Goldman Sachs' new rule bans employee bets on companies, elections, markets

Goldman Sachs has told its employees to stay away from prediction markets, unless the bet in question involves a football match or a reality show finale. The Wall Street bank recently updated its personal trading policy to prohibit employees from trading event contracts tied to specific companies, election outcomes, or the performance of any financial market. That covers Goldman's own stock, ceasefire dates in ongoing conflicts, the price of Bitcoin, and even whether a merger clears regulatory approval. The rules come with teeth. Repeated violations can lead to termination or the closure of a staff member's trading account. If a banned trade goes through and turns a profit above $200, Goldman can make the employee forfeit the money or donate it to charity. Betting on whether a team wins a championship, though, is still fine.