State and federal regulators fined Goldman Sachs $16 million Thursday for a pay-to-play scheme involving a former vice president, a close political associate of former state treasurer Timothy P. Cahill, who landed the firm a $445.9 million bond deal with an agency Cahill oversaw.
In a negotiated settlement with the Securities and Exchange Commission, the investment banking giant agreed to pay nearly $12 million for the actions of Neil Morrison, who previously had served as Cahill’s deputy treasurer. Morrison was deeply involved in Cahill’s gubernatorial campaign at the same time he was soliciting bond deals with state agencies.
Comments
Why is there no criminal investigation?
Not so sure I understand ? Most of the major investment banking firms, Goldman Sachs, JP Morgan, Barclay's, Morgan Stanley, CITI all have former State House workers and former officials at many State Authority's that now use their connections for huge bond deals that yield underwriter fees in the $5 to 6 million range. This is standard practice. Mr. Philips, look into JP Morgan, Barclays and other firms.