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March 11, 2014

An aggressive bank regulator turns up the heat on individual crooks

“New York’s banking regulator, Benjamin Lawsky, has ticked off the financial sector and even his fellow regulators by being, well, zealous in his job. Now he’s taking aim at one of the most cherished practices in the regulatory biz: disciplining institutions while letting their individual wrongdoers skate.

“In an interview published Monday in the Financial Times, Lawsky said this about that:

“Corporations are a legal fiction. You have to deter bad individual conduct within corporations. … People who did the conduct are going to be held accountable.”

“To get a sense of what a radical departure from today’s norm that is, consider the list of CEOs of major financial institutions who have been prosecuted for their role in the 2008 crash:

“1.

“That’s right. It’s a short list.”

***

Read full LA Times article here.

 
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