Regulators Fine Banks For Rigging Foreign-Exchange Benchmarks

By: Wednesday November 12, 2014 8:18 am

Regulators in the US, UK, and Switzerland have levied fines on banks for rigging benchmarks used by fund managers to determine what they pay for foreign currency in the foreign exchange (forex) market. The fines add up to $4.3 billion in total so far – not exactly a heavy hit on the Too Big To [...]

JPMorgan Pays Small Fine For Lying To Regulators And Manipulating Market

By: Thursday September 19, 2013 8:58 am

You had to see this coming. After lying to regulators, manipulating the market, and putting out fraudulent documents JPMorgan will pay a relatively small fine and move on. Because when the powerful repeatedly break the law the consequences are never very severe. If we stopped these Wall Street banksters from making criminal profits they might stop [...]

The Fraudclosure Settlement Is Even Worse Than You Think It Is

By: Thursday April 11, 2013 8:43 am

Visit for breaking news, world news, and news about the economy Life, liberty, and property. These were in theory the founding principles of the republic. But as President Obama meets today with the the Big Banksters to plot his latest attacks on Social Security and Medicare, it seems property rights still only exist for [...]

Jamie Dimon Told Regulators He Would Not Follow Regulations

By: Monday March 18, 2013 7:30 am

When dealing with regulators from the Office of the Comptroller of Currency (OCC) JP Morgan Chase CEO Jamie Dimon reportedly started screaming and told regulators he did not believe they should have the documents they were required to have under the law. Senator Levin asked a bank regulator with the OCC what had happened, how [...]

Banks Win Mortgage Settlement From Regulators

By: Tuesday January 8, 2013 6:32 am

In what can only be described as a slap to the face of victims of the housing crisis and an insult to even the vaguest notion of the rule of law, the banks responsible for the mortgage meltdown and subsequent financial crisis and recession have once again escaped justice. After criminal cases were dropped despite [...]

In Bank Fraud, Responsibility Lies at the Very Top

By: Friday December 14, 2012 6:59 am

The Office of the Comptroller of the Currency, which under the direction of Thomas Curry has been moderately more tough-minded against the banks, released a report that essentially admits that the big banks are poorly managed and have inadequate risk management controls. As Yves Smith points out, this means that the executives need to go [...]

Merkley, Levin Call Out Obstructionist Regulators Holding Up Volcker Rule

By: Thursday October 25, 2012 10:43 am

Almost four months after the deadline passed on finalizing the Volcker rule, the firewall on most types of proprietary trading set up between investment and commercial banks, the regulators tasked with writing the rule are no closer to a resolution. The Treasury Department last promised that the rule would get written by the end of [...]

OCC Sham Foreclosure Reviews: Banks Doing Most of the Reviewing Themselves

By: Thursday October 11, 2012 9:15 am

It’s been painfully clear for a while that these “independent foreclosure reviews” directed by the OCC were nothing more than a scam, a way to once again build hopes among foreclosure victims of restitution for the fraudulent actions of their lenders. The OCC, the lead regulator on the reviews, already biased the entire enterprise by [...]

OCC’s Chief Counsel, Julie Williams, Resigns, Heralding Possible New Era at the Regulator

By: Tuesday August 14, 2012 6:55 am

It’s been a good couple weeks for executive agency retirements. First we witnessed the end of the reign of Cass Sunstein from OIRA, which centralized regulatory power inside the White House rather than at the agency level, and who liked to distribute industry talking points and gut regulations in service to those industries. Believe it [...]

GAO Faults OCC on Foreclosure Reviews

By: Friday July 6, 2012 8:15 am

The Government Accountability Office has issued a damning report about the foreclosure review process undertaken by the Office of the Comptroller of the Currency and the Federal Reserve. OCC and the Fed, through a consent order with 14 mortgage servicers, sought third-party reviews of all foreclosures in 2009 and 2010. But they did so by [...]

Low Regulator Assertiveness Part of Problem With Mitigating Financial Risks

By: Tuesday June 12, 2012 9:14 am

Jamie Dimon testifies before the Senate Banking Committee tomorrow, and this Bloomberg report should be a nice template for the Senators questioning him. It alleges that he was personally responsible for keeping regulators at bay from the chief investment office, the one responsible for all the Fail Whale losses, which could reach past $5 billion [...]

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