|
Authored by: Anonymous on Friday, December 14 2012 @ 02:28 AM EST |
The Office of the Comptroller of the Currency recently graded the 19 largest
national banks on five factors designed to gauge how well they are being
run.
The results are startling.
Not a single bank met the OCC's
requirements for internal auditing, risk management or succession planning.
Barbara A. Rehm,
American Banker [ Reply to This | Parent | # ]
|
|
Authored by: Anonymous on Friday, December 14 2012 @ 01:41 PM EST |
Neil Barofsky, former Special Inspector General for the Troubled Assets Relief
Program, currently a senior fellow at the NYU School of Law and the author of
Bailout.
Why no criminal charges? Why instead only some
remedial measures and a “historical” fine that can be measured in weeks — not
years — of earnings? It certainly wasn’t for lack of evidence. No, instead the
government determined that HSBC is not only too big to fail, but also too big to
jail.
[...]
In some aspects, DOJ’s surrender is understandable.
Notwithstanding regulatory reform efforts in the U.S. and the UK, the largest
banks are in many ways even more systemically dangerous today than when we
bailed them out in 2008. This indirect acknowledgment that we have failed to fix
the too-big-to-fail problem has potentially dire consequences.
http://www.nakedcapitalism.com/2012/12/neil-barofsky-too-big-to-jail-our-banking
-systems-latest-disgrace.html[ Reply to This | Parent | # ]
|
|
Authored by: Anonymous on Saturday, December 15 2012 @ 02:38 PM EST |
In Bailey’s universe [Andrew Bailey, chief executive-designate of
the Prudential Regulatory Authority] protecting a bit of money is more important
than the rule of law?
Large banks and their senior executives must have an
immunity from criminal prosecution — i.e. carte blanche to do whatever they
want, including plundering the real economies, forming price-fixing cartels,
rigging rates and markets, ransacking communities and funding terrorism,
irrespective of the harm caused to others — for fear of upsetting financial
stability?
I am afraid this won’t wash.
http://www.nakedcapitalism.com/2012/12/ian-fraser-hsbcs-1-9-billion-settlement-s
ets-another-dangerous-precedent.html[ Reply to This | Parent | # ]
|
|
|
|
|