After the subprime mortgage crisis and subsequent financial fallout in 2008, all eyes have been on Wall Street. Over the past ten years, the Securities and Exchange Commission has had more cases and raised penalties against those committing fraud. However, they’ve also given a pass to big firms like JP Morgan Chase, Goldman Sachs, and Bank of America: in more than 300 instances, the S.E.C. granted exemptions on sanctions created specifically to punish companies that had settled charges of securities fraud. Such pardons have allowed these institutions to enjoy benefits reserved for law-abiding companies. Louise Story is an investigative reporter for our partner The New York Times.
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