SEC penalties: Stiff, or flacid?

In a borderline puff piece for the SEC, the WSJ calls the agencies penalties "stiff."

Odd, but at the same time, a federal judge is saying the penalties are a joke. He's holding up the BofA settlement with the SEC (over disclosure of the Merrill bonuses.)

The WSJ story, by Kara Scannel, doesn't even mention the BofA settlement was held up.