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
Rob Kall is an award winning journalist, inventor, software architect, connector and visionary. His work and his writing have been featured in the New York Times, the Wall Street Journal, CNN, ABC, the HuffingtonPost, Success, Discover and other media.
He is the co-founder of the
Arc of Justice Alliance a platform designed to help organizations and individuals working for justice and a better world to discover each other and share resources and strategies, with the hopes that this will build their power.
Check out his platform at Bottom Up Radio Show, and founded and publishes one of the top Google- ranked progressive news and opinion sites, OpEdNews.com
more detailed bio:
Rob Kall has spent his adult life as an awakener and empowerer-- first in the field of biofeedback, inventing products, developing software and a music recording label, MuPsych, within the company he founded in 1978-- Futurehealth, and founding, organizing and running 3 conferences: Winter Brain, on Neurofeedback and consciousness, Optimal Functioning and Positive Psychology (a pioneer in the field of Positive Psychology, first presenting workshops on it in 1985) and Storycon Summit Meeting on the Art Science and Application of Story-- each the (more...)
