Goldman To Pay $300 Million Fine, $250 Million In Restitution; Will Not Admit Wrongdoing

On a day when the Senate passed the Financial Reform bill and BP says it stopped the Gulf leak, the apparent Goldman Sachs settlement seems like relatively minor news. But it's not minor for Goldman shareholders (shares climbed $5 in the final half hour of trading), creditors, and employees. It is not clear how the SEC will pitch, or defend, this settlement, but if reports are accurate, Goldman should consider this a big win.

For further stories on this, see http://dealbook.blogs.nytimes.com/2010/07/15/goldman-to-settle-with-s-e-c-for-550-million/; http://online.wsj.com/article/BT-CO-20100715-712469.html.