From a courtroom in Manhattan, not far from the epicenter of the nation’s financial crisis, a longtime federal judge is becoming a hero to many and a nightmare to some for demanding greater accountability in cases of alleged Wall Street fraud.Read the rest here.
Jed S. Rakoff is driving regulators nuts by refusing to rubber-stamp the kind of deals that have long defined Securities and Exchange Commission justice — boilerplate settlements in which companies use shareholders’ money to pay fines while they neither admit nor deny doing anything wrong. The latest example called for Citigroup to pay $285 million for alleged misconduct during the mortgage meltdown.
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2 comments:
I'm a bit conflicted as I am employed by one of these monsters. I passionately detest the regulators at I CAN ASSURE YOU THEY DO NOT SERVE THE INTERESTS OF CONSUMERS!!!!!! Banks are so over burdened and inefficient and the increased costs are passed along to be borne by the customers (higher fees), shareholders (lower or no dividends) and employees (no raises or bonus...I'm talking the ordinary Joe's & Jane's). Plus, the regulatory burden almost guaranties that mistakes will be made, leading to higher costs and so on.
On the other hand, the "too-big-to-fail" concept needs to be BURIED. Boards of Directors and senior management MUST feel the heat of their failures.
Ron Paul's idea of government simply getting out of banking may have some merit, then. Most of government's involvement with banking seems to be in the way of, um, well, sharing the same bed.
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