Goldman 1, SEC 0

"Federal securities regulators are taking a shot at a high-profile trading strategy that triggered controversy on Wall Street a few years back. Perry Corp., a well-known hedge fund, will pay $150,000 to settle allegations brought by the [SEC] that it improperly withheld details about a large investment in an effort to profit. ... Perry neither admitted nor denied wrongdoing. The firm, run by former Goldman Sachs Group Inc. trader Richard Perry and which at its peak controlled $15 billion, called the settlement a 'satisfactory conclusion.' ... The SEC accused Perry of failing to file a regulatory document known as a 13(d) that would alert the market it had built up a stake of more than 5% in a public company, according to the agency's administrative proceeding. ... 'This case shows that institutional investors need to take very seriously their disclosure obligations,' said David Rosenfeld, associate director of the SEC's New York regional office who oversaw the case. The case 'hopefully will deter others from engaging in this type of conduct.' Perry was represented in the case by securities lawyer William McLucas, who ran the SEC's enforcement division for eight years before leaving the agency in 1998", my emphasis, Jenny Strasburg at the WSJ, 22 July 1009, link: http://online.wsj.com/article/SB124822107142070361.html.

Imagine even "former" GSGers are exempt from meaningful sanction. There are "former" GSGers? Rosenfeld thinks a $150,000 fine will deter a hedge fund from doing something. Hahahahahaha, says the Mogambo Guru. I'll bet McLucas' fees exceeded $150,000. Is this what happened: McLucas told Perry it will cost you $1 million to get out out this. Then McLucas job was to minimize the SEC's cut. Laugh! The conclusion was "satisfactory" to: Perry and McLucas.