After many months of investigating the roles of Goldman Sachs, Wells Fargo and Standard & Poor’s in troubled mortgage securities — and even warning the companies that enforcement actions were possible — the S.E.C. closed or shelved these cases and at least two others.
While these outcomes have been known, the reasoning behind the decisions and the contentious way they divided camps within the agency illuminates how difficult choices are made inside the regulator. The S.E.C. comes to its decisions, interviews show, after contentious discussions over the strength of evidence and the likelihood of winning at trial.
‘Enforcement 40’ for 2020
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