SEC Charges Goldman Sachs and a Former GS Vice President in "Pay-to-Play" Probe Involving Contributions to Former Massachusetts State Treasurer

The SEC charged Goldman Sachs and one of its former investment bankers with the first ever SEC enforcement action for "pay-to-play" violations involving "in-kind" non-cash contributions to a political campaign - resulting from undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor. Pay-to-play schemes involve campaign contributions or other payments made in an attempt to influence the awarding of public contracts for securities underwriting business.

View press release here (links externally to SEC website). See also: SEC order in the matter of Goldman, Sachs Co.; SEC order in the matter of Morrison.