Goldman Sachs fee causes controversy

The Telegraph reports that British mortgage firm Bradford & Bingley will pay Goldman Sachs an advisory fee even though a deal with private equity firm TPG fell apart. It will be paid a separate fee for another deal, one that "was secured from existing investors and with the direct assistance of the City regulator, the Financial Services Authority." This is not sitting well with some people. If the TPG deal had gone through, none of this would have been an issue. Goldman Sachs says there may be some misunderstanding about its role. It has worked on a number of assignments, include the ongoing restructuring. It's not an agent for TPG. Still, it kind of looks bad. Had this been in the United States, the furor would have been loud.  

For more:
- here's the Telegraph article

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