The New York Times reports that on August 7 a federal judge approved a settlement between the Justice Department and Morgan Stanley. Here’s the crime. In 2006 Morgan Stanley entered into a complex swap agreement with the New York electricity company KeySpan that gave it a stake in the profits of a competitor, enabling both to push up the price of electricity.

Here’s why crime pays. Total cost to New Yorkers from the price fixing: $300 million. Fees paid to Morgan Stanley for making the swap agreement: $21.6 million. Penalty Morgan Stanley is going to pay because of its crime: $4.8 million. And Morgan Stanley doesn’t have to admit any wrong doing.

There will be no further prosecution.