And courts have often looked askance at broadly using the laws on securities fraud to go after people outside of the business of issuing, underwriting and dealing in securities.

WSJ: Review & Outlook: Payback for a Downgrade?

Banks are still banned from dealing in securities, which makes them weaker than they otherwise would be.

ECONOMIST: Japan's economy

Now the real punishment comes by Cuomo wanting a few more dollars from Rattner as well as banning him from dealing in securities in the state of New York.

FORBES: Bans and Censures for Rattner and Rangel Respectively