BofA SETTLEMENT TAKEDOWN People know how this
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Posted On: 08/22/2014 9:28:25 AM
BofA SETTLEMENT TAKEDOWN
People know how this column feels about giant regulatory settlements that involve no individual charges: they are not big deterrents and mainly punish shareholders. Dean Starkman lays out this case in The New Republic: “Not only has the Department of Justice … failed to build any criminal cases for financial-crisis misdeeds, but it's also now settling with these banks without even filing civil complaints. …
“In these mortgage securities cases, the Justice Department had not only an obligation but an opportunity: to show the country what it found, to deter future misconduct, to complete the story of the financial crisis in humanizing, clarifying, searing detail. And to do all that, the department didn't need to do anything special. Just what lawyers normally do. Instead by imposing a fine without documenting the underlying abuses, the Justice Department has permitted the banks, for a price, to bury their sins.”
http://bit.ly/1pNr6rT
HENSARLING LETTER POUNDS SEC ON LEAKS
House Financial Services Chairman Jeb Hensarling wrote a very sharp letter to SEC Chair Mary Jo White on leaks from closed SEC meetings.
Full letter: http://bit.ly/XDDiBp
People know how this column feels about giant regulatory settlements that involve no individual charges: they are not big deterrents and mainly punish shareholders. Dean Starkman lays out this case in The New Republic: “Not only has the Department of Justice … failed to build any criminal cases for financial-crisis misdeeds, but it's also now settling with these banks without even filing civil complaints. …
“In these mortgage securities cases, the Justice Department had not only an obligation but an opportunity: to show the country what it found, to deter future misconduct, to complete the story of the financial crisis in humanizing, clarifying, searing detail. And to do all that, the department didn't need to do anything special. Just what lawyers normally do. Instead by imposing a fine without documenting the underlying abuses, the Justice Department has permitted the banks, for a price, to bury their sins.”
http://bit.ly/1pNr6rT
HENSARLING LETTER POUNDS SEC ON LEAKS
House Financial Services Chairman Jeb Hensarling wrote a very sharp letter to SEC Chair Mary Jo White on leaks from closed SEC meetings.
Full letter: http://bit.ly/XDDiBp
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