Recently, Marco Rubio was fined $8,000 for $210,000 of illegal campaign contributions.
Goldman Sachs was fined $22M for illegal 'huddles,' which are from what I can tell, collusion between stock analysts and traders. According to the WSJ, that's about 7 hours of profits for them. Neither is this the first time I've seen them fined fractions of a permil for what they earned on their activities.
From what I can tell, the profits that GS made on their illegal collusion could have netted them billions. I have no solid figures, but with the volume of trades they process, $22M is obviously a pittance.
Rubio's fine of $8K on $210K... I don't know how much his lawyers charge him, but that $8K was a settlement, not a verdict. Seems like everyone's time was worth more than the fine, which is why anyone with money would settle a lawsuit.
This is insane. What's the incentive for any monied entity to act legally?
No comments:
Post a Comment