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Over 99% of Federal Reserve Bank Enforcement Actions Are Resolved Without Admission of Guilt - naked capitalism

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opednews.com Headlined to H2 5/23/12

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In a hearing last week titled "Examining the Settlement Practices of U.S. Financial Regulators", various regulators tried to justify their practice of settling with financial firms and not requiring them to admit wrongdoing and it was reported that only seven of the roughly one thousand enforcement actions taken in the last decade were resolved without consent.

In other words, the Fed will only punish banks who break the rules if those banks consent to punishment. This attitude is pervasive among all regulators.

The hearing was about District Court Judge Jed Rakoff's refusal to sustain the Citigroup settlement with the SEC. Interestingly, all three witnesses, including the witness brought in by the Democrats, opposed Rakoff's move & supported the SEC's position.

We need strongly principled regulators. And neither Barack Obama nor Mitt Romney has any appetite for that.

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At www.nakedcapitalism.com

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