The SEC has won high-profile settlements over fraudulent CDO sales and marketing practices with two marquee banks, Goldman Sachs and JPMorgan Chase.

But ProPublica makes an interesting point: Goldman Sachs was charged in connection with an ABACUS deal, while JPMorgan was charged in connection with a single Squared deal, which was put together by the bank for hedge fund Magnetar. Both bank engaged in many more similar deals that will never be punished. Magnetar apparently participated in 28 similar deals with group of top banks. There's no way every case could be prosecuted. And to critics of bank practices in support of those deals, it is galling that these crimes will go unpunished.

But that's how it has to be. There's no money to go after every instance of fraud. The big settlements are, in part, symbolic victories not meant to be a thorough accounting of all crimes committed. The SEC no doubt picked the cases it though it could win, not the cases that were the most egregious violation. The bigger issue is not whether crimes at Goldman Sachs and JPMorgan have gone unpunished--they obviously have--but whether other banks will be forced into a symbolic settlement.

Many struck CDO deals not dissimilar to the ones that were targeted by the SEC. Whether its via a global settlement or case by case, many hope that more settlements with more banks are coming. Others would like to see individuals at these banks held to account. But it appears as though that that remains a bridge to far for SEC officials anyway, though we may see other small-fries targeted.

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