Ex-Goldman trader pleads guilty to wire fraud

• Matthew Marshall Taylor turned himself in%2C pleaded guilty to wire fraud
• Former trader hid trade that cost Goldman Sachs %24118 million
• Goldman says Taylor admitted misconduct and was terminated from the firm

NEW YORK (AP) — A former Goldman Sachs trader has pleaded guilty to wire fraud.

Matthew Marshall Taylor entered the plea Wednesday in federal court in Manhattan.

Taylor admitted he took a trading position 10 times larger than he would have been allowed. He wanted to score profits that would enhance his reputation and boost his bonuses.

In November, the Commodity Futures Trading Commission said in a lawsuit that Taylor hid a trade that cost his employer more than $118 million.

The agency said he failed to disclose an $8 billion position on a futures contract that came back to hurt the company in December 2007.

The judge who accepted the plea said he was miffed that the government is holding Taylor responsible for only up to $2.5 million in losses.

The FBI says Taylor surrendered Wednesday morning in Manhattan. The U.S. attorney's office said he was awaiting a court appearance.

The CFTC's lawsuit did not name Goldman as Taylor's employer. However, a Goldman spokeswoman confirmed he had worked there, admitted misconduct and was terminated.

The name of his attorney was not immediately known.