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2009-08-11 — reuters.com
Rakoff also asked the SEC lawyers why the settlement is so puny. A $33m fine for $3.6 billion worth of misconduct? “Why isn’t this a grossly unfair amount?†he asked. SEC lawyer David Rosenfeld seemed badly prepared for this question. He cited the Wachovia/First Union case, saying that $37 million settlement was the right precedent. Again the judge was skeptical, noting it revolved around $500 million worth of misconduct. Here you have $3.6 billion.
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