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Posts Tagged ‘drug trafficking money laundering at Wachovia’

The DOJ’s Double Standard

Posted by Larry Doyle on July 8th, 2014 9:00 AM |

Let’s see here.

The public at large rails on those in Washington for going easy on our ‘too big to fail’ banks for a host of clearly criminal practices.

Uncle Sam — that is the SEC, other regulators, and ultimately the Department of Justice — try to talk tough and hit an array of institutions with sizable fines but little really changes.

The public continues to see through the facade and lets Uncle Sam know it.

The ‘old man’ decides he needs to really get tough and begins to mandate that institutions admit guilt as part of the settlement process. The first guilty party is Credit Suisse, then next up is BNP Paribas.

Now we awake this morning to see that Germany’s second largest lender, Commerzbank, is likely next in the crosshairs. Do you detect a pattern here? Bloomberg provides further color in reporting: (more…)

Have Banks Become Criminal Enterprises?

Posted by Larry Doyle on July 22nd, 2012 6:41 AM |

I continue to maintain that the overwhelming percentage of people working on Wall Street are good and decent people trying to make an honest living in what has become an increasingly challenged industry.

I also maintain, and always will, that the spirit of capitalism that drives Wall Street is a necessary and vital engine if our economy and country are to recover.

I rail so hard on the failures and captures within our financial system for the very simple reason that I believe a healthy country needs healthy markets. Neither our country nor our markets are anywhere close to being healthy right now. In fact, with the news surrounding the Libor scandal taken in conjunction with word of massive money laundering within HSBC, the question begs, “Have banks become criminal enterprises?”

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