the first quarter of Goldman.
The SEC also asked Goldman for more information about depreciation of intangible assets for its rights of designated market maker, the rate of growth for equities, its decision to separate business components of the loan principal and investment activities and its residential fresh potential for the redemption of mortgage securities.
(Reporting by Lauren Tara LaCapra, additional reporting by Dan Wilchins;) (Editing by Tim Dobbyn, Gary Hill)
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