Half a billion dollars is the largest penalty ever assessed against a financial services firm in the history of the SEC," said Robert Khuzami, Director of the SEC's Division of Enforcement. "This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing."However, as The Conglomerate notes:
Goldman Sachs is the 39th largest company in the U.S. according to Fortune magazine. Last year, it had $13 billion in profits. It's bonus pool was half its revenue, $16 billion. I guess whether $550 million is a big penalty is not a rhetorical question, it's an empirical one. Today, Goldman's stock went up almost 4.5% [while the S&P 500 gained 0.1%].