The FT reports:
The Securities and Exchange Commission has announced a $550m settlement of its civil fraud case against Goldman Sachs in a move that closes the most high-profile regulatory action related to the financial crisis.
The SEC called the penalty the largest ever by a Wall Street firm and Goldman acknowledged using incomplete information in its marketing materials and said it would “reform its business practices”.
What was the issue? Supplying asymmetric data.
What’s the solution?
Transparency.
It pays.
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