The regulators treat bankers very well indeed. "Sanction" is a contronym and is, therefore, a perfect description of the non-penalties handed out by the SEC to bankers who commit fraud.
Former Cahill aide, Goldman Banker fined $100,000
By Frank Phillips - The Boston Globe
In its toughest sanction yet on pay-to-play-schemes, the Securities and Exchange Commission has ordered Neil M.M. Morrison, a former investment banker at Goldman Sachs and former top aide to ex-state treasurer Timothy P. Cahill, to pay a $100,000 civil penalty for his role as chief political adviser and fund-raiser for Cahill.
The agency’s order also bars Morrison from working in the securities industry for five years as part of the negotiated settlement that brings to an end a 2½-year investigation into his activities as campaign fund-raiser and chief adviser to Cahill’s campaign for governor in 2010.
SEC regulations prohibit investment professionals from using campaign contributions to influence how contracts for securities underwriting are rewarded. The penalties levied against Morrison Thursday are the most severe the SEC has imposed in such enforcements, said Elaine C. Greenberg, the chief of the agency’s municipal securities and public pension unit.
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