The sweetheart deals just keep coming. Lawbreakers at one bank after another are let off the hook as their shareholders write a check. And then they go out and repeat the illegal behavior they promised not to do in the last settlement.
It shouldn’t be surprising that this keeps happening over at the SEC – especially as long as Robert Khuzami continues to serve as Director of the Commission’s Division of Enforcement.
But while each of these deals has been shameful, destructive, and outrageous, the $22 million agreement with Goldman Sachs which the SEC announced today – another one in which the guilty party “neither confirms nor denies wrongdoing” – looks like the worst one yet.
The SEC has the power to shut Goldman Sachs down for what it did, and the offenses it describes are felonies. But they just gave out another slap on the wrist – no, make that a pat on the wrist – with today’s announcement.
The Worst Thing…