The SEC's high-profile, $550 million settlement with Goldman Sachs this week generated huge headlines and the commentary will undoubtedly continue to roll in for some time. A look at the Consent Order filed in the case reveals a few interesting details about the civil penalty imposed:

"To preserve the deterrent effect of the civil penalty," Goldman agreed that it will not argue in any private investor case that it is entitled to an offset or reduction of compensatory damages by the amount of the civil penalty paid in the SEC case.

The $550 million consists of $15 million in disgorgement and $535 million in a civil penalty. The SEC stated Thursday that $250 million will be returned to harmed investors through a Fair Fund distribution, and $300 million will be paid to the U.S. Treasury.

Goldman agreed that it will not claim or apply for a tax deduction or tax credit with regard to any federal, state, or local tax for the $535 million civil penalty.

The effect of the last point above concerning the tax deduction is that Goldman will reportedly forgo as much as $187 million in tax savings. SEC Director of Enforcement Robert Khuzami said Thursday that the prohibition Goldman agreed to on tax deductions for penalties is among "the standard terms of an SEC settlement."