Benjamin Lawsky’s impertinent insistence that Standard Chartered Bank actually did something wrong when it facilitated $250 billion in money laundering has really scrambled the federal regulatory response to similar charges. Because the dirty secret is that practically EVERY big bank may have engaged in similar behavior. And now the regulators, embarrassed into action by Lawsky, have to do their job. The latest target is Deutsche Bank, but note the reference to “several other global banks” in the story.
|By: David Dayen Monday August 20, 2012 2:45 pm|
|By: masaccio Sunday June 19, 2011 10:40 am|
Our system is crumbling, but no one notices, at least, no one who could do something about it.
|By: Scarecrow Wednesday December 29, 2010 4:30 pm|
At FDL News, David Dayen covers an article on Elizabeth Warren in which she argues, correctly, that if the new Consumer Financial Protection Bureau had been up and running years ago, much of the banking/mortgage fraud could/would have been prevented.
That’s fine as far as it goes. But there’s something missing from the polite Ms. Warren’s telling.