Neil Barofsky on the Fed and Treasury Anger over Standard Chartered
This is the credibility trap.
Some of it is professional not-initiated-hereism, but quite a bit more is a culture of privilege and practical exemptions for the few who run the system. And professional courtesy with London for both our banks and theirs.
Cronyism and complicity, active or passive, take your pick.
“If you want to understand exactly what’s going on here, reread the four or five pages in chapter 1 of my book about my battles with Washington over the FARC case. Exactly the same thing happening here.
They’d rather trash a potentially legitimate case than admit that they were asleep at the switch, especially now after the recent revelations about their failures with LIBOR and HSBC.”
Continue Reading at JessesCrossroadsCafe.Blogspot.ca…
2012-08-08 14:41:39
Source:
