Regulators Unveil Settlement With Landmark Fines, Reforms

The Associated Press ^ | Monday, April 28, 2003

[WaveThatFlag]

Securities and Exchange Commission Chairman William Donaldson, New York Attorney General Eliot Spitzer and other state regulators unveiled a $1.4 billion settlement Monday in which 10 of Wall Street's biggest investment firms agreed to fines and reforms to resolve allegations that they issued biased ratings on stocks to lure investment-banking business.

[dwswager]

I wonder how much of the settlement money will go to those who were actually wronged? Oh yeah, it's not the people's money, it's the government's money.

[Random Access]

I wonder how much of the settlement money will go to those who were actually wronged?

The way I read this is that these are fines and the money will go to the government. Of course, these companie will pass this cost along to their customers so, in reality, it is just another form of tax.

[Nachoman]

Maybe the gov't will use the money to make some lame commercials on the evil of lying.