In the article below written by Bruce Carton of Compliance Week, you will notice that he reported how Goldman Sachs was told not to engage in municipal underwriting In Massachusetts for two years because of its violation of rules about non-cash campaign contributions. Goldman ignored that order and went on to make $7.5 million in 30 prohibited underwriting deals.
The SEC does not enforce its own rules; Goldman Sachs ignores the rules over and over and over again. What a world we live in!
SEC Charges Goldman Sachs, Former Banker With 'Pay-to-Play' Violations
By Bruce Carton - Compliance Week
. . . .
The SEC noted in its press release that the case "marks the first SEC enforcement action for pay-to-play violations involving 'in-kind' non-cash contributions to a political campaign." Instead of cash, Morrison is alleged to have conducted campaign activities for Cahill from the Goldman Sachs office during work hours. He allegedly used the firm's resources to carry out campaign activities including fundraising, drafting speeches, communicating with reporters, approving personnel decisions, and interviewing at least one possible running mate.The SEC claims that
"Morrison's use of Goldman Sachs work time and resources for campaign activities constituted valuable in-kind campaign contributions to Cahill that were attributable to Goldman Sachs and disqualified the firm from engaging in municipal underwriting business with certain Massachusetts municipal issuers for two years after the contributions. Nevertheless, Goldman Sachs subsequently participated in 30 prohibited underwritings with Massachusetts issuers and earned more than $7.5 million in underwriting fees."
Read the full article here