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Posts Tagged ‘Benjamin Lawsky’

“Banks Do Not Commit Misconduct, Bankers Do”

Posted by Larry Doyle on August 21st, 2014 8:56 AM |

The Department of Justice is soon expected to announce a $17 billion settlement with Bank of America. Is this justice?

I will defer in writing my own commentary this morning because the words and details on this topic provided by Dean Starkman qualify as a Sense on Cents Instant Classic:

There’s a much deeper problem here, however, and one that has received far less attention: Not only has the Department of Jus­tice (DOJ) failed to build any criminal cases for financial-crisis misdeeds, but it’s also now settling with these banks without even filing civil complaints.

A complaint is the cornerstone of civil litigation, the foundation for even routine lawsuits. One of its primary benefitsand of adversarial legal proceedings generallyis that a complaint can bring huge amounts of previously undisclosed information into the public record. In these mortgage securities cases, the Justice Department had not only an obligation but an opportunity: to show the country what it found, to deter future misconduct, to complete the story of the financial crisis in humanizing, clarifying, searing detail. (more…)

Standard Chartered Money Laundering: Wash, Rinse, Repeat

Posted by Larry Doyle on August 19th, 2014 8:31 AM |

When a penalty does not fit the crime it should come as no surprise that the activity in question is likely to perpetuate.

We would seem to see evidence of this reality in the ongoing “wash, rinse, repeat” cycle of money laundering activities at the laundromat heretofore known as Standard Chartered Bank.

The Financial Times peers inside this washing machine this morning to reveal the following dirty laundry: (more…)

Standard Chartered Scandal: “Asian Regulators Had Lost Faith in American Regulators”

Posted by Larry Doyle on August 13th, 2012 8:58 AM |

I would not expect that Benjamin Lawsky, superintendent of the New York State Department of Financial Services, is receiving many invitations on the Washington cocktail circuit currently.

When Lawsky recently brought to light the alleged longstanding Iranian money laundering activities at Standard Charted Bank, he not only dropped a bombshell on the institution, he dropped an even bigger explosive into the midst of America’s largest financial regulators. Good for him and for us.

We are long overdue for somebody with a real set of balls to expose the crony capitalism that defines our domestic and international banking and regulatory system these days.  (more…)

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