Washington Post Wonkblog: “A few weeks ago, SEC Chairwoman Mary Jo White announced a significant change in policy: For certain violations, the agency would no longer allow financial institutions to simply pay a fine without admitting wrongdoing (also known as a “nolo contendere” plea). And in its latest cases, the SEC has been following through, demanding an admission of guilt from JPMorgan in the case of the London Whale and extracting one from hedge fund adviser Philip Falcone…Here’s why getting an admission of guilt actually matters: Symbolism; Subsequent litigation; Loss of reputation and investor confidence; Possible loss of banking license; Disqualifications; Deterrent effects and bargaining power; Greater potential for internal growth and reform.”