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The Boston Globe

Metro

Goldman Sachs fined $16m

Executive tied to Cahill had improper bond deal

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.

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