3. The good judge did it before

when he rejected a $33 million settlement between SEC and the Bank of America. (in the end he approved a $150million settlement).

A bit of background. On the crucial weekend of Sep 13-14 2008, Bank of America agreed to acquire Merill Lynch, the third largest investment bank in the world. The acquisition had to be approved by shareholders. The Bank was sued since it did  not disclose, prior to the vote, that it agreed to bonus payments at Merill Lynch of $5.8bln (in the end $3.6bln was paid). Another issue was that the bank did not disclose expected Merill Lynch losses ($15bln) prior to the vote (the details are here).

Judge Rakoff complained that any fines paid by the bank hurt shareholders, who had nothing to do with the lack of disclosure.

Guess what: "Bank of America said it was pleased with today’s decision.[...] Bank of America rose 40 cents to $16.28 as of 2:38 p.m. in composite trading on the New York Stock Exchange." (source: see above).

Sum up: by Geto Boys Geto Boys; just replace "gangsta" with  "banksta" (the term bankster was coined, as far as I know, by the Economist).