An analysis by The New York Times of S.E.C. investigations over the last decade found nearly 350 instances where the agency has given big Wall Street institutions and other financial companies a pass on those or other sanctions. Those instances also include waivers permitting firms to underwrite certain stock and bond sales and manage mutual fund portfolios.
JPMorganChase, for example, has settled six fraud cases
in the last 13 years, including one with a $228 million settlement last summer,
but it has obtained at least 22 waivers, in part by arguing that it has “a strong
record of compliance with securities laws.” Bank of America and Merrill Lynch,
which merged in 2009, have settled 15 fraud cases and received at least 39
waivers.
