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UK Banks' CDO Marketing Comes Under FSA Scrutiny BusinessWeek

05.05.10

(Adds Goldman Sachs response in sixth paragraph.)

By Caroline Binham

May 5 (Bloomberg) -- The way banks sell structured products similar to those at the center of the U.S. case against Goldman Sachs Group Inc. is being reviewed by the U.K. financial regulator, according to lawyers who advise the lenders.

The Financial Services Authority has asked major U.K. banks to provide it with marketing literature for collateralized debt obligations to see if there have been improper sales, the lawyers said. While the FSA has made inquiries for months, the U.S. Securities and Exchange Commission fraud case against Goldman Sachs underscored the issue.

The FSA is “looking at disclosure, conflicts of interest, all of that,” said Jonathan Herbst, a former FSA attorney who’s now a regulatory lawyer at Norton Rose LLP, about the CDO inquiries. “The interesting question is what they’ll do if they find anything. It would be difficult to file a claim, but there is political pressure to ‘get bankers.’”

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